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Wed, 01 Apr, 2015 12:08:27 AM FTimes Report, April 1  Finland's general government deficit (-) and debt, ratio to GDP. Source: General government deficit and debt. Statistics Finland. General government deficit was 3.2 per cent relative to gross domestic product in 2014, according to the preliminary data reported by Statistics Finland to Eurostat.
The deficit thus exceeded the reference values of the European Union’s Stability and Growth Pact, which is three per cent relative to gross domestic product.
In contrast, the consolidated gross debt remained below the reference value of 60 per cent, and was 59.3 per cent relative to GDP in 2014, the primary data show.
The net borrowing according to national accounts was EUR 6.4 billion. General government deficit in 2014 got revised EUR 535 million lower compared to the preliminary national accounts data released at the beginning of March.
For central government, the biggest changes were in tax revenue and EU budgetary contributions. The value-added tax revenue grew by EUR 191 million compared to the preliminary data as the accrual data were completed.
The contributions paid by the state to the EU in turn diminished by EUR 149 million. Local government deficit in 2014 went down as the effects of incorporations of polytechnics and municipal enterprises were revised.
Compared to 2013, general government deficit grew last year by EUR 1.3 billion. From the year before, the central government deficit increased by EUR 173 million and local government deficit by EUR 279 million.
Social security funds were divided into employment pension schemes and other social security funds. As in the previous years, the surplus of employment pension schemes decreased, now by EUR 252 million. Other social security funds showed a deficit for the first time since 2009.
Their financial position weakened by EUR 609 million from the year before and was EUR 584 million in 2014, mainly due to growth in unemployment expenditure.
The consolidated general government gross debt amounted to EUR 121.1 billion at the end of 2014.
The debt figures were not revised from the data of the statistics on general government debt by quarter released at the beginning of March.
Eurostat will verify the deficit and debt figures reported by the member states over the following weeks. In this process, changes may be made to the figures reported by Statistics Finland.
The updated figures will be released on the pages of these statistics on April 21, the same day on which Eurostat will publish the data.
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| Sunday, 28 April, 2024 |
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