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11192
Increased net debt for local governments
statistikk
2003-01-14T10:00:00.000Z
Public sector;Public sector
en
offogjeld, General government, financial assets and liabilities, central government, local government, stock, transactions, assets by type (for example bonds, shares, lending), net assets, liabilities by type (for example commercial papers, bonds, loans)Local government finances , General government , Central government finances , Public sector
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General government, financial assets and liabilities, 2001

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Increased net debt for local governments

Net financial assets in general government at the end of 2001 came to NOK 1 109 billion, a rise of 218 billion, or 24.5 percent, from 2000. On the other hand, the local governments increased their net debt by almost NOK 9 billion, or more than 30 per cent.

General governments total financial assets increased by 16.2 per cent from 2000, and amounted to NOK 1 793 billion at the end of 2001.

The growth in general government net financial assets is primarily caused by increased financial assets in central government. This is partly a result of large allocations to the Government Petroleum Fund and partly because the Fund enjoyed high yields during the year. This is expressed through the increase in net financial assets in other central government accounts, which was NOK 226.3 billion in 2001.

General gross debt in per cent of GDP, Norway and the EU

In addition, the net financial assets in the central government fiscal accounts including National Insurance Scheme decreased from NOK 223.6 billion in 2000 to NOK 217.2 billion in 2001.

According to local government assets and liabilities, there was a financial worsening in 2001, with an increase in net financial debt corresponding to NOK 8.9 billion, from NOK 26.4 billion in 2000 to NOK 35.4 billion in 2001.

Between 2000 and 2001, the total liabilities of general government rose by 5 per cent. In 2001, general governments total liabilities were NOK 684.5 billion compared with NOK 652.6 billion in the year before.

Gross public debt: Second lowest debt in the EU area

The Maastricht Treaty definition is usually used in international comparisons of gross public debt. The definition includes neither other account payable nor internal liabilities in general government. According to this delimitation, Norway's public debt is 30.3 per cent of gross domestic product (GDP) at the end of 2001. This is the second lowest in the EU after Luxembourg, whose gross debt was only 5.5 per cent of GDP. Average for the 15 EU Member Countries at the end of 2001 was 59.8 per cent, according to figures from the OECD (table 58).

Since 1993 the average gross debt has fallen relative to GDP in the European Economic Area (EEA). This trend was particularly obvious for Norway, whose gross dept has been reduced over a period: From 40.8 per cent of GDP in 1993 to 26.8 per cent of GDP in 1999. In the last year, Norway's public dept has risen slightly to 30.3 of GDP in 2001.

General government. Financial balance sheet. Nominal
value. Billion kroner and change in per cent
  Billion kroner Change in per cent
  2000         2001
A.Financial assets, total 1 543.0 1 793.1 16.2
Cash and deposits  194.4  171.9 -11.6
Commercial papers and bonds  293.9  402.7 37.0
Other loans  422.4  494.1 17.0
Capital deposits and shares  431.2  518.1 20.2
Other financial assets  199.3  204.4 2.6
       
B. Liabilities, total  652.6  684.5 4.9
Commercial papers and Treasury bills 36.7 41.5 13.1
Bonds  176.9  161.5 -8.7
Other loans  349.2  383.4 9.8
Other liabilities 89.6 97.9 9.3
       
C. Net financial assets(A-B)  890.4 1 108.6 -1
General gross debt  441.4  446.0 1.0
Per cent of GDP 30.1 30.3 -1
1  Corrected 11.01.2006.