Published: 28 June 2018

General government debt decreased by EUR 2.1 billion in the first quarter of 2018

General government EDP debt, or consolidated gross debt at nominal prices, totalled EUR 135.1 billion at the end of the first quarter of 2018. From the previous quarter, debt decreased by EUR 2.1 billion. These data derive from Statistics Finland's statistics on general government debt by quarter.

General government debt by quarter

General government debt by quarter

Central government debt decreased by EUR 1.9 billion in January to March and was EUR 115.1 billion at the end of the quarter. During the first quarter, the net amount of short-term debt instruments with a maturity of under one year decreased by EUR 4.4 billion due to amortisations, the stock of short-term loans by EUR 0.1 billion and the amount of cash deposits by EUR 0.2 billion. The stock of bonds grew correspondingly by EUR 2.7 billion during the quarter due to new emissions.

The local government debt sector's decreased by EUR 0.3 billion and totalled EUR 19.4 billion at the end of the quarter. Both long-term and short-term loans went down by EUR 0.6 billion, but the stock of money market instruments grew by EUR 0.3 billion. In addition, the amount of short-term loans of social security funds decreased by EUR 0.3 billion due to the decline in cash collateral received in connection with employment pension schemes' derivative contracts and securities lending.

General government EDP debt describes general government’s debt to other sectors of the national economy and to the rest of the world, and its development is influenced by changes in unconsolidated debt and internal general government debts. Consolidated general government gross debt is derived by deducting debts between units recorded under general government from unconsolidated gross debt. For this reason, general government debt is smaller than the combined debts of its sub-sectors.

The EDP debt of general government differs conceptionally to some extent in the case of central government from the central government debt published by the State Treasury. Central government's EDP debt also includes loans granted to beneficiary counties by the European Financial Stability Facility EFSF, received cash collaterals related to derivative contracts, the capital of the Nuclear Waste Management Fund, debts generated from investments in central government's PPP (public-private partnership) projects, coins that are in circulation, and the deposits of the European Commission. In National Accounts, central government is also a broader concept than the budget and financial economy (http://www.stat.fi/meta/luokitukset/_linkki/julkisyhteisot.html). The valuation principle for both debt concepts is the nominal value, where the effect of currency swaps is taken into account.


Source: General government debt by quarter, Statistics Finland

Inquiries: Timo Ristimäki 029 551 2324, Henna Laasonen 029 551 3303, rahoitus.tilinpito@stat.fi

Director in charge: Ville Vertanen

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Tables

Tables in databases

Appendix tables

Revisions in these statistics

Updated 28.6.2018

Referencing instructions:

Official Statistics of Finland (OSF): General government debt by quarter [e-publication].
ISSN=1799-8034. 1st quarter 2018. Helsinki: Statistics Finland [referred: 22.9.2018].
Access method: http://www.stat.fi/til/jyev/2018/01/jyev_2018_01_2018-06-28_tie_001_en.html