Eurostat

Data are the result of the annual structure of government debt survey and cover the EU countries as well as Norway. The following series are available: Central government gross debt by initital maturity and sector of debt holder; State government gross debt by initital maturity and sector of debt holder; Local government gross debt by initital maturity and sector of debt holder; Social security funds gross debt by initital maturity and sector of debt holder; General government gross debt by initital maturity and sector of debt holder; Debt by currency of issuance; Government guarantees (contingent liabilities); Average remaining maturity of debt; Apparent cost of the debt; Market value of debt.

Eurostat Dataset Id:cpc_ecgov  The focus of this domain is on the following country groups:Acceeding country: Croatia (HR)Candidate countries: the former Yugoslav Republic of Macedonia (MK), Montenegro (ME), Iceland (IS), Serbia (RS) and Turkey (TR)Potential candidate countries: Albania (AL), Bosnia and Herzegovina (BA), as well as Kosovo under UNSCR 1244/99 (XK)

Data are the result of the annual structure of government debt survey and cover the EU countries as well as Norway. The following series are available: Central government gross debt by initital maturity and sector of debt holder; State government gross debt by initital maturity and sector of debt holder; Local government gross debt by initital maturity and sector of debt holder; Social security funds gross debt by initital maturity and sector of debt holder; General government gross debt by initital maturity and sector of debt holder; Debt by currency of issuance; Government guarantees (contingent liabilities).

The focus of this domain is on the European Neighbourhood Policy (ENP) countries on the southern and eastern shores of the Mediterranean (ENP-South), namely: Algeria (DZ),Egypt (EG),Israel (IL),Jordan (JO),Lebanon (LB),Libya (LY),Morocco (MA),Palestine (PS),Syria (SY) andTunisia (TN). An extensive range of indicators is presented in this domain, including indicators from almost every theme covered by European statistics. Only annual data are published in this domain. The data and their denomination in no way constitute the expression of an opinion by the European Commission on the legal status of a country or territory or on the delimitation of its borders.

Data are the result of the annual structure of government debt survey and cover the EU countries as well as Norway. The following series are available: Central government gross debt by initital maturity and sector of debt holder; State government gross debt by initital maturity and sector of debt holder; Local government gross debt by initital maturity and sector of debt holder; Social security funds gross debt by initital maturity and sector of debt holder; General government gross debt by initital maturity and sector of debt holder; Debt by currency of issuance; Government guarantees (contingent liabilities).

The Treaty on the Functioning of the European Union defines this indicator as the ratio of government debt outstanding at the end of the year to gross domestic product at current market prices. For this calculation, government debt is defined as the total consolidated gross debt at nominal value in the following categories of government liabilities (as defined in ESA 2010): currency and deposits (AF.2), debt securities (AF.3) and loans (AF.4). The general government sector comprises the subsectors of central government, state government, local government and social security funds. For further methodological guidance and interpretation, please refer to the Eurostat Manual on Government Deficit and Debt. Total government gross debt in million EUR is shown as well.

The indicator is defined (in the Maastricht Treaty) as consolidated general government gross debt at nominal (face) value, outstanding at the end of the year in the following categories of government liabilities (as defined in ESA 2010): currency and deposits, debt securities and loans. The general government sector comprises the subsectors: central government, state government, local government and social security funds.

The data correspond to quarterly government debt. Public debt is defined in the Maastricht Treaty as consolidated general government gross debt at nominal (face) value, outstanding at the end of the year. Data for the general government sector are consolidated between subsectors at the national level. Data are non-seasonally adjusted.

Government Finance Statistics (GFS) form the basis for fiscal monitoring in Europe. Annual government deficit and debt statistics are reported to the European Commission in the framework of the Excessive Deficit Procedure (EDP). Government revenue and expenditure, annual and quarterly, are reported by Member States under the ESA 95 transmission programme.  General government net borrowing/net lending (deficit/surplus), and general government debt, form two of the convergence criteria for EMU. The following series are as reported in the EDP tables:Deficit/surplus of the general government sector;General government debt;General government gross fixed capital formation;General government primary balanceIntergovernmental lending within the EU and euro area in the context of the financial crisis.  Total general government revenue and total general government expenditure annual series are reported by national authorities in ESA table 2 of the ESA 95 transmission programme.  General government deficit/surplus and general government debt quarterly series are reported by national authorities in ESA tables 25 and 28, respectively, of the ESA 95 transmission programme.

