household debts in Finland

Gross debt in Finland

General government debt of Finland refers to the debts of the state, their states and municipalities, and also of public sector institutions such as social security funds.

The government debt in the period from 2000 to 2021 was between 53.0 billion and 196.8 billion USD. The highest level of the last years at 197 billion US Dollar was reached in 2021. The budget deficit in the same year was 8.2 billion USD.

Based on the number of inhabitants, this is a debt of 35,512 USD per person. For comparison, the average debt per person in the same year in the European Union was 35,341 USD.

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Gross debt of the last 21 years in billion USD

This is how much debt Finland can afford

In accordance with the Maastricht Treaty, government debt in Finland is aggregated for the federal, state and local governments as well as state institutions, and therefore includes the debt of all public budgets. As it is gross debt, the government's assets are not deducted. According to the EU convergence criteria, each EU country must meet certain requirements. For the debt budget, these two conditions in particular are decisive:
  • Consolidated gross debt may not exceed 60% of gross domestic product (GDP).
  • The budget deficit, i.e. new annual debt, may not exceed 3% of GDP.
Between 2000 and 2021, Finland exceeded the 60% ceiling 5 times. The budget deficit exceeded the 3 percent limit 1 times. If a country repeatedly fails to comply with these limits, infringement proceedings can be initiated on the part of the EU. During the COVID years in particular, aid programs were launched in most countries to offset the consequences of the economic downturn. Around half of all EU countries were therefore unable to comply with these limits.

At the end of 2021, the debt of all EU countries averaged 92 percent.

YearFinland total% of GDPper capitaEU per capita
200053.47 bn USD42.43%10,330 USD10,328 USD
200152.97 bn USD40.89%10,210 USD10,404 USD
200256.32 bn USD40.12%10,830 USD11,368 USD
200373.27 bn USD42.69%14,056 USD14,148 USD
200484.07 bn USD42.57%16,081 USD16,162 USD
200581.68 bn USD39.86%15,569 USD16,918 USD
200682.49 bn USD38.00%15,663 USD17,549 USD
200786.92 bn USD33.90%16,435 USD19,574 USD
200893.03 bn USD32.56%17,509 USD22,721 USD
2009105.28 bn USD41.53%19,720 USD23,701 USD
2010116.99 bn USD46.90%21,813 USD25,145 USD
2011133.04 bn USD48.27%24,690 USD28,417 USD
2012138.50 bn USD53.62%25,582 USD27,784 USD
2013152.58 bn USD56.23%28,054 USD30,021 USD
2014164.44 bn USD59.83%30,109 USD30,832 USD
2015149.26 bn USD63.64%27,240 USD26,170 USD
2016152.11 bn USD63.18%27,680 USD26,655 USD
2017156.37 bn USD61.17%28,389 USD27,535 USD
2018164.82 bn USD59.78%29,883 USD29,172 USD
2019160.02 bn USD59.59%28,980 USD27,927 USD
2020187.57 bn USD68.99%33,922 USD32,227 USD
2021196.77 bn USD66.19%35,512 USD35,341 USD

Comparison of gross debt per capita with the European Union in U.S. dollars

      Finland       European Union

Budget deficit in Finland

household debts in FinlandThe budget deficit of a country is the result of all its claims and liabilities. This includes incomes and expenses, repayments and building of new debts in other countries, but also domestic positions of the government, such as social insurance, local authorities and communities. It is the financial balance of the economic accounts. In simple terms: If a country at the end of the year has more money than at at the beginning, it is a surplus. If it is less, it is called a deficit.

The budget balance in Finland in the period between 1998 and 2022 varied between -15.17 billion euros and +13.13 billion euros. In 2022, Finland reached a balance of -2 billion euros.

In ratio to population, this equals a new indebtedness of 435 euros per capita in Finland in 2022. For comparison, the average debt per capita in the European Union in the same year was 1,254 euros.

Budget deficit and surplus in the last 24 years

YearFinland total% of GDPper capitaEU per capita
19982.05 bn USD1.53%397 USD-398 USD
19992.08 bn USD1.54%403 USD-204 USD
20008.48 bn USD6.73%1,638 USD112 USD
20016.39 bn USD4.94%1,232 USD-299 USD
20025.67 bn USD4.04%1,089 USD-565 USD
20034.36 bn USD2.54%837 USD-840 USD
20044.36 bn USD2.21%833 USD-920 USD
20055.30 bn USD2.59%1,011 USD-822 USD
20068.52 bn USD3.92%1,618 USD-568 USD
200713.13 bn USD5.12%2,482 USD-360 USD
200811.93 bn USD4.18%2,246 USD-1,085 USD
2009-6.30 bn USD-2.48%-1,180 USD-2,021 USD
2010-6.32 bn USD-2.53%-1,178 USD-1,970 USD
2011-2.81 bn USD-1.02%-521 USD-1,463 USD
2012-5.57 bn USD-2.16%-1,029 USD-1,220 USD
2013-6.85 bn USD-2.52%-1,260 USD-1,027 USD
2014-8.21 bn USD-2.99%-1,504 USD-851 USD
2015-5.69 bn USD-2.43%-1,038 USD-574 USD
2016-4.09 bn USD-1.70%-744 USD-421 USD
2017-1.67 bn USD-0.65%-304 USD-263 USD
2018-2.36 bn USD-0.85%-427 USD-134 USD
2019-2.55 bn USD-0.95%-461 USD-191 USD
2020-15.17 bn USD-5.58%-2,744 USD-2,317 USD
2021-8.20 bn USD-2.76%-1,480 USD-1,852 USD
2022-2.41 bn USD-435 USD-1,254 USD

(negative numbers = deficit)
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