Finland Times

 

General government EDP deficit (-), ratio to GDP. Source: General government deficit and debt. Statistics Finland.

General government deficit was 2.8 per cent relative to gross domestic product in 2015, according to revised preliminary data reported by Statistics Finland to Eurostat.

 

The general government deficit, or net borrowing according to national accounts, was EUR 5.8 billion in the year. Compared to 2014, general government deficit diminished by EUR 0.7 billion.

 

From the year before, central government deficit decreased by EUR 1,349 million and local government deficit by EUR 247 million, the data show.

 

Thus, the deficit was below the reference values of the European Union’s Stability and Growth Pact, which is three per cent relative to gross domestic product.

 

General government EDP debt, or consolidated debt at nominal prices, was 63.6 per cent at the end of 2015 relative to gross domestic product, that is, over the reference value of 60 per cent.

 

Social security funds are 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 689 million from the year before. Other social security funds showed a deficit for the second year in a row. Their financial position weakened by EUR 164 million from the year before and was EUR -819 million in 2015.

 

General government EDP debt, ratio to GDP. Source: General government deficit and debt. Statistics Finland.

Consolidated general government gross debt (EDP debt) amounted to EUR 133.1 billion at the end of 2015. The debt grew by EUR 9.4 billion in 2015.

 

Central government accounted for EUR 6.0 billion of the growth in debt, local government for EUR 0.8 billion and social security funds for EUR 1.0 billion.

 

In addition, the decrease in consolidation within general government increased the debt by EUR 1.6 billion.

 

The EDP debt describes general government’s 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.

 

At the end of 2015, EUR 3,401 million were recorded in Finland's general government debt as debt based on loans granted by the EFSF and the corresponding amount at the end of 2014 was EUR 3,611 million.