Deficit and debt of the general government

In national accounting, the concept of budget deficit is used when the State budget is in deficit: State revenues are lower than expenditures, and therefore the budgetary balance is negative (reimbursements of maturing loans are included in expenditures). Likewise, public administrations – which are greater than the State since these include territorial administrations and social security administrations – experience a public deficit when public expenditures on a year exceed public revenues; the balance of public finances is hence negative. Concretely, in the majority of countries public budgets (measured annually) are very often in deficit; in the opposite case, there is a budget surplus. A distinction is made between the primary deficit, which corresponds to the deficit calculated without taking into account the debt service (i.e. the interests paid on the debt and the part of loans to be reimbursed during the year) of the final deficit.

The Maastricht Treaty defines the general government as the entity comprising the central administration (State), local authorities (municipalities) as well as social security bodies (art. 104 of the EC Treaty).

For information related to EU Member states’ public debt, please consult the website of the EFC Sub-Committee on EU Sovereign Debt Markets.

Notification (as of 30.09.2023)

General government consolidated gross debt level at nominal value oustanding at end of year (in millions of EUR)

 

2019

2020

2021

2022

2023

Status

final final final half-final planned

Gross debt

13.961 15.876 17.731 19.175 20.339

In % of GDP

22,36% 24,60% 24,50% 24,73% 25,00%

GDP

62.432 64.524 72.361 77.529 81.368

General government consolidated gross debt level at nominal value oustanding at end of year (by category / in millions of EUR)

 

Term

ESA Codes

2019

2020

2021

2022

2023

Currency and deposits

 

AF.2

316

322

330

341

-

Securities others than shares

 

AF.3

9.728

11.727

14.218

15.719

-

 

short term

AF.31

0,0

0,0

0,0

0,0

-
 

long term

AF.32

9.728

11.727

14.218

15.719

-

Loans

 

AF.4

3.917

3.827

3.183

3.116

-

 

short term loans

AF.41

98

84

40

66

-

 

long term loans

AF.42

3.819

3.743

3.143

3.049

-

TOTAL

 

 

13.961

15.876

17.731

19.175

20.339

Last update