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228cture and gained more room for manoeuvre in fiscal policy. Wars, economic crises and demographic trends have also impacted Finlandâs debt levels.</p> 229<p>The time series below, which starts from 1980, shows that there have been three periods of rapid growth in Finlandâs central government debt in the recent decades: during the recession of the 1990s, in early stages of the financial crisis (2009) and during the COVID-19 crisis (2020).</p> 230<p><img decoding="async" class="alignnone wp-image-12864 size-full" src="https://cdn.valtiokonttori.fi/wordpress/sites/5/2026/03/central-government-debt-1985-2025.png" alt="" width="2162" height="1208" srcset="https://cdn.valtiokonttori.fi/wordpress/sites/5/2026/03/central-government-debt-1985-2025.png 2162w, https://cdn.valtiokonttori.fi/wordpress/sites/5/2026/03/central-government-debt-1985-2025-300x168.png 300w, https://cdn.valtiokonttori.fi/wordpress/sites/5/2026/03/central-government-debt-1985-2025-1024x572.png 1024w, https://cdn.valtiokonttori.fi/wordpress/sites/5/2026/03/central-government-debt-1985-2025-768x429.png 768w, https://cdn.valtiokonttori.fi/wordpress/sites/5/2026/03/central-government-debt-1985-2025-1536x858.png 1536w, https://cdn.valtiokonttori.fi/wordpress/sites/5/2026/03/central-government-debt-1985-2025-2048x1144.png 2048w" sizes="(max-width: 2162px) 100vw, 2162px" /></p> 231<p><strong>Read more</strong> about the <a href="https://www.treasuryfinland.fi/annualreview2025/the-150-year-history-of-the-state-treasury-and-central-government-borrowing/"><strong>history of Finnish government borrowing</strong></a>.</p> 232<p>For a longer time series of Finlandâs government debt and GDP growth trends, starting from 1940, please go to<strong><a href="https://www.treasuryfinland.fi/statistics/statistics-on-central-government-debt/"> our Statistics page</a></strong>.</p> 233<h3><strong><a id="who_decides_on_government_borrowing"></a>Parliament decides on central government borrowing</strong></h3> 234<p>Authorisation for central government borrowing is granted by Parliament. The Ministry of Finance has authorised the State Treasury to implement the central government borrowing in accordance with the authorisation granted by Parliament.</p> 235<p>Parliament sets the upper limit for long-term and short-term government debt. At present, the nominal value of Finlandâs central government debt may not exceed EUR 205 billion and short-term debt (of less than 12 months) may not total more than EUR 35 billion.</p> 236<p>Parliament approves the amount of new net borrowing in the budget each year. The strategy for central government debt management is set by the Ministry of Finance. The State Treasury carries out its debt management tasks in accordance with the guidelines issued by the Ministry of Finance.</p> 237<p><img decoding="async" class="alignnone wp-image-12865 size-full" src="https://cdn.valtiokonttori.fi/wordpress/sites/5/2026/03/constitution_of_finland.png" alt="" width="1740" height="981" srcset="https://cdn.valtiokonttori.fi/wordpress/sites/5/2026/03/constitution_of_finland.png 1740w, https://cdn.valtiokonttori.fi/wordpress/sites/5/2026/03/constitution_of_finland-300x169.png 300w, https://cdn.valtiokonttori.fi/wordpress/sites/5/2026/03/constitution_of_finland-1024x577.png 1024w, https://cdn.valtiokonttori.fi/wordpress/sites/5/2026/03/constitution_of_finland-768x433.png 768w, https://cdn.valtiokonttori.fi/wordpress/sites/5/2026/03/constitution_of_finland-1536x866.png 1536w" sizes="(max-width: 1740px) 100vw, 1740px" /></p> 238<h3><strong><a id="why_does_central_government_borrow"></a>Why is the central government borrowing money? What is meant by central government borrowing?</strong></h3> 239<p>A central government borrows money to repay maturing government debts and to cover it  budget deficit (the difference between revenue and expenditure).</p> 240<p>The aim of borrowing is to meet the central governmentâs financing needs cost effectively and in a manner that ensures access to financing under all circumstances. At the same time, it is ensured that the burden on government finances caused by interest expenses and redemptions of central government debt is distributed evenly and in a foreseeable manner. The risks arising from borrowing are
