As of March 2010 Bulgaria’s gross external debt stood at €37bn or 107% of projected GDP for 2010. On a quarterly basis the gross external debt is down by 6% or by € 559m. The drop was mainly driven by a decline of the gross external debt of the banking sector, down by €505m or 6% QoQ. The gross external debt of the government sector was up by 1% QoQ to €2.8bn. The gross external debt of all other sectors of the economy was up by 0.7% to €12m. As of Q1 2010 the gross external debt of the government sector represented 8.3% of GDP and the gross external debt of the banking sector amounted to 22.4% of 2010 projected GDP. All other sectors accounted for 35.2%, while foreign investments in the form of intercompany loans represented the remaining 41.5%.