For the purpose of the Excessive Deficit Procedure (EDP) in the Economic and monetary union (EMU), as well as for the Growth and Stability Pact, the current Protocol 12, annexed to the 2012 consolidated version of the Treaty on the Functioning of the European Union, provides a complete definition of government debt: debt means total gross debt at nominal value outstanding at the end of the year and consolidated between and within the sectors of general government. This definition is supplemented by Council Regulation (EC) No 479/2009, as amended by the Commission Regulation (EU) No 220/2014 (which has only updated references to ESA 2010 instruments) specifying the components of government debt with reference to the definitions of financial liabilities in ESA 2010. In this context, the stock of government debt in the Excessive Deficit Procedure (EDP debt) is equal to the sum of liabilities, at the end of year, of all units classified within the general government sector (S.13) in the following categories: AF.2 (currency and deposits) + AF.3 (debt securities) + AF.4 (loans). Basic data are expressed in national currency, converted into euro using end-year exchange rates for the euro provided by the European Central Bank (ECB). The MIP headline indicator is calculated as: [GGDt/GDPt]*100. The indicative threshold is 60% of GDP. The data are expressed in millions of units of national currency and in % of GDP.

The quarterly government debt data are conceptually consistent with the corresponding annual data compiled on a national accounts (EDP and ESA 2010) basis. For the purpose of the Excessive Deficit Procedure (EDP) in the Economic and monetary union (EMU), as well as for the Growth and Stability Pact, the current Protocol 12, annexed to the 2012 consolidated version of the Treaty on the Functioning of the European Union, provides a complete definition of government debt: debt means total gross debt at nominal value outstanding at the end of the year and consolidated between and within the sectors of general government. This definition is supplemented by Council Regulation (EC) No 479/2009, as amended by the Commission Regulation (EU) No 220/2014 (which has only updated references to ESA 2010 instruments) specifying the components of government debt with reference to the definitions of financial liabilities in ESA 2010. The data are expressed in million units of national currency and in % of GDP. Data are non-seasonally adjusted. The differences between the annual and quarterly debt figures may arise as a result of different timetables in the transmission on revised data. Annual EDP data notified by Member States in April and October are the subject of a thorough verification by Eurostat, which can lead to a revision of past quarterly data.

Government debt is defined as total gross debt at nominal value outstanding at the end of the year and consolidated between and within the sectors of general government. This definition is supplemented by Council Regulation (EC) No 479/2009, as amended by the Commission Regulation (EU) No 220/2014 (which has only updated references to ESA 2010 instruments) specifying the components of government debt with reference to the definitions of financial liabilities in ESA 2010. In this context, the stock of government debt in the Excessive Deficit Procedure (EDP debt) is equal to the sum of liabilities, at the end of year, of all units classified within the general government sector (S.13) in the following categories: AF.2 (currency and deposits) + AF.3 (debt securities) + AF.4 (loans). Basic data are expressed in national currency, converted into euro using end-year exchange rates for the euro provided by the European Central Bank (ECB).

