General government deficit and debt: documentation of statistics
The documentation of the statistics describes how the statistics were compiled and what methods were used in the compilation. The data help interpret the figures of the statistics and evaluate their reliability and comparability. The quality report is based on the EU's SIMS model. The documentation also contains change releases describing changes in the statistics and possible specifying methodological descriptions.
If you are looking for statistical figures for these statistics, go to the statistics page: General government deficit and debt
Quality report
Data description (SIMS 3.1)
The statistics on general government deficit and debt are part of national accounts and contain data on Finland's general government deficit and debt. These reports are part of the Excessive Deficit Procedure (EDP). The data are collected from several sources and published twice a year.
Sector coverage (SIMS 3.3)
EDP surplus/deficit corresponds to the general government net lending/borrowing calculated in the national accounts (ESA 2010).
The EDP debt concept differs from ESA 2010 in terms of valuation and scope. In the ESA 2010-compliant financial accounts, financial assets and liabilities are valued at market value. By contrast, EDP debt is valued at nominal value.
General government EDP debt is defined as the total amount of consolidated gross debt at nominal value that includes the following general government debt categories:
- cash and deposits
- debt securities and loans.
Other ESA 2010-compliant financial claims, such as derivatives, trade credits and accrued liabilities, are not included in the EDP debt stock.
Statistical unit (SIMS 3.5)
The statistics cover general government, which is divided into central government, local government and social security funds. A list of all general government units can be found here (only in Finnish).
Statistical population (SIMS 3.6)
The statistical population comprises all units of general government. A list of the units can be found here: https://www.stat.fi/meta/luokitukset/_linkki/soveltamisp.html (only in Finnish).
Reference area (SIMS 3.7)
The reference area for the statistics is the whole of Finland.
Time coverage (SIMS 3.8)
The time series on the EDP deficit and debt are available from 1975 onwards. Most of the time series are comparable from one year to the next.
Base period (SIMS 3.9)
EDP figures are presented at current (nominal) prices in euros for each reporting year, and the time series do not have an index base period.
Unit of measure (SIMS 4)
The figures in the statistics are presented at current prices (in EUR million).
Reference period (SIMS 5)
The reference period of statistics is a calendar year.
Classifications (SIMS 3.2)
ESA 2010 provides consistent definitions, internationally harmonised classifications and calculation rules for the calculation of coherent national accounts.
Finland uses the ESA 2010 classifications in data submissions to Eurostat.
The national applications of the classifications used in national accounts and these statistics can be found in Statistics Finland’s classification database:
- Classification of Sectors 2023
- Classification of Financial Assets and Liabilities
- Classification of Transactions
The ESA 2010 Manual on Government Deficit and Debt and the separate decisions of Eurostat on the processing of certain operations concerning general government finances are also important documents used in the compilation of the statistics on general government finances used as a basis for the Finnish statistics.
Concepts and definitions (SIMS 3.4)
Consolidated financial balance/flows
Financial assets and liabilities can be presented in consolidated form, i.e., after elimination of intra-sectorial transactions within sub-sectors (e.g. debts between municipalities) and between sub-sectors (including municipalities' debts to the state, employment pension corporations and other social security institutions within the general government sector). Consolidated data only show the relative positions of the sectors.
ESA 2010
ESA 2010 = European System of Accounts 2010, the EU's revised Regulation that steers the compilation of economic statistics.
General government debt
General government debt is general government sector consolidated gross debt valued at nominal value, and it is also known as EDP debt (= Excessive Deficit Proce-dure). It comprises bonds, short-term securities, short-term and long-term loans and deposits received by general government from other sectors of the national economy or from the rest of the world. The EDP debt concept used in reporting according to the European Union's Growth and Stability Pact differs from that of ESA 2010 with regard to valuation and coverage. Finan-cial assets and liabilities are valued at market value in ESA 2010-compliant financial accounts, whereas general government EDP debt is valued at nominal value. Of the financial claims in ESA 2010, for example, deriva-tives, trade credits and advances are not included in the loan stock.
General government deficit
General government deficit also called EDP deficit (= Excessive Deficit Procedure), corresponds with the general government net lending/borrowing in the national accounts. The government net lending (+)/net borrowing (–) (B.9) is the difference between total revenue and total expenditure. It represents the amount the government has available to lend or must borrow to finance its non-financial operations.
Gross debt
Financial assets have no impact on total gross debt.
Net lending/net borrowing
Net lending/borrowing is a balancing item in the capital account and the fi-nancial account. Net lending/borrowing corresponds to the amount available to a unit or sec-tor for financing, directly or indirectly, other units or sectors, or the amount which a unit or sector is obliged to borrow from other units or sectors. The corresponding concept to net lending/borrowing in financial accounts is financial transactions, net. It is the difference between net acquisition of fi-nancial assets and liabilities. If a sector acquires financial assets in excess of the amount of new debt incurred during the period it is a net lender.
