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General government debt grew by EUR 3.2 billion in the second quarter of 2022

release | General government debt by quarter 2022, 2nd quarter

According to Statistics Finland, general government EDP debt, i.e. consolidated gross debt at nominal prices amounted to EUR 188.2 billion at the end of the second quarter of 2022 and grew by EUR 3.2 billion during the quarter. Relative to GDP, general government debt stood at 71.6 per cent. General government debt has grown by EUR 7.4 billion compared with the respective period of the year before.

Key selections

  • Central government debt grew by EUR 3.5 billion during the second quarter.
  • The local government sector's debt decreased by EUR 0.6 billion.
  • Social security funds’ debt remained almost unchanged.

Central government debt grew by EUR 3.5 billion

During the second quarter, central government debt grew by EUR 3.5 billion and was EUR 154.7 billion at the end of the quarter. The stock of long-term bonds grew by EUR 0.4 billion and the stock of short-term debt instruments with a maturity of under one year increased by EUR 3.4 billion. The stock of short-term loans went down by EUR 0.5 billion and the stock of long-term loans by EUR 0.1 billion.

Local government sector’s debt decreased by EUR 0.6 billion

The local government sector's debt decreased by EUR 0.6 billion in the second quarter of 2022. The loan stock went down by EUR 0.6 billion and the amount of short-term debt instruments grew by EUR 0.1 billion from the previous quarter.

Social security funds’ debt remained almost unchanged.

Social security funds’ debt remained almost unchanged from the previous quarter, standing at EUR 3.1 billion at the end of the quarter. Of these, the debt stock of employment pension schemes was EUR 1.8 billion and that of other social security funds EUR 1.3 billion.

Definition of EDP debt

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 debt-to-GDP ratio has been calculated using a seasonally and working day adjusted GDP series at market prices.

The EDP debt of general government differs conceptually 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. However, the State Pension Fund is classified as a social security fund. The valuation principle for both debt concepts is the nominal value, where the effect of currency swaps is taken into account.

Tables

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General government debt by quarter, EUR billion

Central government guarantees, EUR million

Data revisions

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Revision of general government debt from the first publication, EUR million

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