Government Finance Statistics (GFS) form the basis for fiscal monitoring in Europe, most notably for the statistics related to the Excessive Deficit Procedure (EDP). The EDP is established in the Treaty and specified in the Stability and Growth Pact legislation. The Member States report data related to the EDP to the Commission (Eurostat) which, in turn, is responsible for providing the data to the Council. European GFS, including the statistics for the EDP, are produced in accordance with the European System of Accounts 2010 (ESA 2010), the EU manual for national accounts, which in September 2014 replaced the previous version of the national accounting framework ESA 95. It is supplemented by further interpretation and guidance from Eurostat, in particular the Manual on Government Deficit and Debt. Council Regulation 479/2009 as amended requires that Member States report government deficit/surplus (hereinafter deficit) and debt data related to the EDP twice per year: before 1 April and 1 October for the preceding four calendar years and a forecast for the current year. The data are reported in harmonised tables. These tables are designed specifically to provide a consistent framework, with a link to national budgetary aggregates and between the deficit and changes in the debt. They should be fully consistent with GFS data delivered to Eurostat in the ESA 2010 transmission programme. The EDP notification tables contain for general government and its sub sectors: Table 1: Summary table on deficit and debt, including auxiliary indicators (Gross Fixed Capital Formation, Interest and Gross Domestic Product - GDP)Tables 2A - 2D: Transition from the working balance to the deficit/surplus for general government sub sectorsTables 3A - 3E: Transition from the deficit/surplus to the change in debt for general government and its sub sectorsTable 4: Supplementary data. The data are presented in the Eurostat's Statistics Database in national currency, euro/ECU, and percentage of GDP. In order to reflect economic and technological developments and meet user needs, in September 2014 the new national accounting framework ESA 2010 replaced the previous framework ESA 95. This led to revisions of the time series for all Member States (please see Eurostat press release for the impact of the revisions on the government deficit and debt ratios). The main changes relate to the classification of certain entities into government and the treatment of transactions related to pension schemes. Also the concept of government deficit was changed as regards treatment of interest on swaps and forward rate agreements (Commission Regulation 220/2014 amending the Council Regulation 479/2009), according to which these flows are now recorded as financial transaction in line with the core ESA accounting framework.

Data are the result of the annual structure of government debt survey and cover the EU countries as well as Norway. The following series are available: Central government gross debt by initital maturity and sector of debt holder; State government gross debt by initital maturity and sector of debt holder; Local government gross debt by initital maturity and sector of debt holder; Social security funds gross debt by initital maturity and sector of debt holder; General government gross debt by initital maturity and sector of debt holder; Debt by currency of issuance; Government guarantees (contingent liabilities).

Data are the result of the annual structure of government debt survey and cover the EU countries as well as Norway. The following series are available: Central government gross debt by initital maturity and sector of debt holder; State government gross debt by initital maturity and sector of debt holder; Local government gross debt by initital maturity and sector of debt holder; Social security funds gross debt by initital maturity and sector of debt holder; General government gross debt by initital maturity and sector of debt holder; Debt by currency of issuance; Government guarantees (contingent liabilities).

Long term government bond yields are calculated as monthly averages (non seasonally adjusted data). They refer to central government bond yields on the secondary market, gross of tax, with a residual maturity of around 10 years. The bond or the bonds of the basket have to be replaced regularly to avoid any maturity drift. This definition is used in the convergence criteria of the Economic and Monetary Union for long-term interest rates, as required under Article 121 of the Treaty of Amsterdam and the Protocol on the convergence criteria. Data are presented in raw form. Source: European Central Bank (ECB)

Data are the result of the annual structure of government debt survey and cover the EU countries as well as Norway. The following series are available: Central government gross debt by initital maturity and sector of debt holder; State government gross debt by initital maturity and sector of debt holder; Local government gross debt by initital maturity and sector of debt holder; Social security funds gross debt by initital maturity and sector of debt holder; General government gross debt by initital maturity and sector of debt holder; Debt by currency of issuance; Government guarantees (contingent liabilities); Average remaining maturity of debt; Apparent cost of the debt; Market value of debt.

