The private external debt declared as of December 31, 2007 totaled US$ 51,981 million,
corresponding to US$ 46,798 million (90%) to the non-financial private sector (NFPS) and US$ 5,182
million (10%) to the private financial sector (SPF).
In the fourth quarter of the year, private external debt decreased by US$ 399 million due to the fall in
NFPS liabilities by US$ 564 million, since the SPF for the third consecutive quarter increased its
liabilities by US$ 165 million.
Although private external liabilities grew nominally by US$ 3,553 million (7%) in
2007, the indicators that measure private external indebtedness in relation to other variables, such as
exports of goods and services, gross domestic product (GDP) and international reserves,
continued on the downward trend. These indicators reached minimum values at the end of 2007
considering the values at the end of the last seven years.
The average maturity of private external debt as of 31/12/07 of both sectors (NFPS and PFS) was
around 2 and a half years, implying an increase of 0.25 years compared to the previous quarter.
The increase in the year in the NFPS’ foreign obligations was mainly due to commercial debt
(US$ 3,700 million), which showed year-on-year increases of more than 20% in the
financing of exports of goods and in debts for imports of
goods and services.
In relation to financial debt, fresh funds received from abroad during the year by NFPS
grew by 22% in year-on-year terms, reaching US$ 4,685 million. This amount constituted
a new record in the series surveyed since the end of 2001. The main recipients were the
oil, electricity and gas sectors. Half of these funds came from the placement of
debt securities in the first half of the year.
While financial market volatility from the U.S
. credit crisis interrupted the realization of new bond placements in international capital markets in the second half of
the year, the effect was largely offset by new
loan disbursements. The funds received in the second half of the year by the NFPS of US$ 2,224
million represented 90% of the amount of the first half (US$ 2,461 million), which was the highest
half-year value recorded in the series.
Within the financial sector, domestic private entities owed 66 per cent of the sector’s
total liabilities as at 31.12.2007, public entities 20 per cent and foreign-owned entities 15 per cent of
external liabilities.
