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Quarterly government debt (gov_10q_ggdebt)

Reference Metadata in Euro SDMX Metadata Structure (ESMS)

Compiling agency: Eurostat, the statistical office of the European Union

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'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, Iceland 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).

22 January 2025

General government debt is one of the convergence criteria of the Maastricht Treaty used for monitoring the economic situation of a Member State. The Maastricht debt is defined as the debt at the end of the year. In order to follow the latest trends, Member States are required to provide debt data on a quarterly basis.

'Quarterly government debt' is defined as the total gross debt at face value outstanding at the end of each quarter for the general government sector and its subesctors.

Member States provide a breakdown of the general government debt using ESA 2010 definitions:

  • by instrument; The main instruments are: currency and deposits (AF.2) with further breakdowns into currency (AF.21) and deposits (AF.22, AF.29), debt securities (AF.3) with a breakdown into short-term (AF.31) and long-term (AF.32) debt securities, and loans (AF.4) with a breakdown into short-term loans (AF.41) and long-term loans (AF.42),
  • by government sector: central government (S.1311), state government (S.1312), local government (S.1313), social security funds (S.1314).

The tables contain debt figures expressed in national currency, converted into euro, and as a percentage of the GDP and of the total consolidated debt for the Member State.

Some countries provide additional data such as the currency denomination of general government gross debt (domestic/foreign), a split between domestic and non-resident creditors and a breakdown by remaining maturity. 

Not available.

Not available.

EU and euro area aggregates, EU Member States, Iceland and Norway.

The Regulation applies to EEA countries. 

The quarterly general government debt refers to the debt at the end of each quarter. For non euro area Member States, the debt expressed in euro is converted using the exchange rate at the last working day of the quarter.

Not available.

Data is measured in million Euro, million of national currency units and in percentage of GDP and of total consolidated debt.

For euro area countries, for reference periods prior to accession of the country to the euro area, data in national currency are expressed in euro-fixed, that is the former national currency divided by the irrevocable exchange rate.

The data represents stock of quarterly government debt (and its components currency and deposits, debt securities and loans) at face value outstanding at the end of the quarter.

For EU and euro area aggregates, the quarterly debt for each Member States is converted into Euro using the exchange rates at the end of the quarter. For flow data, such as GDP, average exchange rates are used. The EU aggregates, denominated in euro, can fluctuate as a result of exchange rate movements between the euro and other EU currencies.

For Croatia, which joined the euro area from 1 January 2023, the euro-fixed for periods up to the fourth quarter of 2022 is used, i.e. HRK divided by the irrevocable exchange rate.

Due to the involvement of EU Member States' governments in lending to certain Member States, quarterly data on intergovernmental lending (IGL) are also published. For the purpose of proper consolidation of general government debt and to provide users with information, Eurostat publishes data on government loans to other EU governments and these loans have been deducted from euro area and EU debt starting from the first quarter of 2009. 

The valuation basis is the stock of loans at nominal value outstanding at end of each quarter. From the first quarter of 2011 onwards, the bilateral intergovernmental lending figures relate mainly to lending to Greece, Ireland and Portugal and include loans made by the European Financial Stability Facility (see Eurostat decision regarding EFSF.

A methodological change as regards the statistical recording of deferred interest on EFSF loans affecting the face value of general government gross debt was implemented by Greece, following Eurostat’s advice. This change also affected the EFSF guarantors.

Data are transmitted by national statistical authorities (National Statistical Institutes, National Central Banks or Ministries of Finance). The type of survey used is a census.

The countries provide a breakdown of the general government debt using ESA2010 definitions:

  • by instrument: currency and deposits (AF.2, currency AF.21, deposits AF.22, AF.29), debt securities (AF.3, short-term AF.31, long-term AF.32) and loans (AF.4, short-term AF.41, long-term AF.42),
  • by general government sector: central government (S.1311), state government (S.1312), local government (S.1313) and social security funds (S.1314).

The tables contain debt figures expressed in national currency, converted into euro, and as a percentage of the GDP and of the total consolidated debt for the Member State.

Quarterly

Data is transmitted by Member States to Eurostat within three months after the end of the quarter to which it refers to.

Data are fully comparable across countries.

Data are fully comparable along time.