Non-consolidated financial balance/flows
Financial assets and liabilities can be presented in non-consolidated form, i.e. all transactions are shown in full, including intra-sectorial and intra-sub-sectorial transactions. Intra-sectorial transactions in sectors consisting of a single institutional unit are nevertheless eliminated (e.g. borrowing within the central government sector). Intra-sectorial transactions do not have any impact on the sector's net worth or net lending.
Institutional mandate (SIMS 6)
The compilation of statistics is guided by the Statistics Act. The Statistics Act contains provisions on collection of data, processing of data and the obligation to provide data. Besides the Statistics Act, the General Data Protection Regulation, the Data Protection Act and the Act on the Openness of Government Activities are applied to processing of data when producing statistics.
Statistics Finland compiles statistics in line with the EU’s regulations applicable to statistics, which steer the statistical agencies of all EU Member States.
Further information: Statistical legislation
Legal acts and other agreements (SIMS 6.1)
The compilation of statistics is guided by the Statistics Act. The Statistics Act contains provisions on collection of data, processing of data and the obligation to provide data. Besides the Statistics Act, the Data Protection Act and the Act on the Openness of Government Activities are applied to processing of data when producing statistics.
Statistics Finland compiles statistics in line with the EU’s regulations applicable to statistics, which steer the statistical agencies of all EU Member States.
Further information: Statistical legislation
Data sharing (SIMS 6.2)
The statistical data are published twice yearly on the website of the statistics. The contents of the deficit and debt report prepared for the European Commission are published on the website of the statistics. The report also contains the forecasts for general government deficit and debt for the year in progress prepared by the Ministry of Finance.
The Statistical Office of the European Union, Eurostat also publishes the data on its own website.
Source data (SIMS 18.1)
The statistics are mainly derived from other statistics. National accounts and financial accounts data on general government are the main data sources used in the compilation of the statistics. Reports prepared by the State Treasury, financial and operating statistics of municipalities and joint municipal authorities, and financial statements of social security funds are used as complementary sources.
Frequency of data collection (SIMS 18.2)
Depending on the source data, data are collected on a monthly, quarterly or annual basis. The data for the most recent year released in spring are largely based on preliminary figures, while final data (such as financial statements) are already available for the statistics released in the autumn.
Data collection (SIMS 18.3)
National accounts and financial accounts data on general government are the main data
sources used in the compilation of the statistics.
Data validation (SIMS 18.4)
The data are validated horizontally and vertically in connection with compiling and reporting. Quality of the deficit and debt data is closely monitored by the European Commission. In connection with each transmission of data to the European Commission, Eurostat reviews the data of the Member States for a period of approximately three weeks; in this context, the data may also be updated.
Data compilation (SIMS 18.5)
The data in the statistics are derived from the national accounts for the year in question.
Overall accuracy (SIMS 13.1)
The revision tables of the statistics are published within the publications of the statistics.
Coverage error (SIMS 13.3.1)
The deficit and debt data used as source statistics mainly comprise financial statements of general government actors and administrative documents. There is little under-coverage as nearly all main data sources are based on total data.
Quality assurance (SIMS 11.1)
Quality management requires comprehensive guidance of activities. The European Statistics Code of Practice forms the basis for the common quality system of the European Statistical System.
The Code of Practice is based on 16 principles that concern statistical authorities' independence, accountability and the quality of the processes and data to be published.
The principles are in line with the Fundamental Principles of Official Statistics approved by the United Nations Statistics Commission and are supplementary to them. The quality criteria of Official Statistics of Finland are compatible with the European Statistics Code of Practice.
Further information: European Statistics Code of Practice | Statistics Finland and Recommendations of the Advisory Board of Official Statistics of Finland | Statistics Finland
Quality assessment (SIMS 11.2)
Quality of the deficit and debt data is closely monitored by the European Commission. As the statistics have been mostly derived from other statistics, its reliability crucially depends on the quality of its source statistics. As the data are largely based on the national accounts and financial accounts, such figures as GDP ratios always change when GDP figures are revised. For more details of the revision of the national accounts and financial accounts, see the websites of these statistics. In connection with each transmission of data to the EU Commission, Eurostat reviews the data of the Member States for a period of approximately three weeks; in this connection, the data may also be updated. The deficit and debt data used as source statistics mainly comprise financial statements of general government actors and administrative documents. There is little under-coverage as nearly all main data sources are based on total data.
Little final data are available for preliminary releases and for this reason, they are less accurate than later releases.
