Vladimír Urbánek (Kurzy.cz)
Macroeconomics  |  29.3.2013 16:02:37

The total debt of the Czech Republic in r.2012 rose to 1.76 trillion crowns, government deficit rose to 168 billion


Notification of government deficit and debt and submitted by each member state of the European Union has always for the past four years and a projection for the current year, and always at the end of March and September. The calculation of the required aggregates is based on the methodology of the European System of Accounts (ESA 1995). According to the Maastricht criteria, the deficit should not exceed 3% of the accumulated debt and 60% of gross domestic product.



Government surplus / deficit is the amount of net lending (+) or borrowing (-) including interest on swap transactions.Shows the ability of government funding in a given year (+) other sectors of the economy or the need for the sector to be financed (-).

Government debt includes liabilities of the government resulting from accepted deposits, issued securities other than shares (excluding financial derivatives) and loans.

Characteristics listed in the table were sent to Eurostat in late March. Small change in the deficit for 2011 is due to the adjustment of taxes. Government deficit for 2012 was significantly influenced by financial compensation in the church restitution (in the amount of CZK 59 billion) and corrections EU pre-funded subsidies from the state budget. Without both of these effects by the general government deficit reached 2.5% of GDP.

In the current notifications was back up to 2010 reflected the change in the definition of government debt. In accordance with the Eurostat decision of July last year, were selected operations of government in the form of business loans reclassified as government debt in the form of loans. For 2012 is about 1.4 billion CZK. Stronger growth was primarily due to debt issuance of government bonds in excess of the deficit, the debt increase is thus to some extent offset by growth in the item balances of deposits of government institutions. Church restitution and compensation in EU subsidies have no direct bearing debt level.

Projection of government deficit and debt for the year 2013 prepared by the Ministry of Finance, which can also separately published.

Observations of the European Commission can expect 22nd April 2013.

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Celkový dluh ČR v r.2012 stoupl na 1,76 biliónu korun, vládní deficit narostl na 168 miliard

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