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General government debt statistics for December 2023
According to the final[1] data of government finance statistics for the fourth quarter of 2023, the total consolidated debt of all general government sub-sectors[2] reached EUR 48.2bn at the end of December 2023, up by EUR 0.3bn (or 0.6%) from the end of September 2023 and up by EUR 1.8bn (or 4.0%) from the end of December 2022. The annual increase in debt was due to a combination of a decrease in the external debt of EUR 0.7bn (or 4.7%) and an increase in the domestic debt of EUR 2.5bn (or 8.1%). Domestic debt rose by EUR 0.4bn (or 1.2%), and external debt fell by EUR 0.1bn (or 0.7%) compared to the end of the previous quarter.
Figure 1 Consolidated general government debt during the last 12 months
Measured against the annual GDP[3], the total debt at the end of December 2023 amounted to 63.0% of GDP, which is a decrease of 4.8 percentage points on an annual basis from 67.8% of GDP at the end of December 2022 and a decrease of 0.9 percentage points from the end of the previous quarter, when this share stood at 63.9%.
Figure 2 Consolidated general government debt over a longer period
The general government debt structure by main debt instruments and maturity is available only on an unconsolidated basis[4]. Long-term debt instruments dominate the maturity structure of unconsolidated debt: at the end of December 2023 most of this debt was made up of bonds (66.0%), the second by importance were long-term loans (29.3%), and last were short-term loans, securities and deposits (jointly 4.7%). The short-term debt components increase by EUR 0.3bn (or 12.8%) on an annual basis from the end of December 2022 to the end of December 2023, while the long-term debt components increase by EUR 1.5bn (or 3.4%) during the same period.
Figure 3 Unconsolidated general government debt by main instruments and maturity
Statistical time series: Table I3 General government debt (ESA 2010)
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Data are confirmed by EUROSTAT within EDP notification process. ↑
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This debt excludes the cross claims of institutions within the same sub-sector and between sub-sectors, the so-called Maastricht debt. ↑
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Calculated as the sum of the preceding four quarterly GDP figures. ↑
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The unconsolidated debt represents the Maastricht debt increased by cross claims of different units within the general government sector. ↑