General government debt and deficit
|Updated: 30.9.2013 - Next update: 3.3.2014|
Revised general government deficit and debt figures for 2012 released
According to Statistics Finlands revised preliminary data, the general governments deficit amounted to EUR 3.4 billion, or 1.8 per cent relative to GDP in 2012. One year before the deficit was EUR 1.3 billion. The central government sectors deficit grew by EUR 0.8 billion to EUR 6.6 billion in 2012. In turn, the local government sector's deficit increased from EUR 1.0 billion to EUR 2.1 billion. Social security funds, primarily employment pension schemes, accumulated a surplus of EUR 5.2 billion.
The amount of consolidated general government EDP debt increased by EUR 10.3 billion to EUR 103.1 billion during 2012. Central government debt grew by EUR 8.8 billion and local government debt by EUR 1.5 billion. At the same time, the GDP share of the debt grew to 53.6 per cent from the previous years 49.2 per cent. Internal general government debt decreased by some EUR 0.7 billion. The EDP debt describes general governments 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 2012 released in March 2013, total general government deficit decreased by EUR 0.2 billion. General government debt for 2012 remained almost unchanged in relation to the preliminary data, but due to the revision of GDP the GDP share of the debt increased by 0.6 per centage points.Statistical release
Statistics Finland / General government deficit and debt
Description of indicator
These statistics contain data on the deficit and debt of government finance in Finland. Twice yearly the Member States of the European Union report data on their so-called EDP deficits and debts to the EU Commission. The data are used in the context of the EU’s Stability and Growth Pact to assess the state of government finances in the Member States. The reporting is a constituent part of what is known as the Excessive Deficit Procedure (EDP).
The reported data are produced in compliance with the European System of Accounts (ESA 1995) and a separate EU Regulation. The data reported by the different Member States are comparable with each other.
The examination of the general government debt and deficit should be viewed as a broad entity formed by general government finances, which takes into account conditions for economic growth, the balance between public sector expenditure and revenue, and the stability of the economic dependency ratio. The effects of swings in economic conditions are not merely directed at the economic sector; the numerous social impacts of economic management in society must also be considered.
The public administration’s economic policy objective is the promotion of sustainable economic growth that improves employment and the reduction of central government indebtedness. Preparing an effective economic policy also requires the comprehensive monitoring, analysis and forecasting of economic development. An important element of this work is precisely the analysis of debt and deficit indicators as part of the monitoring of indicators describing economic development.