The data on contingent liabilities and potential obligations of government are collected in the context of the Enhanced Economic Governance package (the "six-pack") adopted in 2011. In particular, Council Directive 2011/85 on requirements for budgetary frameworks of the Member States requires the Member States to publish relevant information on contingent liabilities with potentially large impacts on public budgets, including government guarantees, non-performing loans, and liabilities stemming from the operation of public corporations, including the extent thereof. The liabilities are called “contingent” in the sense that they are by nature only potential and not actual liabilities. Non-performing loans could imply a potential loss for government if these loans were not repaid. This new data collection represents a step towards further transparency of public finances in the EU by giving a more comprehensive picture of EU Member States’ financial positions3 It is to be underlined that contingent liabilities are not part of the general government (Maastricht) debt as defined in the Council Regulation (EC) No 479/2009 of 25 May 2009 on the application of the Protocol on the excessive deficit procedure annexed to the Treaty establishing the European Community. Eurostat collects and publishes the following indicators: government guarantees, liabilities related to public-private partnerships recorded off-balance sheet of government, liabilities of government controlled entities classified outside general government (public corporations) and non-performing loans. Regarding government controlled entities, it should be mentioned that this refers to  government controlled units, not classified in general government, and which are controlled, directly or indirectly (through other public units), by government. In cases when the government share in a corporation is lower than 50% and government does not have control over an entity, the corporation is not considered as controlled by government. Regarding the control criteria, according to ESA 2010 paragraph 20.18: “Control over an entity is the ability to determine the general policy or programme of that entity (…)”. The criteria to be used for corporations are indicated in ESA 2010 paragraphs 2.38 and further detailed in paragraph 20.309. ESA 2010 paragraph 2.38 specifies that: “General government secures control over a corpo­ration as a result of special legislation, decree or reg­ulation which empowers the government to deter­mine corporate policy. The following indicators are the main factors to consider in deciding whether a corporation is controlled by government:(a) government ownership of the majority of the voting interest; (b) government control of the board or governing body; (c) government control of the appointment and removal of key personnel;(d) government control of key committees in the entity; (e) government possession of a golden share; (f) special regulations; (g) government as a dominant customer; (h) borrowing from government. A single indicator may be sufficient to establish control, but, in other cases, a number of separate indicators may collectively indicate control.”

The table presents the stock of liabilities of loans (F.4) for the sectors Non-Financial corporations (S.11), Households (S.14) and Non-Profit institutions serving households (S.15). The debt securities are negotiable financial instruments serving as evidence of debt. Data are presented in consolidated terms, i.e. data do not take into account transactions within the same sector and expressed in % of GDP. Definitions regarding sectors and instruments are based on the ESA 2010.

'Quarterly government debt' is defined as the total gross debt at nominal value outstanding at the end of each quarter for the general government sector (ref. Regulation  (EU) No 549/2013, Annex B transmission programme, definition of general government sector ESA 2010 §2.111). Data are measured in million Euro, million of national currency units, percentage of GDP and percentage of total consolidated debt. Data cover EU Member States and Norway. Quarterly data on government debt is provided according to the provisions of the European System of Accounts ESA 2010 (Regulation (EU) No 549/2013). Data is transmitted by national authorities (National Statistical Institutes, National Central Banks or Ministries of Finance).

'Quarterly government debt' is defined as the total gross debt at nominal value outstanding at the end of each quarter between and within the sectors of general government (ref. Council Regulation No 1222/2004). Data are measured in million Euro, million of national currency units, percentage of GDP and percentage of total consolidated debt. Data cover EU Member States and Norway. Classification of data is in accordance with the European System of Accounts (ESA 1995). Data are transmitted by national authorities (national statistical institutes, national central banks or Ministries of Finance).

Data are the result of the annual structure of government debt survey and cover the EU countries as well as Norway. The following series are available: Central government gross debt by initital maturity and sector of debt holder; State government gross debt by initital maturity and sector of debt holder; Local government gross debt by initital maturity and sector of debt holder; Social security funds gross debt by initital maturity and sector of debt holder; General government gross debt by initital maturity and sector of debt holder; Debt by currency of issuance; Government guarantees (contingent liabilities).