Data revision - policy (SIMS 17.1)
Revisions to published statistical data are part of normal statistics production. A revision usually means improvements in the quality of the available data or a significant methodological change where the time series is also revised retrospectively.
Statistical data usually become revised due to supplementation of the data. Then thenew, revised statistical figure is based on a wider data basis.
Revisions of statistical data may also be caused by the calculation method used, such as annual benchmarking or updating of weight structures. The data may also become revised due to changes in the base year and classifications. Major revisions in national accounts are made when updating the manuals of national accounts.
The description must also reveal the magnitude of the revisions, as well as for how long the data will be subject to revisions after their initial release and whether certain data are subject to larger revisions than others.
If the data of the statistics are revised substantially more than usual, the reasons for it are separately explained in the release.
Timeliness (SIMS 14.1)
The data are reported twice yearly to the European Commission in accordance with the transmission programme (at the end of March and September). The data are published three weeks later, after Eurostat has checked the statistics.
Comparability - geographical (SIMS 15.1)
The statistical data are comparable with the data reported by other EU Member States.
Comparability - over time (SIMS 15.2)
The data for all periods contained in the statistics have been collected in accordance with the same ESA 2010 definitions, which means that the data are comparable for the whole length of the time series.
Coherence – cross domain (SIMS 15.3)
Within the system of national accounts there is full consistency between the domains: annual and quarterly national accounts, government accounts, sector accounts, financial accounts, regional accounts, supply and use tables.
However, in practice full consistency may not always be possible and temporary discrepancies might occur. The differences are usually caused by different release lags in different sub-areas.
Release calendar (SIMS 8.1)
Statistics Finland publishes new statistical data at 8 am on weekdays in its web service. The release times of statistics are given in advance in the release calendar available in the web service. The data become public after they have been updated in the web service.
Further information: Publication principles for statistics at Statistics Finland
Release calendar access (SIMS 8.2)
Statistics Finland's release calendar: Future publications
Future publications of the statistics can be found on the page of the statistics at: Future publications of the statistics
User access (SIMS 8.3)
The data are released to all users at the same time. Statistical data may be processed at Statistics Finland and information on them may be given before release only by persons involved in the production of the statistics concerned or who need the data of the statistics concerned in their own work before the data are published.
Further information: Publication principles for statistics
Unless otherwise specifically stated in connection with the product, data or service concerned, Statistics Finland is the producer and copyright owner of the data. The terms of use for statistical data.
Frequency of dissemination (SIMS 9)
Deficit and debt data are reported to the European Commission twice yearly on the basis of the annual national accounts (at the end of March and September). The statistics on general government deficit and debt are published in April and October after the data have been checked by Eurostat. Revised figures are published in October.
News release (SIMS 10.1)
The release is published twice a year on the home page of the statistics.
Publications (SIMS 10.2)
The data of the statistics on general government deficit and debt are published as part of Eurostat’s statistical releases.
Online database (SIMS 10.3)
The database tables of the statistics can be found in the StatFin database. Eurostat, the Statistical Office of the European Union, also publishes the data of the statistics on its website.
Documentation on methodology (SIMS 10.6)
The methodological description includes data on the methods and source data used in compiling Finland’s EDP deficit and debt report (“EDP deficit and debt reporting”). The preparation and publication of the methodological description are based on an EU regulation.
Confidentiality - policy (SIMS 7.1)
The data protection of data collected for statistical purposes is guaranteed. The compilation of statistics is guided by the Statistics Act. Alongside the Statistics Act, the EU’s General Data Protection Regulation and the Finnish Data Protection Act are applied to the processing of personal data. Provisions on the confidentiality of data collected for statistical purposes are laid down in the Act on the Openness of Government Activities.
The data are processed only by persons who need the data in their work. The use of data is restricted by usage rights. All persons employed by Statistics Finland have signed a pledge of secrecy, where they have obliged to keep secret the data prescribed as confidential by virtue of the Statistics Act or the Act on the Openness of Government Activities.
Further information: Data protection | Statistics Finland (stat.fi)
Confidentiality - data treatment (SIMS 7.2)
The data materials are protected at all stages of processing with the necessary physical and technical solutions. The unit-specific data of the calculation data must be kept confidential. Data are only handled by persons who need the data in their work. The use of data is restricted by usage rights. The statistics are compiled by processing a large number of different statistics and other data sources.
The aggregation of data in the process, the compilation time evaluation related to data quality, detailed prioritisation of sources and measures related to total level balancing produce an end result that does not enable the identification of individual data producers.
All parties compiling statistics on general government deficit and debt have signed a pledge of secrecy, under which they are obliged to keep secret the data prescribed as confidential under the Statistics Act or the Act on the Openness of Government Activities.