General government deficit grew by EUR 0.3 billion in October to December 2024 from the previous year

Central government's net borrowing grew by EUR 0.3 billion from the quarter one year ago

Central government total revenue at current prices grew by EUR 0.5 billion (2.2%) and total expenditure increased by EUR 0.7 billion (3.3%) from the quarter twelve months back.

The revenue items that grew most in monetary terms were value added tax and output at basic prices. The expenditure items that increased most were current transfers and gross fixed capital formation. The changes in central government property income and expenditure were nearly equal.

The difference between total revenue and total expenditure, that is, central government net borrowing, was EUR 0.9 billion in the fourth quarter of 2024.

Local government's total revenue grew more than expenditure

Total revenue of local government, excluding wellbeing services county administration, grew by EUR 78 million (0.9%) and total expenditure by EUR 141 million (1.5%) from the quarter twelve months back. Of total revenue, tax revenue grew most in monetary terms, and the biggest rise in expenditure concerned intermediate consumption. The deficit (net borrowing) was EUR 0.6 billion in the last quarter.

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Total revenue of wellbeing services county administration grew by EUR 418 million (6.6%), while total expenditure remained almost on level with the previous year's quarter. Thus, the financial position of the sector improved by EUR 415 million from the previous year. Of total revenue, market output and current transfers received grew most in monetary terms. The deficit was EUR 1.6 billion in the last quarter.

Surplus of employment pension schemes was EUR 0.5 billion

Employment pension schemes’ total revenue grew by EUR 0.6 billion (6.7%) and total expenditure increased by EUR 0.5 billion (5.7%) from the quarter twelve months back. The revenue item that grew most in monetary terms was property income. The expenditure item that grew most in monetary terms was paid pensions, the rapid growth of which is due to substantial index increases directed at pension contributions. The difference between revenue and expenditure, that is, the surplus (net lending) of employment pension schemes was EUR 0.5 billion in the last quarter of 2024.

Other social security funds in deficit

Other social security funds’ total revenue decreased by EUR 0.4 billion (-7.2%) and total expenditure increased by EUR 0.2 billion (3.5%) from the quarter twelve months back. The revenue item that fell most in monetary terms was social contributions received, which was caused by lowered sickness and unemployment insurance contribution rates in 2024. The expenditure items that grew most in monetary terms were paid social benefits other than social transfers in kind and social transfers in kind. The deficit (net borrowing) of other social security funds was EUR 0.8 billion.

Data for 2024 have become revised

When compiling quarterly data, not all source data are yet available. The data have been revised for the whole of 2024 as preliminary annual accounts data have been completed.