Turkey's external debt stock reaches $432.4B

By Tuba Sahin

ANKARA

Turkey's gross external debt stock reached $432.4 billion, more than half of its gross domestic product -- 51.8 percent --, at the end of June 2017, the Turkish Treasury announced Friday.

"...Net external debt stock of Turkey has been $283.1 billion as of June 30, 2017," the Treasury said in a statement.

The country's net foreign debt accounted for almost 34 percent of of GDP, the Treasury said.

It also revealed that the loan under the guarantee of the Undersecretariat of the Treasury stood at $13.2 billion during the same period.

The Treasury added that EU-defined general government debt stock, was over $224 billion, or 28.5 percent of GDP as of June 30.

The European Commission forecasts Turkey's general government gross debt to stand at 26.5 percent of potential GDP in the year.