Financial accounts in Q1 2015:
The net debtor position of the Slovak economy
decreased because of financial transactions of
financial corporations and households
In the first quarter of 2015, the net debtor position of the Slovak economy decreased by €3.4 billion and
this improving represented 19.2% of GDP in current prices.
25%
20%
15%
10%
5%
0%
-5%
-10%
-15%
-20%
-25%
Net financial assets (transactions) as a
percentage of GDP
Financial tranactions in Q1 2015
(EUR billions)
5
4
3
2
1
0
-1
-2
-3
-4
-5
4.Q.13
1.Q.14
2.Q.14
Non-financial corp.
General government
Home economy
3.Q.14
4.Q.14
non-financial financial
corp.
corp.
1.Q.15
general households rest of the
government
world
Financial assets
Financial liabilities
Net landing/net borrowing
Financial corp.
Households
Source: NBS
Note: Net lending represents a positive difference between financial assets and financial liabilities. A negative difference is an
indication of net borrowing.
Among institutional sectors, the contribution to the positive result in the first quarter 2015 came from the
financial transactions in the sectors of financial corporations (S.12), households (S.14) and non-profit
institutions serving households (S.15). Opposite development was recorded in non-financial corporations
sector (S.11) and the general government sector (S.13).
The transactions on the liabilities side exceeded those on the assets side by €0.7 billion in sector S.11
especially because of other accounts receivable/payable development.
The sector of financial corporations recorded net lending of €4 billion in this quarter. The most significant
contribution to the S.12 financial accounts outcome resulted from the financial transactions of deposittaking corporations and money market funds where especially loans and debt securities increased at the
asset side.
The general government sector´s debtor position increased by €0.4 billion during the first quarter of
2015. Crucial was the result of central government sub-sector (S.1311) with its debt securities
management.
The sector of households (including non-profit institutions serving households) improved its overall
creditor position by €0.6 billion. The financial liabilities growth caused by bank loans to households was
exceeded by the growth of equities and investment fund shares, and insurance, pension and standardized
guarantees at the asset side.
Tomáš Eder (tomas.eder@nbs.sk), Radoslav Peter (radoslav.peter@nbs.sk)
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1
10/7/2015