Home > Statistics > General government debt by quarter > 2019 > 3rd quarter > General government debt decreased by EUR 2.2 billion in the third quarter of 2019

Published: 20 December 2019

General government debt decreased by EUR 2.2 billion in the third quarter of 2019

General government EDP debt, or consolidated gross debt at nominal prices amounted to EUR 142.8 billion at the end of the third quarter of 2019 and decreased by EUR 2.2 billion during the quarter. Correspondingly, general government debt has grown by EUR 3.1 billion compared with the respective period of the year before. These data derive from Statistics Finland's statistics on general government debt by quarter.

General government debt by quarter

During the third quarter, central government debt decreased by EUR 2.6 billion and was EUR 118.3 billion at the end of the quarter. The number of short-term debt instruments with a maturity of under one year decreased on net by EUR 0.1 billion over the third quarter. The stock of bonds decreased by EUR 3.1 billion over the same period. The stock of long-term loans remained almost on level with the previous quarter, but the stock of short-term loans grew by EUR 0.3 billion.

The local government sector's debt grew by EUR 1.1 billion and totalled EUR 24.3 billion at the end of the quarter. The number of short-term debt instruments increased, but the stock of other debt instruments remained almost on level with the previous quarter. In addition, social security funds’ debt declined by EUR 1.0 billion and totalled EUR 1.3 billion at the end of the quarter. Employment pension schemes' debt declined by EUR 0.5 billion due to a drop in cash collateral received in connection with derivative contracts and securities lending. The debt of other social security funds shrunk by EUR 0.5 billion mainly as a result of a decrease in the stock of long-term debt securities.

General government EDP debt describes general government’s debt to other sectors of the national economy and to the rest of the world, and its development is influenced by changes in unconsolidated debt and internal general government debts. Consolidated general government gross debt is derived by deducting debts between units recorded under general government from unconsolidated gross debt. For this reason, general government debt is smaller than the combined debts of its sub-sectors.

The EDP debt of general government differs conceptionally to some extent in the case of central government from the central government debt published by the State Treasury. Central government's EDP debt also includes loans granted to beneficiary counties by the European Financial Stability Facility EFSF, received cash collaterals related to derivative contracts, the capital of the Nuclear Waste Management Fund, debts generated from investments in central government's PPP (public-private partnership) projects, coins that are in circulation, and the deposits of the European Commission. In National Accounts, central government is also a broader concept than the budget and financial economy (http://www.stat.fi/meta/luokitukset/_linkki/julkisyhteisot.html). The valuation principle for both debt concepts is the nominal value, where the effect of currency swaps is taken into account.

Source: General government debt by quarter, Statistics Finland

Inquiries: Aaro Hottinen 029 551 3231, Jose Lahtinen 029 551 3776, rahoitus.tilinpito@stat.fi

Director in charge: Ville Vertanen

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Appendix tables

• Appendix table 1. General government debt by quarter, EUR billion (20.12.2019)
• Appendix table 2. Central government guarantees, EUR million (20.12.2019)

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• Revisions in these statistics (20.12.2019)

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Updated 20.12.2019