240kept at a low level.</p> 241<h3><strong><a id="what_is_the_disadvantage_of_indebtedness"></a>What is the disadvantage of central government’s indebtedness?</strong></h3> 242<p>Central government indebtedness matters because the government has to pay interest expenses on its debt. For example, in 2026, the central government will take on more than EUR 13 billion of additional debt to cover the budget. Interest expenses on central government debt in 2025 were roughly EUR 3 billion.</p> 243<p>Government indebtedness is about the ability of the government to pay interest costs and ultimately creditworthiness. If the government does not manage its finances responsibly, the financiers will be more careful to lend more money in the future, which means that the terms of the debt will become worse and the debt more expensive. The government cannot incur unlimited indebtedness without an increase in the costs of the debt or a deterioration in its availability. In other words, the more responsible central government borrowing is in relation to central government solvency, the more likely it is that borrowing can continue at reasonable costs.</p> 244<h3><strong><a id="how_much_debt"></a>How much debt has the Government of Finland accumulated?</strong></h3> 245<p>The State Treasury publishes statistics on central government debt each month. For the latest figures, go to our <a href="https://www.treasuryfinland.fi/statistics/statistics-on-central-government-debt/"><strong>Statistics page</strong></a>.</p> 246<p>You can also receive the latest updates <a href="https://www.treasuryfinland.fi/news-and-publications/join-mailing-list/"><strong>on the government debt statistics by email</strong></a>.</p> 247<h3><strong><a id="in_which_currency"></a>In which currency/currencies is Finland’s government debt?</strong></h3> 248<p>Finland’s total central government debt is denominated in euros.</p> 249<p>The government does not take any exchange rate risk in its borrowing, but instead eliminates the exchange rate risk with derivative contracts. After hedging measures, the entire central government debt is denominated in euros.</p> 250<h3><strong><a id="what_is_the_difference_between_net_and_gross_borrowing"></a>What is the difference between net borrowing and gross borrowing?</strong></h3> 251<p>Central government <strong>net borrowing</strong> shows how much central government debt changes over the period of one year (how much new debt the Republic of Finland issues or how much existing debt it repays). Net borrowing is denominated in euros and it represents central government surplus/deficit â the difference between revenue and expenditure â which can be adjusted in supplementary budgets during the year.</p> 252<p>In addition to net borrowing, the Republic of Finland also takes out new loans to replace maturing loans. Central government <strong>gross borrowing</strong> is the sum of these two phenomena (change in the amount of debt and the debt maturing during the year).</p> 253<h3><strong><a id="difference_between_on_budget_central_government_and_general_government_debt"></a>Whatâs the difference between on-budget debt, central government debt and general government debt?</strong></h3> 254<p><em>On-budget entities</em> are the part of the central government finances comprising the revenue and expenditure that are included in the budget. The term has the same meaning as on-budget finances and the debt generated by on-budget entities is debt generated by on-budget finances.</p> 255<p>On-budget entities comprise the Finnish Parliament, Office of the President of the Republic and Finlandâs 12 ministries as well as the government agencies operating under the ministries.</p> 256<p><em>The central government finances</em> cover the activities of on-budget entities, off-budget funds and unincorporated state enterprises. Thus, central government debt is debt generated by on-budget entities, off-budget funds and unincorporated state enterprises.</p> 257<p>The Republic of Finland has eleven off-budget funds and two unincorporated state enterprises.</p> 258<p><em>General government debt</em> is a wider concept. General government debt is debt owed by general government. General government comprises central government, municipalities, joint municipal authorities, the Provincial Government of à land, statutory pension insurance companies and institutions, other social security funds and employment pension funds.</p> 259<p>At the end of 2025,<strong> Finlandâs central government debt-to-GDP ratio stood at 66.7%. </strong>At the end of 2025,<strong> Finlandâs general government debt-to-GDP ratio stood at 89.1%.