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 30.09.2022)

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

 

2018

2019

2020

2021

2022

Status

final final final final estimated

Gross debt

12.567 13.959 15.874 17.729 19.195

In % of GDP

20,90% 22,38% 24,50% 24,52% 24,63%

GDP

60.121 62.374 64.781 72.295 77.935

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

 

Term

ESA Codes

2018

2019

2020

2021

2022

Currency and deposits

 

AF.2

301

311

316

325

334

Securities others than shares

 

AF.3

8.232

9.728

11.727

14.218

15.719

 

short term

AF.31

0,0

0,0

0,0

0,0

0,0
 

long term

AF.32

8.232

9.728

11.727

14.218

15.719

Loans

 

AF.4

4.034

3.920

3.831

3.187

3.143

 

short term loans

AF.41

605

113

100

56

43

 

long term loans

AF.42

3.429

3.807

3.732

3.130

3.100

TOTAL

 

 

12.567

13.959

15.874

17.729

19.195

Last update