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Published: 2 October 2009

General government EMU debt EUR 63 billion in April-June

In the second quarter of 2009, general government EMU debt at nominal prices contracted by EUR 7.3 billion to EUR 62.9 billion. From the respective quarter of the year before the debt grew by EUR 0.8 billion.

Central government’s share of the EMU debt was EUR 53.8 billion and local government’s EUR 9.1 billion in the second quarter. The bulk of the general government debt consists of central government bonds. At the end of June the nominal value of such bonds in circulation was EUR 44.9 billion.

Most of the contraction of the general government debt in the second quarter was due to repayment of government bonds. By contrast, the EMU debt of local government, that is municipalities and joint municipal boards, continued to grow at a steady pace. Local government debt is mainly comprised of long-term loans. Their amount grew by EUR 0.3 billion to EUR 8.1 billion, which is higher than ever before.

General government EMU debt describes the indebtedness of government finance in EU Member States in accordance with the EU’s Growth and Stability Pact. The EMU debt is valued at nominal prices and only comprises cash and deposits, securities and loans. General government debt is consolidated debt, which means that it excludes debt items between sub-sectors. For this reason general government debt is smaller than the combined debts of its sub-sectors. According to the Growth and Stability Pact, each Member State’s public debt may not exceed 60 per cent of GDP.

General government EMU debt

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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Appendix tables

Updated 2.10.2009

Referencing instructions:

Official Statistics of Finland (OSF): General government debt by quarter [e-publication].
ISSN=1799-8034. 2nd quarter 2009. Helsinki: Statistics Finland [referred: 21.11.2024].
Access method: http://www.stat.fi/til/jyev/2009/02/jyev_2009_02_2009-10-02_tie_001_en.html