Statistical Press Release | Lisboa, 22nd October 2012 |
Banco de Portugal publishes a Supplement on General Government Statistics and releases additional quarterly
data
Banco de Portugal publishes, with the Statistical Bulletin of October 2012, a Supplement on general government
statistics compiled by Banco de Portugal, explaining its concepts, methodologies and data sources. This publication
includes a presentation on the main results for the second quarter of 2012. The English edition of the Supplement will be
released in the website of Banco de Portugal in the next days.
Simultaneously, chapter E.3 of the Statistical Bulletin on the net lending / net borrowing and debt of general government
includes for the first time quarterly data, in addition to the annual data which were until now disseminated. In particular, this
chapter includes statistical series on:
•
Net lending (+) / net borrowing (-) of general government (table E.3.1);
•
Public debt (tables E.3.2 and E.3.3);
•
Deficit-debt adjustment (table E.3.4);
•
General government revenue and expenditure (tables E.3.5 e E.3.6).
These series are also made available in BPstat | Statistics online.
Main results for the second quarter of 2012
In the second quarter of 2012, public debt reached 117.6 per cent of GDP (Chart 1). In this quarter, the net lending (+) /
net borrowing (-) of general government was –5.9 per cent of GDP. Considering the sum of the four last quarters, the net
lending (+) / borrowing (-) was –3.7 per cent of GDP.
In the first half of 2012, the net lending (+) / borrowing (-) of general government was –6.8 per cent of GDP which
compares with –8.2 per cent of GDP in the first half of 2011.
Chart 1 - Public Debt and General Government Net Lending(+) / Net Borrowing (-)
Public debt (left hand scale)
As a percentage of GDP
120
Net lending (+) / Net borrowing (-) - four-quarter moving averages (right hand
scale)
0
-2
100
-4
80
-6
60
40
-8
20
-10
0
-12
As a percentage of GDP
140
1
| Statistical Press Release | Lisboa, 22ndOctober 2012 |
In the second quarter of 2012, the deficit-debt adjustment, i.e. the difference between change in debt (7.7 billion euro) and
deficit (2.4 billion euro) is mainly explained by the increase in financial assets, which result, by and large, of the subscription
of contingent capital instruments and shares issued by banks in the context of their recapitalisation process (6.2 billion euro).
Chart 2 pictures the quarterly deficit-debt adjustment since 2007. The unusually high deficit-debt adjustment shown for the
second quarter of 2011 is mainly explained by the accumulation of general government deposits in monetary and financial
institutions, due to the funds not yet used received in the framework of the Economic and Financial Assistance Programme
to Portugal, which began in this quarter. These data can be found in table E.3.4 of the Statistical Bulletin.
Chart 2 – Deficit-Debt Adjustment
Net acquisition of financial assets
Transactions in liabilities not included in debt
18
Other adjustments
Deficit-debt adjustment
15
EUR billion
12
9
6
3
0
-3
-6
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2007
2008
2009
2010
2011
2012
Debt of the non financial public sector in August 2012
The Maastricht debt reached 198.8 billion in the end of August 2012, which represent an increase of 0.7 billion euro
compared with June 2012.
The debt of public corporations not included in general government reached in August 2012, 18.9 billion euro, which
represents a slight decrease of around 0.1 billion euro compared with June 2012.
The total consolidated debt of the non financial public sector, including trade credits was 221.5 billion euro in August
2012.
These data are available in Chapter K of the Statistical Bulletin of Banco de Portugal, on the non-financial sector
indebtedness. The Supplement on general government statistics presents the delimitation of the general government and
the public sector.
Table 1 presents a summary of the main concepts and respective results for December 2011 and June 2012, including the
limit of public debt for Economic and Financial Assistance Programme (EFAP) to Portugal assessment purposes.
2
| Statistical Press Release | Lisboa, 22ndOctober 2012 |
Table 1
Unit: billion euro
Dec / 11
Jun / 12
(1)
Non-consolidated debt of non-financial public sector
236.7
249.8
(2)
Debt of public non-financial corporations not included in general
government
22.9
19.0
Non-consolidated general government debt
213.8
230.8
200.4
13.5
217.2
13.6
Debt between entities of the general government
25.6
28.9
Consolidated general government debt
188.2
201.9
3.5
3.8
Maastricht debt
184.7
198.1
(8)
Maastricht debt net of deposits of the central government
170.4
182.0
(9)
Exclusions for the purpose of the EFAP performance criterion
15.8
27.2
(10)= (7-9)
General government debt for the EFAP performance criterion
168.9
170.9
Ceiling on the EFAP performance criterion
175.9
175.0
-7.0
-4.1
(3)= (1-2)
of which: non-consolidated debt of central government
of which: non-consolidated debt of local government
(4)
(5)= (3-4)
(6)
(7)= (5-6)
(11)
(12)= (10-11)
Trade credits obtained by the general government
Difference from the ceiling
3
| Statistical Press Release | Lisboa, 22ndOctober 2012 |
