Home > Statistics > General government debt by quarter > 2009 > 1st quarter > General government debt grew strongly in January-March

Published: 3 July 2009

General government debt grew strongly in January-March

General government EMU debt at nominal prices grew by as much as EUR 7.5 billion in the first quarter of 2009 and stood at EUR 70.6 billion at the end of March. The volume of general government EMU debt has never before been this high.

Most of the growth in general government debt resulted from the fast increase of central government indebtedness. In the first quarter of 2009 central government debt grew by EUR 7.5 billion and the debt of local government, that is municipalities and joint municipal boards, stood at EUR 0.5 billion. Internal general government debt grew by EUR 0.5 billion as employment pension schemes increased their investment in central government bonds. General government EMU debt is consolidated debt, which means that it excludes debt items between sub-sectors.

Of the consolidated general government EMU debt EUR 61.6 billion was central government debt and EUR 9.0 billion local government debt. The bulk of general government debt consists of central government bonds. At the end of March the nominal value of such bonds in circulation was EUR 54 billion.

Compared with data published previously, the level of EMU debt was pushed up by the reclassification of guarantees related to derivative contracts received by central government into short-term liabilities. They were previously included in statistics as other debt which was not included in the definition of EMU debt. At the end of March they amounted to EUR 1.4 billion.

General government EMU debt

Source: General government EMU debt, Statistics Finland

Inquiries: Matti Okko (09) 1734 3341, Marika Männistö (09) 1734 2324, rahoitus.tilinpito@stat.fi

Director in charge: Ari Tyrkkö

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• General government EMU debt, billion euro (3.7.2009)

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Updated 03.07.2009