General government balance and total public debt

The general government balance (or EMU balance) is the difference between government revenues and government expenditure. Revenues and expenditure are recorded in the year in which economic value is created, changed or lost, or when a right or obligation arises, is amended or cancelled. When expenditure exceeds government revenues, this is referred to as a ‘government deficit’ or ‘budget deficit’.

Total public debt (or EMU debt) refers to government debt at nominal value (not at market value). Commercial credits and accruals do not form part of government debt. Mutual debts between different levels of government are also excluded.

The data in this news release has been calculated on the basis of European directives for national accounts (ESR2010) and supplementary European rules on the definition of government deficit and public debt.