Annex: Charts available in the Supplement on General Government Statistics
General Government Debt
Public Debt and General Government
Net Lending (+) / Net Borrowing (-)
0
Net lending (+) / Net borrowing (-) - four-quarter
moving averages (right hand scale)
-2
100
-4
80
-6
60
-8
40
As a percentage of GDP
120
Public debt (left hand scale)
Maastricht Treaty Limit
120
As a percentage of GDP
140
As a percentage of GDP
140
Public debt (left hand scale)
100
80
60
40
20
-10
20
0
-12
0
General Government Debt by Institutional Sector
140
General government
Regional and local government
Consolidation
Debt of Regional and Local Government
Central government
Social security funds
12
117.6
111.5
120
Regional and local government
Regional government of Azores
Regional government of Madeira
Other local government
10
108.1
83.2
80
60
61.9
56.8 59.4
50.7 53.8
67.7 69.4 68.4
71.7
In billion euro
As a percentage of GDP
93.5
100
8
6
4
40
20
2
0
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2012
Q1 Q2
-20
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2012
Q1 Q1
General Government Liabilities (Transactions)
Debt by Financial Instrument
100%
25
80%
20
Currency and deposits
Securities other than shares
Loans
Other accounts receivable and payable
Total liabilities
18.1
15
60%
EUR billion
10
40%
20%
5.8
5.3
5
6.1
0
-4.4
0%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2012
Q1 Q2
Currency and deposits
Securities other than shares, exc. financial derivatives - short-term
Securities other than shares, exc. financial derivatives - long-term
Loans - short term
Loans - Long term
-5
-10
-15
2011|Q2
2011|Q3
2011|Q4
2012|Q1
2012|Q2
4
| Statistical Press Release | Lisboa, 22ndOctober 2012 |
General government net financial assets by institutional sector
General Government Financial Assets (Transactions)
Currency and deposits
Securities other than shares
Loans
Shares and other equity
Other accounts receivable and payable
Total financial assets
15.0
14.3
EUR billion
10.0
5.0
2.8
4.2
2.9
0.0
-3.5
-5.0
Central government
Regional and local government
Social security funds
General government
20
As a percentage of GDP
20.0
0
-20
-40
-60
-80
-10.0
2011|Q2
2011|Q3
2011|Q4
2012|Q1
2012|Q2
Currency and deposits
Other assets / liabilities
Shares and other equity
200
150
Change in Net Financial Assets of General Government
Loans
Securities other than shares
Net financial assets
20
Transactions - financial assets
Net lending (+) / borrowing (-)
Changes in net financial assets
Transactions - liabilities (-)
Other volume and price changes
15
100
10
50
EUR billion
Liabilities
Financial assets
EUR billion
General Government Net Financial Assets by Financial Instrument
0
-50
-100
-150
5
0
-5
-10
-200
-15
-250
-20
2011|Q2
General Government Net Lending (+) / Net Borrowing (-)
4.0
2.0
0.0
-2.0
-4.0
-6.0
-8.0
-10.0
Accumulated over the last four quarters
2011|Q4
2012|Q1
2012|Q2
Central Government Net Lending (+) / Net Borrowing (-)
Maastricht Treaty Limit
Quarterly
As a percentage of GDP
As a percentage of GDP
Quarterly
2011|Q3
Accumulated over the last four quarters
4.0
2.0
0.0
-2.0
-4.0
-6.0
-8.0
-10.0
-12.0
-12.0
-14.0
-14.0
5
| Statistical Press Release | Lisboa, 22ndOctober 2012 |
Regional and Local Government Net Lending (+) / Net Borrowing (-)
Quarterly
Social Security Funds Net Lending (+) / Net Borrowing (-)
Quarterly
Accumulated over the last four quarters
1.0
3.0
As a percentage of GDP
As a percentage of GDP
Accumulated over the last four quarters
4.0
0.5
0.0
-0.5
-1.0
-1.5
2.0
1.0
0.0
-1.0
-2.0
-3.0
-4.0
-5.0
Deficit-Debt Adjustment
General Government Financing and Deficit
Net acquisition of financial assets
Transactions in liabilities not included in debt
Other adjustments
Deficit-debt adjustment
18
15
Financing (accumulated over the last twelve months)
20
16
12
14
9
EUR billion
EUR billion
Deficit
18
6
3
12
10
8
6
0
4
-3
2
-6
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2007
2008
2009
2010
2011
2012
Public Corporations Debt
Public Debt by Financing Sector
Public corporations included in the general government
60
250
Public corporations not included in the general government
Financial corporations
Households
Rest of the world
200
40
30
20
EUR billion
EUR billion
50
Non-financial corporations
150
100
10
50
0
0
6
| Statistical Press Release | Lisboa, 22ndOctober 2012 |
Public Debt and Deficit by Country | 2007
Public Debt and Deficit by Country | 2011
180
180
160
GR
160
140
100
BE
PT
80
Euro Area
DE
FR
MT
60
CY
AT
NL
40
ES
IE
SI
SK
20
EE
-15
-10
-5
0
LU
0
IT
BE
100
Euro Area
DE
FR
ES
CY
SI
NL
80
AT
MT
60
FI
SK
40
20
LU
EE
-10
-15
5
120
PT
IE
Deficit as a percentage of GDP
-5
Deficit as a percentage of GDP
0
0
5
Public Debt by Country | 2011
Estonia
Luxembourg
Slovakia
Slovenia
Finland
Netherlands
Spain
Chipre
Malta
Austria
Germany
France
Euro area
Belgium
Portugal
Ireland
Italy
Greece
0
30
60
120
90
150
180
As a percentage of GDP
Deficit, change in debt and deficit-debt adjustment | 2011
Estonia
Luxembourg
Slovakia
Slovenia
Finland
Netherlands
Spain
Cyprus
Malta
Austria
Germany
France
Euro area
Belgium
Portugal
Ireland
Italy
Greece
Deficit
Deficit-debt adjustment
Change in debt
-5
0
5
10
15
20
25
As a percentage of GDP
7
Public debt as a percentage of GDP
IT
GR
140
Public debt as a percentage of GDP
120