*</strong></p> 260<p><span style="font-size: 10pt;">* In June 2022, Statistics Finland made an exceptional revision to the financial accounts statistics that significantly affects general government consolidated EDP debt and increases the debt ratio of general government, i.e. the GDP share of the debt. The debt ratio calculated according to the new method is 5.9 percentage points higher than that calculated according to the old method in 2021. The revision is explained in details <strong><a href="https://stat.fi/en/revisionrelease/cl9fkqyudbcpr0bw0cfny7eqj" target="_blank" rel="noopener">in the Statistics Finland website</a></strong>.</span></p> 261<h3><strong><a id="who_are_finlands_creditors"></a>Who are Finlandâs creditors?</strong></h3> 262<p>The Republic of Finland aims to ensure a geographically diversified investor base for its borrowing. The diversification is part of the management of the long-term <a href="https://www.treasuryfinland.fi/risk-management/financing-risk/"><strong>refinancing risk</strong></a>.</p> 263<p>State Treasury knows the composition of the order book for its new loans but is not provided with any information about the changes in ownership of the loans in the secondary market. Indicative information on Finlandâs creditors or the share of central government debt held by domestic investors can be obtained by examining the distribution of investors in the order books of new loans issued by the Republic of Finland.</p> 264<p>Banks, central banks, funds, insurance and pension companies are typical investors in sovereign debt. Sovereign bonds and other funding instruments, such as Treasury bills, are intended for institutional investors. The Republic of Finland does not currently issue products intended for retail investors. However, many of the investment funds open to retail investors also invest in sovereign loans.</p> 265<h3><strong><a id="how_does_government_pay_interest"></a>How does the government pay interest on loans when the owner of government loans is not known?</strong></h3> 266<p>The State Treasury pays the outstanding principal or coupon interest to the CSD through which the issue is made. A CSD then distributes the amount on the basis of its books to account managers, i.e. banks whose clients own the security. Finally, the account managers ensure that the money ends up in the investor’s account.</p> 267<p>The CSD’s information on the holders of a bond is called a list of creditors. Contrary to the shareholders’ list, the list of creditors is not publicly available and therefore the debtor does not have access to the information on this list.</p> 268<h3><strong><a id="could_government_borrow_from_its_citizens"></a>Could the government borrow from its own citizens? Is the State Treasury planning retail bonds for citizens, as there were before?</strong></h3> 269<p>
269The State Treasury has indeed previously issued yield bonds that were intended for private individuals. The last issue was in the early 2010s.</p> 270<p>Since then, this form of loan has been abandoned, partly due to weak demand resulting from low interest rates, but especially because loans realised in small instalments are inefficient fund-raising for the government. The State Treasury’s task is to cover the central government’s funding needs as cost-effectively as possible (taking risks into account), and benchmark-based funding in the wholesale market enables multi-billion-dollar funding at a time. There are currently no yield bonds planned.</p> 271 272 <!-- Full width content --> 273 </section> <!-- end article section --> 274 275 <footer class="article-footer"> 276 </footer> <!-- end article footer --> 277 278 279<div id="comments" class="comments-area"> 280 281 282 283 284 285 286</div><!-- #comments --> 287 288</article> <!-- end article --> 289 290 291 <div class="meta-dates"> 292 <span itemprop="datePublished" content="7.7.2022">Published 7.7.2022</span> 293 <span itemprop="dateModified" content="5.3.2026">, Updated 5.3.2026 at 10:57</span> 294</div> 295 <div class="socialmedia-share"> 296 <span class="share-txt"> 297 Jaa sivu </span> 298 <div class="heateor_sss_sharing_container heateor_sss_horizontal_sharing" data-heateor-ss-offset="0" data-heateor-sss-href='https://www.treasuryfinland.fi/debt-management/facts-about-central-government-debt/'><div class="heateor_sss_sharing_ul"><a aria-label="Facebook" class="heateor_sss_facebook" href="https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.treasuryfinland.fi%2Fdebt-management%2Ffacts-about-central-government-debt%2F" title="Facebook" rel="nofollow noopener" target="_blank" style="font-size:32px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="heateor_sss_svg" style="background-color:#0765FE;width:35px;height:35px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:32px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="0 