KIEV, June 17 – Ukraine's gross foreign debt grew by 2.7% to $120.5 billion in Q1, according to the National Bank of Ukraine.

"In the first quarter of 2011 Ukraine's gross foreign debt grew by $3.1 billion, or 2.7%, to $120.5 billion (84.1% of GDP) as of April 1, 2011," the NBU said in a posting on its official Web site.

The NBU said that Ukraine's gross foreign debt in Q1, 2011 grew by $2 billion due to transactions reflected in the balance of payments, while the exchange rate differences and other changes increased it by $1.1 billion.