published: 10.01.2014, 14:50 | updated: 10.01.2014 14:53:39
Prague - The Czech Republic's state debt grew by Kc15.7bn in 2013 and reached Kc1,683bn at the end of the year, the growth of the debt being the slowest since 1996, the Finance Ministry said today.
Per capita debt rose to over Kc160,000 at end-2013.
The state debt is the debt of the central government and is accrued by state budget deficit accumulation. It is financed by treasury bills, government bonds, direct loans and loans from the European Investment Bank (EIB), for example.
The Finance Ministry noted in relation to the data on the state debt that the state budget posted a Kc81.3bn deficit last year, which is about Kc19bn less than had been planned.
The ministry will use the saved money for financing in 2014.
"The government's gross borrowing need will drop to between Kc350.1bn and Kc381.4bn this year thanks to the decrease," the Finance Ministry said.
In its Funding and Debt Management Strategy for the year 2014, issued in December, the Finance Ministry expected that the total gross borrowing need of the government would reach Kc350.1bn to Kc400.1bn.
The Finance Ministry issued government bonds for Kc145.6bn and government savings bonds for Kc39bn last year. It did not issue any securities on foreign markets.
The state debt rose by Kc168bn to Kc1.668bn in the entire year 2012.
Development of the Czech Republic's state debt in 1993-2013:
|Year||State debt (in Kc bn)|
Source: Finance Ministry
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