0 32 32"><path fill="#757575" d="M28 16c0-6.627-5.373-12-12-12S4 9.373 4 16c0 5.628 3.875 10.35 9.101 11.647v-7.98h-2.474V16H13.1v-1.58c0-4.085 1.849-5.978 5.859-5.978.76 0 2.072.15 2.608.298v3.325c-.283-.03-.775-.045-1.386-.045-1.967 0-2.728.745-2.728 2.683V16h3.92l-.673 3.667h-3.247v8.245C23.395 27.195 28 22.135 28 16Z"></path></svg></span></a><a aria-label="Linkedin" class="heateor_sss_button_linkedin" href="https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Fwww.treasuryfinland.fi%2Fdebt-management%2Ffacts-about-central-government-debt%2F" title="Linkedin" rel="nofollow noopener" target="_blank" style="font-size:32px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="heateor_sss_svg heateor_sss_s__default heateor_sss_s_linkedin" style="background-color:#0077b5;width:35px;height:35px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:32px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" width="100%" height="100%" viewBox="0 0 32 32"><path d="M6.227 12.61h4.19v13.48h-4.19V12.61zm2.095-6.7a2.43 2.43 0 0 1 0 4.86c-1.344 0-2.428-1.09-2.428-2.43s1.084-2.43 2.428-2.43m4.72 6.7h4.02v1.84h.058c.56-1.058 1.927-2.176 3.965-2.176 4.238 0 5.02 2.792 5.02 6.42v7.395h-4.183v-6.56c0-1.564-.03-3.574-2.178-3.574-2.18 0-2.514 1.7-2.514 3.46v6.668h-4.187V12.61z" fill="#757575"></path></svg></span></a><a aria-label="X" class="heateor_sss_button_x" href="https://twitter.com/intent/tweet?text=Facts%20about%20Finland%27s%20central%20government%20debt&url=https%3A%2F%2Fwww.treasuryfinland.fi%2Fdebt-management%2Ffacts-about-central-government-debt%2F" title="X" rel="nofollow noopener" target="_blank" style="font-size:32px!important;box-shadow:none;display:inline-block;vertical-align:middle"><span class="heateor_sss_svg heateor_sss_s__default heateor_sss_s_x" style="background-color:#2a2a2a;width:35px;height:35px;border-radius:999px;display:inline-block;opacity:1;float:left;font-size:32px;box-shadow:none;display:inline-block;font-size:16px;padding:0 4px;vertical-align:middle;background-repeat:repeat;overflow:hidden;padding:0;cursor:pointer;box-sizing:content-box"><svg width="100%" height="100%" style="display:block;border-radius:999px;" focusable="false" aria-hidden="true" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 32 32">
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387<script type="text/javascript" src="https://www.treasuryfinland.fi/app/themes/vk-theme/assets/scripts/js/external-links.js?ver=6.9.9" id="external_links_translate-js"></script>
vendor: 1 bytes, line 387
387
388<script type="text/javascript" id="tooltip_translate-js-extra"> 389/* <![CDATA[ */ 390var tooltip_strings = {"tooltip_aria_label":"tooltip_aria_label","pdf_link_aria_label":"PDF file opens in a new tab"}; 391var vk_misc_strings = {"show_more":"More news","show_less":"N\u00e4yt\u00e4 v\u00e4hemm\u00e4n"}; 392//# sourceURL=tooltip_translate-js-extra 393/* ]]> */ 394</script>
vendor: 1 bytes, line 394
394
395<script type="text/javascript" src="https://www.treasuryfinland.fi/app/themes/vk-theme/assets/scripts/js/tooltip.js?ver=6.9.9" id="tooltip_translate-js"></script>
vendor: 1 bytes, line 395
395
396<script type="text/javascript" id="heateor_sss_sharing_js-js-before"> 397/* <![CDATA[ */ 398function heateorSssLoadEvent(e) {var t=window.onload;if (typeof window.onload!="function") {window.onload=e}else{window.onload=function() {t();e()}}}; var heateorSssSharingAjaxUrl = 'https://www.treasuryfinland.fi/wp-admin/admin-ajax.php', heateorSssCloseIconPath = 'https://www.treasuryfinland.fi/app/plugins/sassy-social-share/public/../images/close.png', heateorSssPluginIconPath = 'https://www.treasuryfinland.fi/app/plugins/sassy-social-share/public/../images/logo.png', heateorSssHorizontalSharingCountEnable = 0, heateorSssVerticalSharingCountEnable = 0, heateorSssSharingOffset = -10; var heateorSssMobileStickySharingEnabled = 0;var heateorSssCopyLinkMessage = "Link copied.";var heateorSssUrlCountFetched = [], heateorSssSharesText = 'Shares', heateorSssShareText = 'Share';function heateorSssPopup(e) {window.open(e,"popUpWindow","height=400,width=600,left=400,top=100,resizable,scrollbars,toolbar=0,personalbar=0,menubar=no,location=no,directories=no,status")} 399//# sourceURL=heateor_sss_sharing_js-js-before 400/* ]]> */ 401</script>
vendor: 1 bytes, line 401
401
402<script type="text/javascript" src="https://www.treasuryfinland.fi/app/plugins/sassy-social-share/public/js/sassy-social-share-public.js?ver=3.3.79" id="heateor_sss_sharing_js-js"></script>
