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General government deficit 1.9 percent relative to GDP in Finland

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Staff Writer | April 3, 2017
According to the preliminary data reported by Statistics Finland to Eurostat, general government deficit was 1.9 percent relative to gross domestic product in 2016.
Europe   Statistics Finland:
Thus, the deficit was below the reference values of the European Union’s Stability and Growth Pact, which is three percent relative to gross domestic product.

General government EDP debt, or consolidated gross debt, was 63.6 percent at the end of 2016 relative to gross domestic product, that is, over the reference value of 60 percent.

In 2016, general government deficit, or net borrowing according to national accounts, was EUR 4.1 billion.

Compared to 2015, the financial position of general government improved by EUR 1.6 billion. From the year before, central government deficit decreased by EUR 471 million and amounted to EUR 5.9 billion.

Local government deficit was EUR 1.0 billion in 2016 and the deficit decreased by EUR 246 million from the year before.

Social security funds are divided into employment pension schemes and other social security funds.

Employment pension schemes were EUR 2.3 billion in surplus but their surplus declined similarly to previous years, now by EUR 397 million.

Other social security funds showed a surplus after two years in deficit. Their financial position improved by EUR 1,310 million and the surplus for 2016 was EUR 491 million.

The improved financial position of other social security funds was caused by a considerable increase in collected unemployment insurance contributions.