Notification of government deficit and debt - 2024 (First notification, data sent to Eurostat)
General government sector balance ended up with a deficit in 2024
Publication Date: 02. 04. 2025
Product Code: 050062-25
“The balance of the general government sector for the year 2024 ended up with a deficit in the amount of CZK 177.2 billion (bn); in the year-on-year comparison, the total revenue, of that mainly received social contributions, was increasing more than the expenditure. The government debt ratio increased compared to the year 2023 and reached 43.6% of the GDP,” Helena Houžvičková, Director of the Government and Financial Accounts Department of the Czech Statistical Office (CZSO), stated.
The largest part of the deficit results from the balance of the central government sub-sector that ended up with the deficit of CZK 212.4 bn. The local government sector balance ended up with a surplus of CZK 55.3 bn and the social security funds sub-sector (of health insurance companies) ended up with a deficit of CZK 20.1 bn.
Table 1: Notification table of government deficit and debt, the Czech Republic, 2021–2024
Unit | Year | ||||
2021 | 2022 | 2023 | 2024 | ||
Net borrowing/lending of general government | CZK mil. | -312 308 | -216 345 | -285 997 | -177 173 |
General government consolidated gross debt | CZK mil. | 2 566 752 | 2 997 632 | 3 234 146 | 3 492 243 |
Net borrowing/lending of general government as % of the GDP | % | -5.0 | -3.1 | -3.8 | -2.2 |
General government consolidated gross debt as % of the GDP | % | 40.7 | 42.5 | 42.5 | 43.6 |
During spring notifications, the general government sector balance for the year 2023 was also slightly revised; it improved by CZK 2.1 bn mainly owing to updating of data on taxes.
The total general government sector revenue increased in 2024 by 6.8%, y-o-y; in absolute terms, it was an increase by CZK 206.9 bn. Received social contributions, revenue from income taxes and from taxes on production and imports were increasing the most.
The total general government sector expenditure increased in 2024 by 2.9%, y-o-y, i.e. by CZK 98.1 bn. The highest increase was recorded for social benefits paid. On the contrary, the biggest decrease was recorded for subsidies.
In the end of 2024, the relative debt of the general government reached 43.6% of the GDP. In the year-on-year comparison, the relative debt increased by 1.1 p. p. An increase in the nominal GDP contributed to the decrease of the relative amount of the debt (-2.1 p. p.), whereas the nominal growth of the debt contributed in relation to the GDP to an increase by 3.2 p. p.
In the end of 2024, the general government debt increased by CZK 258.1 bn, y-o-y, and reached CZK 3 492.2 bn. A major part of the y-o-y change is due to the issued debt securities (CZK 215.9 bn).
In 2024, the year-on-year change in the debt (the increase by CZK 258.1 bn) was markedly different from the general government sector balance (a deficit of CZK 177.2 bn), which means that the general government sector borrowed by CZK 80.9 bn more than its need to be financed was. This fact was reflected on the assets side by an increase in the value of financial assets held, especially of transferable deposits.
Indicators presented in the Table 1 were transmitted to Eurostat on 31 March 2025.