vendor: 1 bytes, line 402
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403<script type="text/javascript" id="site-js-js-extra"> 404/* <![CDATA[ */ 405var vk = {"ajax_url":"https://www.treasuryfinland.fi/wp-admin/admin-ajax.php"}; 406//# sourceURL=site-js-js-extra 407/* ]]> */ 408</script>
vendor: 1 bytes, line 408
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409<script type="text/javascript" src="https://www.treasuryfinland.fi/app/themes/vk-theme/assets/scripts/scripts.js?ver=1790741924" id="site-js-js"></script>
vendor: 1 bytes, line 409
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410<script type="text/javascript" src="https://www.treasuryfinland.fi/app/themes/vk-theme/assets/lib/slick-slider-1.8.1.js?ver=6.9.9" id="slick-slider-js"></script>
vendor: 1 bytes, line 410
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411<script type="text/javascript" src="https://www.treasuryfinland.fi/app/themes/vk-theme/assets/lib/chart.js/dist/Chart.min.js?ver=2.7.3" id="chart-js-js"></script>
vendor: 1 bytes, line 411
411
412<script type="text/javascript" src="https://www.treasuryfinland.fi/app/themes/vk-theme/assets/lib/chartjs-plugin-datalabels/dist/chartjs-plugin-datalabels.min.js?ver=0.4" id="chart-js-plugin-js"></script>
vendor: 1 bytes, line 412
412
413<script type="text/javascript" src="https://www.treasuryfinland.fi/app/themes/vk-theme-child/assets/scripts/js/main.js?ver=6.9.9" id="main-script-js"></script>
vendor: 1 bytes, line 413
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414<script type="text/javascript" src="https://www.treasuryfinland.fi/app/themes/vk-theme-child/assets/scripts/js/components/load-more-posts.js?ver=6.9.9" id="ajax-script-js"></script>
vendor: 1 bytes, line 414
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415<script type="text/javascript" src="https://www.treasuryfinland.fi/app/themes/vk-theme-child/assets/lib/parallax/parallax.min.js?ver=6.9.9" id="parallax-script-js"></script>
vendor: 1 bytes, line 415
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416<script async>window.cookieconsent_options={"js":"https://www.treasuryfinland.fi/app/plugins/cookie-consent/dist/scripts/main.js?v=2.0.0","css":"https://www.treasuryfinland.fi/app/plugins/cookie-consent/dist/styles/dark.css?v=2.0.0","dialogIntro":"Cookies","dropdownTitle":"Valitse kieli","title":"Choose which cookies you agree","message":"On our website we use cookies related to the functionality and analytics cookies to ensure that the development of our website is based on real user information. By selecting âAccept allâ, you agree to the use of all cookies. You can also choose which cookies you agree to by selecting âEdit cookie settingsâ.","necessaryTitle":"Strictly necessary functional cookies","analyticsTitle":"Analytics cookies","necessaryText":"These cookies are always enabled to make our services work and to ensure a pleasant user experience.","analyticsText":"We develop our services daily. These cookies help us understand how the services of our site are used and what is hoped for. Cookies allow us to create even better from our services.","dismiss":"Accept all","disallow":"Accept selected","onlyNecessary":"Only necessary","modifyCookies":"Edit cookie settings","learnMore":"More information on cookies >","link":"https://www.treasuryfinland.fi/data-protection/"};if(document.cookie.indexOf('cookieconsent_dismissed')==-1||!(window.navigator&&window.navigator.CookiesOK)){if(cookieconsent_options.css!==''){var cc_c=document.createElement('link');cc_c.rel='stylesheet';cc_c.href=cookieconsent_options.css;document.getElementsByTagName('head')[0].appendChild(cc_c);}var cc_j=document.createElement('script');cc_j.type='text/javascript';cc_j.src=cookieconsent_options.js;document.getElementsByTagName('head')[0].appendChild(cc_j);}</script>
416 417 <!-- Scroll to top --> 418 <a href="#" class="scrollToTop" aria-label="Palaa sivun yläosaan" aria-hidden="true"> 419 <svg version="1.1" id="Layer_2" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" x="0px" y="0px" 420 viewBox="0 0 43 43" style="enable-background:new 0 0 43 43;" xml:space="preserve"> 421 <polygon points="26.7,18.9 22.7,14.9 21.5,13.6 16.3,18.9 17.5,20.1 20.6,17 20.6,29.4 22.4,29.4 22.4,17 25.5,20.1 "/> 422 </svg> 423 </a> 424 </body> 425 426</html> <!-- end page -->
Line numbers count LF bytes from the start of the resource, as the search results do. Vendor segments are library code the classifier recognised; they are stored but not indexed. Bytes are shown as Latin1 characters, one per byte.