household debts in Slovakia

Gross debt in Slovakia

General government debt of Slovakia 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 14.8 billion and 73.5 billion USD. The highest level of the last years at 73 billion US Dollar was reached in 2021. The budget deficit in the same year was 6.4 billion USD.

Based on the number of inhabitants, this is a debt of 13,493 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 Slovakia can afford

In accordance with the Maastricht Treaty, government debt in Slovakia 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, Slovakia exceeded the 60% ceiling 1 times. The budget deficit exceeded the 3 percent limit 12 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.

YearSlovakia total% of GDPper capitaEU per capita
200014.75 bn USD50.45%2,738 USD10,328 USD
200115.73 bn USD51.11%2,925 USD10,404 USD
200215.99 bn USD45.30%2,974 USD11,368 USD
200320.29 bn USD43.24%3,776 USD14,148 USD
200423.96 bn USD41.72%4,460 USD16,162 USD
200521.81 bn USD34.73%4,060 USD16,918 USD
200622.24 bn USD31.43%4,139 USD17,549 USD
200726.27 bn USD30.35%4,887 USD19,574 USD
200828.85 bn USD28.60%5,363 USD22,721 USD
200932.51 bn USD36.36%6,035 USD23,701 USD
201037.03 bn USD40.78%6,868 USD25,145 USD
201143.12 bn USD43.34%7,988 USD28,417 USD
201248.95 bn USD51.93%9,052 USD27,784 USD
201354.11 bn USD54.90%9,996 USD30,021 USD
201454.26 bn USD53.68%10,014 USD30,832 USD
201546.09 bn USD51.84%8,497 USD26,170 USD
201647.17 bn USD52.44%8,685 USD26,655 USD
201749.36 bn USD51.60%9,074 USD27,535 USD
201852.68 bn USD49.63%9,671 USD29,172 USD
201950.90 bn USD48.14%9,332 USD27,927 USD
202063.75 bn USD59.74%11,677 USD32,227 USD
202173.50 bn USD63.07%13,493 USD35,341 USD

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

      Slovakia       European Union

Budget deficit in Slovakia

household debts in SlovakiaThe 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 deficit in Slovakia in the period between 1998 and 2022 varied between 926.00 million euros and 7.29 billion euros. In 2022, Slovakia reached a balance of -2 billion euros.

In ratio to population, this equals a new indebtedness of 432 euros per capita in Slovakia in 2022. For comparison, the average debt per capita in the European Union in the same year was 1,254 euros.

Budget deficit of the past 24 years

YearSlovakia total% of GDPper capitaEU per capita
1998-1,182.30 M USD-3.96%-219 USD-398 USD
1999-1,518.66 M USD-4.99%-281 USD-204 USD
2000-2,497.78 M USD-8.54%-464 USD112 USD
2001-1,374.21 M USD-4.46%-255 USD-299 USD
2002-2,017.91 M USD-5.72%-375 USD-565 USD
2003-926.00 M USD-1.97%-172 USD-840 USD
2004-996.49 M USD-1.73%-185 USD-920 USD
2005-1,411.43 M USD-2.25%-263 USD-822 USD
2006-2,053.41 M USD-2.90%-382 USD-568 USD
2007-1,502.07 M USD-1.74%-279 USD-360 USD
2008-2,453.15 M USD-2.43%-456 USD-1,085 USD
2009-7,285.60 M USD-8.15%-1,353 USD-2,021 USD
2010-6,812.37 M USD-7.50%-1,264 USD-1,970 USD
2011-4,300.31 M USD-4.32%-797 USD-1,463 USD
2012-4,117.91 M USD-4.37%-762 USD-1,220 USD
2013-2,847.18 M USD-2.89%-526 USD-1,027 USD
2014-3,148.68 M USD-3.11%-581 USD-851 USD
2015-2,369.23 M USD-2.67%-437 USD-574 USD
2016-2,315.75 M USD-2.57%-426 USD-421 USD
2017-937.09 M USD-0.98%-172 USD-263 USD
2018-1,073.06 M USD-1.01%-197 USD-134 USD
2019-1,276.01 M USD-1.21%-234 USD-191 USD
2020-5,710.31 M USD-5.35%-1,046 USD-2,317 USD
2021-6,443.47 M USD-5.53%-1,183 USD-1,852 USD
2022-2,352.19 M USD-432 USD-1,254 USD

(negative numbers = deficit)
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