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Published: 28 September 2012

Revised general government deficit and debt figures for 2011 released

According to Statistics Finland’s revised preliminary data, the general government’s deficit in 2011 amounted to EUR 1.2 billion, or 0.6 per cent relative to GDP. One year before, the deficit was EUR 4.5 billion. In 2011, the central government sector’s deficit went down by EUR 3.9 billion to EUR 5.6 billion. In turn, the local government sector's deficit increased from EUR 0.4 billion to EUR 0.9 billion. Social security funds, primarily employment pension schemes, accumulated a surplus of EUR 5.3 billion.

Finland's general government deficit (-) and debt, percentage of GDP

The amount of consolidated general government EDP debt increased by EUR 5.9 billion to EUR 92.8 billion during 2011. Central government debt grew by EUR 5.1 billion and local government debt by EUR 0.8 billion. At the same time, the GDP share of the debt grew to 49.0 per cent from the previous year’s 48.6 per cent. Internal general government debt increased by EUR 1.5 billion. The EDP debt describes general government’s debt to the other sectors of the economy and to the rest of the world, and its development is influenced by changes in both the unconsolidated gross debt and the internal general government debt.

Compared to the preliminary data for 2011 released in March 2012, total general government deficit grew by EUR 0.1 billion. Due to the time series adjustments made to the years 1995 to 2010, the financial position of general government has improved annually by EUR 78 million, on average. The adjustments are based on a revision of the calculation method made to the taxes paid by employment pension schemes. General government debt for 2011 fell by EUR 0.2 billion in relation to the preliminary data.

The public deficit concept used in these statistics complies with the Excessive Deficit Procedure (EDP) of the European Union's Growth and Stability Pact. This so-called EDP deficit corresponds with the net lending of the general government sector account in national accounts (ESA95), except for the interest flows relating to swap and forward rate agreements, which are entered as interest expenses in the EDP deficit report but as changes in derivative debt in national accounts. In 2011, the impact from the difference between the methods amounted to 0.3 per cent of GDP, and according to preliminary data the net lending of the sector accounts compliant with ESA95 was -0.9 per cent of GDP.

The figures derive from the data reported by Statistics Finland to Eurostat in September. Eurostat will verify the deficit and debt figures reported by the Member States over the following weeks. In this process, changes may be made to the figures reported by Statistics Finland. In that case, the updated figures will be released on the pages of these statistics on 22 October, on the same day that Eurostat will publish the data.

EDP reporting tables, October 2012 notification (updated 22.10.2012) (Excel)

Source: General government deficit and debt. Statistics Finland

Inquiries: Mira Lehmuskoski 09 1734 2708, Niina Suutarinen 09 1734 3302, financial.accounts@stat.fi

Director in charge: Ari Tyrkkö

Publication in pdf-format (243.4 kB)

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Appendix tables

• Appendix table 1. EDP deficit of Finnish government 1997-2011 1) (28.9.2012)
• Appendix table 2. General government EDP debt 1997-2011 1) (28.9.2012)
• Appendix table 3. Finnish general government non-consolidated gross debt and EDP debt 2000-2011 1) (28.9.2012)

Methodological descriptions

• Description of methods used in the Finnish General government deficit and debt calculations (28.9.2012)

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Updated 28.9.2012