Monthly Bulletin July 2009 - Banque de France

EURO AREA
STATISTICS
Government
finance
6.5 Quarterly debt and change in debt 1)
(as a percentage of GDP)
1. Euro area _ Maastricht debt by financial instrument 2)
Total Financial instruments
Currency and deposits Loans Short-term securities Long-term securities
1 2 3 4 5
2006 Q1 70.3 2.5 11.7 4.9 51.2
Q2 70.3 2.5 11.6 4.8 51.4
Q3 69.8 2.5 11.6 4.7 51.0
Q4 68.2 2.4 11.4 4.1 50.3
2007 Q1 68.5 2.4 11.4 4.8 49.9
Q2 68.6 2.2 11.1 5.1 50.3
Q3 67.7 2.1 11.0 5.1 49.4
Q4 66.0 2.2 10.8 4.2 48.8
2008 Q1 66.8 2.1 11.0 5.0 48.8
Q2 67.1 2.1 11.0 4.9 49.1
Q3 67.1 2.1 10.8 5.5 48.6
Q4 69.3 2.3 10.8 6.7 49.5
2. Euro area _ deficit-debt adjustment
Change in Deficit (-)/ Deficit-debt adjustment Memo:
debt surplus (+) Borrowing
Total Transactions in main financial assets held by general government Valuation effects Other requirement
and other changes
Total Currency Loans Securities Shares and in volume
and deposits
other equity
1 2 3 4 5 6 7 8 9 10 11
2006 Q1 4.9 -2.9 2.0 1.3 1.1 0.1 0.6 -0.4 -0.4 1.1 5.2
Q2 3.2 0.1 3.3 3.3 2.6 0.1 0.4 0.1 0.6 -0.6 2.6
Q3 1.2 -1.6 -0.3 -0.9 -0.7 -0.2 0.2 -0.2 0.3 0.3 1.0
Q4 -2.9 -0.9 -3.8 -2.4 -1.5 -0.5 -0.2 -0.2 -0.2 -1.3 -2.8
2007 Q1 4.9 -2.1 2.8 1.9 1.0 0.0 0.7 0.2 -0.2 1.1 5.1
Q2 3.7 1.2 4.9 4.9 4.0 0.0 0.6 0.3 0.2 -0.2 3.5
Q3 -0.5 -1.3 -1.7 -1.7 -2.1 0.1 0.4 -0.1 0.1 -0.1 -0.5
Q4 -3.5 -0.5 -3.9 -2.9 -2.0 -0.1 -0.6 -0.3 -0.1 -0.9 -3.4
2008 Q1 6.0 -2.5 3.5 3.2 2.1 -0.1 0.9 0.4 -0.1 0.4 6.1
Q2 3.7 -0.1 3.7 3.6 2.0 0.2 1.1 0.2 0.1 0.0 3.7
Q3 2.1 -2.3 -0.2 -0.9 -1.6 -0.1 0.1 0.7 0.5 0.2 1.6
Q4 9.3 -2.8 6.5 6.5 0.6 3.4 0.8 1.8 0.0 -0.1 9.3
C29 Deficit, borrowing requirement and change in debt
(four-quarter moving sum as a percentage of GDP)
C30 Maastricht debt
(annual change in the debt to GDP ratio and underlying factors)
6.0
deficit
change in debt
borrowing requirement
6.0
5.0
deficit-debt adjustment
primary deficit/surplus
growth/interest rate differential
change in debt to GDP ratio
5.0
5.0
5.0
4.0
3.0
4.0
3.0
4.0
4.0
2.0
2.0
3.0
3.0
1.0
0.0
1.0
0.0
2.0
2.0
-1.0
-1.0
1.0
1.0
-2.0
-3.0
-2.0
-3.0
0.0
2001 2002 2003 2004 2005 2006 2007 2008
0.0
-4.0
2001 2002 2003 2004 2005 2006 2007 2008
-4.0
Source: ECB calculations based on Eurostat and national data.
1) The data refer to the Euro 16.
2) The stock data in quarter t are expressed as a percentage of the sum of GDP in t and the previous three quarters.
ECB
Monthly Bulletin
July 2009S 59