General government deficit and debt: documentation of statistics

The statistics contain data on Finland’s general government deficit and debt. The EU Member States report twice a year to the European Commission on the EDP deficit and debt data used in the context of the EU’s Stability and Growth Pact to assess Member States’ budgetary position. This reporting is part of the Excessive Deficit Procedure (EDP). The deficit reporting is based on the EU system of national accounts (ESA 2010) and the separate Regulation (EC) No 479/2009 (last amended by Regulation (EU) No 220/2014). The data provided by the various countries are comparable.

The statistics contain data on Finland’s general government deficit and gross debt, and on factors causing changes in them, and data on the differences between EDP deficits and budget deficits of central government, local government and social security funds.

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).

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: https://www.stat.fi/meta/luokitukset/_linkki/soveltamisp.html (only in Finnish).

The figures in the statistics are presented at current prices (in EUR million).

All time series are at current prices.

The reference period of statistics is a calendar year.

The reference area for the statistics is the whole of Finland.

The statistics comprise all units of Finland’s general government in central government, local government and social security funds, as specified in ESA 2010.

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, while the EDP debt is valued at nominal value. Derivatives, trade credits and accrued liabilities are the ESA 2010-compliant financial claims that are not included in the debt.

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.

Preliminary data on national accounts for the preceding year are published at the beginning of March. If more detailed source data become available during March, the data can be updated at the end of April. Revised figures are published in October.

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.

The data are considered preliminary until the national accounts are final (they are usually finalised two years after the end of the statistical year).

Changes in the data may still be made after this in connection with time series checks necessitated by methodological changes.

The revision tables of the statistics are published within the publications of the statistic.

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.

Good practice requires that the dates on which national accounts data become available are pre-announced and that the pre-announced publication dates are met.

National accounts data transmissions in the framework of the ESA 2010 transmission programme should be punctually delivered to Eurostat on the date set out in the transmission programme (or before).

Statistics Finland frequently transmits data to Eurostat ahead of the legal deadlines.

The revisions of these statistics are described at: https://www.stat.fi/til/jali/rev_en.html.

In terms of the deficit and debt data, the data used in the compiling of the source statistics mainly comprise the financial statements of general government units and administrative documents. There is little under-coverage as nearly all main data sources are based on total data.

The statistical data are comparable with the data reported by other EU Member States.

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.

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.

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.

The data sources are described in the methodological descriptions of the statistics Methodological descriptions.

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.

The data in the statistics are derived from the national accounts for the year in question.

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.

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. The description’s structure is consistent across all EU Member States. Description of the method used in Finland’s deficit and debt calculations.

Appendix 1 to the methodological description List of general government units.

Statistics Finland

Economic Statistics

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 

The deficit reporting is based on the EU system of national accounts (ESA 2010) and the regulation (EC) No 479/2009 (last amended by regulation (EU) No 220/2014). The data provided by the various countries are comparable. Manual on Government Deficit and Debt – Implementation of ESA 2010 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.

The data protection of data collected for statistical purposes is guaranteed in accordance with the requirements of the Statistics Act (280/2004), the Act on the Openness of Government Activities (621/1999), the EU's General Data Protection Regulation (EU) 2016/679 and the Data Protection Act (1050/2018). The data materials are protected at all stages of processing with the necessary physical and technical solutions. Statistics Finland has compiled detailed directions and instructions for confidential processing of the data. Employees have access only to the data essential for their duties. The premises where unit-level data are processed are not accessible to outsiders. Members of the personnel have signed a pledge of secrecy upon entering the service. Violation of data protection is punishable. 

Further information: Data protection | Statistics Finland (stat.fi) 

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.

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 are public after they have been updated in the web service. 

Further information: Publication principles for statistics at Statistics Finland 

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.
A description of the methods used in the compilation of the statistics can be viewed on the website of the statistics.

Eurostat, the Statistical Office of the European Union, also publishes the data on its own website.

Statistical data are published as database tables in the StatFin database. The database is the primary publishing site of data, and new data are updated first there. When releasing statistical data, existing database tables can be updated with new data or completely new database tables can be published.   

In addition to statistical data published in the StatFin database, a release on the key data is usually published in the web service. If the release contains data concerning several reference periods (e.g. monthly and annual data), a review bringing together these data is published in the web service. Database tables updated at the time of publication are listed both in the release and in the review. In some cases, statistical data can also be published as mere database releases in the StatFin database. No release or review is published in connection with these database releases. 

Releases and database tables are published in three languages, in Finnish, Swedish and English. The language versions of releases may have more limited content than in Finnish.   

Information about changes in the publication schedules of releases and database tables and about corrections are given as change releases in the web service. 

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.

Eurostat also publishes the data on its own website.

Statistics Finland has a revision policy for national accounts:
http://stat.fi/static/media/uploads/tup/kantilinpito/kansantalouden_tilinpidon_julkaisukaytanteet.pdf

Revisions – i.e. improvements in the accuracy of statistical data already published – are a normal feature of statistical production and result in improved quality of statistics. The principle is that statistical data are based on the best available data and information concerning the statistical phenomenon. On the other hand, the revisions are communicated as transparently as possible in advance. Advance communication ensures that the users can prepare for the data revisions. 

The reason why data in statistical releases become revised is often caused by the data becoming supplemented. Then the new, revised statistical figure is based on a wider information basis and describes the phenomenon more accurately than before. 

Revisions of statistical data may also be caused by the calculation method used, such as annual benchmarking or updating of weight structures. Changes of base years and used classifications may also cause revisions to data. 

The importance of national accounts requires the availability of documentation related to the methodologies applied to quality control and quality assessment. Examples of such documents include the quality reports and assessments on national accounts and an analysis on the data revision.

In Finland, quality reports are mandatory for all statistics. They are based on national practice and are available on the home pages of each set of statistics.

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.

Quality management requires comprehensive guidance of activities. The quality management framework of the field of statistics is the European Statistics Code of Practice (CoP). The quality criteria of Official Statistics of Finland are compatible with the European Statistics Code of Practice. 

Further information: Quality management | Statistics Finland (stat.fi) 

Data are released to all users at the same time. Statistical data may only be handled 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 separately stated in connection with the product, data or service concerned, Statistics Finland is the producer of the data and the owner of the copyright. The terms of use for statistical data.