HELSINKI: General government deficit was 2.7 per cent relative to gross domestic product in 2015. 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, according to the preliminary data reported by Statistics Finland to Eurostat.
In contrast, general government EDP debt, or consolidated gross debt, now rose above the reference value of 60 per cent, and was 63.1 per cent relative to GDP in 2015. The general government deficit or net borrowing was EUR 5.7 billion as per the national accounts.
Compared to 2014, the financial position of general government improved by EUR 850 million. From the year before, the central government deficit decreased by EUR 1,372 million and local government deficit by EUR 187 million.
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 541 million.
Other social security funds showed a deficit for the second year in a row. Their financial position weakened by EUR 168 million from the year before and was EUR -823 million in 2015, the statistics show. Consolidated general government gross debt (EDP debt) amounted to EUR 130.7 billion at the end of 2015. The debt grew by EUR 9.0 billion in 2015.
Central government accounted for EUR 7.2 billion of the growth in consolidated debt, local government for EUR 0.9 billion and social security funds for EUR 0.8 billion. 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.
