Quarterly government debt
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English
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Quarterly government debt

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8 Pages
English

Description

Economy and finance
Economic policy - Economic and Monetary Union
Target audience: Specialised/Technical

Subjects

Informations

Published by
Reads 30
Language English

Exrait

Statistics
in focus
ECONOMY AND FINANCE
23/2006
Author
Sylvie VILLAUME
C
o
n
t
e
n
t
s
General government debt below
reference point value of 60% for
15
Member
States
in
first
quarter of 2006 .......................... 2
EU quarterly government debt
shows signs of seasonality:
strong growth in the first and
second
quarter
and
small
changes for the rest of the year
.................................................... 3
Securities: the most common
financial instrument used to
finance
general
government
debt............................................. 4
Central government: clearly the
largest sub sector for general
government debt ....................... 4
Quar t er l y Gover nm ent Debt
EU general government debt unchanged between the last
quarter of 2005 and the first of 2006
Figure 1:
General government debt as a percentage of GDP, EU25 and
euro area
55
60
65
70
75
Q 1
Q 2
Q 3
Q 4
Q 1
Q 2
Q 3
Q 4
Q 1
Q 2
Q 3
Q 4
Q 1
Q 2
Q 3
Q 4
Q 1
Q 2
Q 3
Q 4
Q 1
Q 2
Q 3
Q 4
Q 1
2
0
0
0
2
0
0
1
2
0
0
2
2
0
0
3
2
0
0
4
2
0
0
5
2
0
0
6
E
U
2
5
q
u
a
r
t
e
r
l
y
d
e
b
t
a
s
%
o
f
G
D
P
e
u
r
o
a
r
e
a
q
u
a
r
t
e
r
l
y
d
e
b
t
a
s
%
o
f
G
D
P
Source: Eurostat, quarterly government debt data
For the last twelve quarters
1
, the EU government debt to GDP ratio was
greater than the reference value of 60 per cent. From 61.4% at the end of
2003, it increased to 63.4% at the end of 2005. Within this period significant
fluctuations were observed, and the debt to GDP ratio almost reached 65% in
the second quarter of 2004 and 2005. The debt to GDP ratio in most cases
increased during the first and second quarters of a year while it decreased in
the fourth. The highest ratios were generally observed at the end of the
second quarters.
The euro area debt level is considerably higher than for the EU, and also
increased from its lowest value in the fourth quarter of 2002, to over 70% at
the end of 2005. Within the years, quarterly fluctuations as observed for the
EU, were also visible for the euro area. The highest debt level over the period
was recorded in the second quarter of 2005 (72.0%).
At the end of the first quarter of 2006, the EU and euro area debt levels
amounted to 63.4% and 71.3% respectively. For the EU this was the first time
that the debt level stayed unchanged between the fourth and the first quarter.
1
The EU aggregate is calculated from 2003Q1 only, due to missing data for some countries.

Manuscript completed on: 16.10.2006
Data extracted on: 15.06.2006
ISSN 1024-4298
Catalogue number: KS-NJ-06-023-EN-C
© European Communities, 2006