Government Finance Statistics (GFS) form the basis for fiscal monitoring in Europe, most notably for the statistics related to the Excessive Deficit Procedure (EDP). The EDP is established in the Treaty and specified in the Stability and Growth Pact legislation. The Member States report data related to the EDP to the Commission (Eurostat) which, in turn, is responsible for providing the data to the Council. European GFS, including the statistics for the EDP, are produced in accordance with the European System of Accounts 2010 (ESA 2010), the EU manual for national accounts, which in September 2014 replaced the previous version of the national accounting framework ESA 95. It is supplemented by further interpretation and guidance from Eurostat, in particular the Manual on Government Deficit and Debt. Council Regulation 479/2009 as amended requires that Member States report government deficit/surplus (hereinafter deficit) and debt data related to the EDP twice per year: before 1 April and 1 October for the preceding four calendar years and a forecast for the current year. The data are reported in harmonised tables. These tables are designed specifically to provide a consistent framework, with a link to national budgetary aggregates and between the deficit and changes in the debt. They should be fully consistent with GFS data delivered to Eurostat in the ESA 2010 transmission programme. The EDP notification tables contain for general government and its sub sectors:Table 1: Summary table on deficit and debt, including auxiliary indicators (Gross Fixed Capital Formation, Interest and Gross Domestic Product - GDP)Tables 2A - 2D: Transition from the working balance to the deficit/surplus for general government sub sectorsTables 3A - 3E: Transition from the deficit/surplus to the change in debt for general government and its sub sectorsTable 4: Supplementary data. The data are presented in the Eurostat's Statistics Database in national currency, euro/ECU, and percentage of GDP. In order to reflect economic and technological developments and meet user needs, in September 2014 the new national accounting framework ESA 2010 replaced the previous framework ESA 95. This led to revisions of the time series for all Member States (please see Eurostat press release for the impact of the revisions on the government deficit and debt ratios). The main changes relate to the classification of certain entities into government and the treatment of transactions related to pension schemes. Also the concept of government deficit was changed as regards treatment of interest on swaps and forward rate agreements (Commission Regulation 220/2014 amending the Council Regulation 479/2009), according to which these flows are now recorded as financial transaction in line with the core ESA accounting framework.

Government Finance Statistics (GFS) form the basis for fiscal monitoring in Europe, most notably for the statistics related to the Excessive Deficit Procedure (EDP). The EDP is established in the Treaty and specified in the Stability and Growth Pact legislation. The Member States report data related to the EDP to the Commission (Eurostat) which, in turn, is responsible for providing the data to the Council. European GFS, including the statistics for the EDP, are produced in accordance with the European System of Accounts 2010 (ESA 2010), the EU manual for national accounts, which in September 2014 replaced the previous version of the national accounting framework ESA 95. It is supplemented by further interpretation and guidance from Eurostat, in particular the Manual on Government Deficit and Debt. Council Regulation 479/2009 as amended requires that Member States report government deficit/surplus (hereinafter deficit) and debt data related to the EDP twice per year: before 1 April and 1 October for the preceding four calendar years and a forecast for the current year. The data are reported in harmonised tables. These tables are designed specifically to provide a consistent framework, with a link to national budgetary aggregates and between the deficit and changes in the debt. They should be fully consistent with GFS data delivered to Eurostat in the ESA 2010 transmission programme. The EDP notification tables contain for general government and its sub sectors: Table 1: Summary table on deficit and debt, including auxiliary indicators (Gross Fixed Capital Formation, Interest and Gross Domestic Product - GDP)Tables 2A - 2D: Transition from the working balance to the deficit/surplus for general government sub sectorsTables 3A - 3E: Transition from the deficit/surplus to the change in debt for general government and its sub sectorsTable 4: Supplementary data. The data are presented in the Eurostat's Statistics Database in national currency, euro/ECU, and percentage of GDP. In order to reflect economic and technological developments and meet user needs, in September 2014 the new national accounting framework ESA 2010 replaced the previous framework ESA 95. This led to revisions of the time series for all Member States (please see Eurostat press release for the impact of the revisions on the government deficit and debt ratios). The main changes relate to the classification of certain entities into government and the treatment of transactions related to pension schemes. Also the concept of government deficit was changed as regards treatment of interest on swaps and forward rate agreements (Commission Regulation 220/2014 amending the Council Regulation 479/2009), according to which these flows are now recorded as financial transaction in line with the core ESA accounting framework.