Home > Statistics > General government deficit and debt > 2008 > Items influencing the changes in EMU debt, EUR billion 1)

Items influencing the changes in EMU debt, EUR billion ¹⁾

	2005	2006	2007*	2008*
A Reported general government net lending with the opposite sign	-4,4	-6,7	-9,4	-8,2
B General government net acquisition of financial assets, consolidated (plus-sign = increase)	2,4	7,4	8,5	8,1
B.1 Deposits	-0,4	1,2	0,6	0,8
B.2 Investment in securities other than shares	1,9	0,9	-1,0	3,4
B.3 Lending	0,1	0,5	-0,1	3,5
B.4 Investment in shares	1,4	4,7	7,9	0,4
B.5 Other financial assets	-0,6	0,1	1,0	0,0
C Net acquisition of debt not included in EMU debt, consolidated	-0,6	0,0	-0,3	1,0
D Effect of exchange rates	0,0	0,0	-0,7	-0,1
E Other (interest recorded on accrual basis, emission and capital gain/loss, statistical discrepancy)	0,7	-0,6	-0,5	-1,0
Change in EMU debt = A+B+C+D+E (plus sign indicates an increase in debt)	-1,9	0,0	-2,5	-0,2

1) Preliminary*
The table presents the items influencing the change in EMU debt for the previous four years. Many other factors besides deficits influence general government indebtedness and its changes. The table shows the contributions of the deficit as well as the other factors to the change in EMU debt.
This table illustrates how much general government invested in financial assets, what was the change in non-EMU debt (accruals and deferred income etc.) as well as how much exchange rates and other differences in recording influenced the change in EMU debt during the previous four years. These differences in recording stem from the time-adjustment of interests and the recording of profits or loss from debt emissions or premature amortisations.
Net lending in national accounts (A.) is recorded into the table with the opposite sign; the surplus of the past few years (positive net lending) has decreased the need for new debt. Change in the general government EMU debt during the previous year is obtained by summing items A-E of the table. The items with the positive sign increase the debt. As EMU debt shows general government debt to other sectors, all items have been consolidated, that is, general government internal claims and debts have been deducted.
EMU debt does not cover all the financial assets specified in ESA95. The influence of derivatives, trade credits and accruals and deferred income on the change in EMU debt is show in part C of the table. Other items influencing the change in the debt (E.) are, among others, capital losses due to debt conversion, differences in the cash- and accruals-based entries as well as a possible statistical discrepancy between the sector accounts and the financial accounts of the national accounts.
The data corresponds to the data in the EDP notification tables 3A.

Source: General government deficit and gross debt according to EMU criteria, 2008, Statistics Finland

Inquiries: Mika Sainio (09) 1734 2686, Matti Okko (09) 1734 3341, rahoitus.tilinpito@stat.fi

Director in charge: Ari Tyrkkö

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Updated 30.09.2009