San Marino

Data cited at: Coordinated Portfolio Investment Survey (CPIS), The International Monetary Fund. The Coordinated Portfolio Investment Survey (CPIS) is a voluntary data collection exercise conducted under the auspices of the IMF. An economy provides data on its holdings of portfolio investment securities (data are separately requested for equity and investment fund shares, long-term debt instruments, and short-term debt instruments).   Worldwide portfolio holdings of equity and investment fund shares (31 USD trillion) at end-2017 surpasses holdings of debt securities (29.7 USD trillion). After the peak of the financial crisis in 2008, the annual growth rate of equity holdings has exceeded substantially that for debt securities holdings. That pattern is similar in all the economies with the largest cross border portfolio assets and liabilities. As per G20 emerging economies, while the holdings of equity and investment fund shares had already been consistently higher than those of debt securities, during the last five years the gap has widened even further.

Data are the result of the annual structure of government debt survey and cover the EU countries as well as Norway. The following series are available: Central government gross debt by initital maturity and sector of debt holder; State government gross debt by initital maturity and sector of debt holder; Local government gross debt by initital maturity and sector of debt holder; Social security funds gross debt by initital maturity and sector of debt holder; General government gross debt by initital maturity and sector of debt holder; Debt by currency of issuance; Government guarantees (contingent liabilities).

The focus of this domain is on the European Neighbourhood Policy (ENP) countries on the southern and eastern shores of the Mediterranean (ENP-South), namely: Algeria (DZ),Egypt (EG),Israel (IL),Jordan (JO),Lebanon (LB),Libya (LY),Morocco (MA),Palestine (PS),Syria (SY) andTunisia (TN). An extensive range of indicators is presented in this domain, including indicators from almost every theme covered by European statistics. Only annual data are published in this domain. The data and their denomination in no way constitute the expression of an opinion by the European Commission on the legal status of a country or territory or on the delimitation of its borders.

The Financial Soundness Indicators (FSIs) were developed by the IMF, together with the international community, with aim of supporting analysis and assessing strengths and vulnerabilities of financial systems. The Statistics Department of the IMF, disseminates data and metadata on selected FSIs provided by participating countries. For a description of the various FSIs, as well as the consolidation basis, consolidation adjustments, and accounting rules followed, please refer to the concepts and definitions document in the document tab. Reporting countries compile FSI data using different methodologies, which may also vary for different points in time for the same country. Users are advised to consult the accompanying metadata to conduct more meaning cross-country comparisons or to assess the evolution of a given FSI for any of the countries.

The Treaty on the Functioning of the European Union defines this indicator as the ratio of government debt outstanding at the end of the year to gross domestic product at current market prices. For this calculation, government debt is defined as the total consolidated gross debt at nominal value in the following categories of government liabilities (as defined in ESA 2010): currency and deposits (AF.2), debt securities (AF.3) and loans (AF.4). The general government sector comprises the subsectors of central government, state government, local government and social security funds. For further methodological guidance and interpretation, please refer to the Eurostat Manual on Government Deficit and Debt. Total government gross debt in million EUR is shown as well.

The data correspond to quarterly government debt. Public debt is defined in the Maastricht Treaty as consolidated general government gross debt at nominal (face) value, outstanding at the end of the year. Data for the general government sector are consolidated between subsectors at the national level. Data are non-seasonally adjusted.

The general government gross debt is defined in the Maastricht Treaty as consolidated general government gross debt at nominal value, outstanding at the end of the year in the following categories of government liabilities (as defined in ESA 2010): currency and deposits (AF.2), debt securities (AF.3), and loans (AF.4). General government sector includes the following subsectors: central government, state government, local government and social security funds. Basic data are expressed in national currency, converted into euro using end-year exchange rates for the euro provided by the European Central Bank (ECB). The debt of the Euro area and EU aggregates is consolidated by removal of the loans that Member States have granted to other Member States. In order to reflect economic and technological developments and meet user needs, in September 2014 the new national accounting framework ESA 2010 replaced the previous framework ESA 95. This led to revisions of the time series for all Member States (please see Eurostat press release for the impact of the revisions on the government deficit and debt ratios). The changes to government debt relate to the classification of certain entities into government.

The Global Debt Database (GDD) is the result of a multiyear investigative process that started with the October 2016 Fiscal Monitor. The dataset includes total gross debt of the (private and public) non financial sector for an unbalanced panel of 190 advanced economies, emerging market economies and low-income countries, dating back to 1950. For more details on the methodology and definitions, please refer to Mbaye, Moreno Badia and Chae (2018). 

Gross debt-to-income ratio of households (including Non-Profit Institutions Serving Households) is defined as loans (ESA 2010 code: AF4), liabilities divided by gross disposable income (B6G) with the latter being adjusted for the net change in pension entitlements (D8net). Detailed data and methodology on site http://ec.europa.eu/eurostat/sectoraccounts.

The Historical Public Debt Database contains unbalanced panel data on Gross Domestic Product, Gross Government Debt, and Gross Government Debt-to-GDP Ratio for 187 countries. The series spans the years 1800 through 2015 although each country’s data depends on its date of independence and data availability. The database was constructed by bringing together a number of other datasets and information from original sources. For the most recent years, the data are linked to the IMF World Economic Outlook (WEO) database to facilitate regular updates.

The Household debt is the stock of liabilities held by the sector Households and Non-Profit institutions serving households (S.14_S.15). The instruments that are taken into account to compile such indicator are Debt securities (F.3) and Loans (F.4). Data are presented in consolidated terms, i.e. not taking into account transactions within the same sector, and expressed in % of GDP and millions of national currency. Definitions regarding sector and instruments are based on ESA 2010. The indicator is calculated as: [HDt/GDPt]*100

The Joint External Debt Hub (JEDH) -jointly developed by the Bank for International Settlements (BIS), the International Monetary Fund (IMF), the Organization for Economic Cooperation and Development (OECD) and the World Bank (WB) -brings together external debt data and selected foreign assets from international creditor / market and national debtor sources. The JEDH replaces the Joint BIS-IMF-OECD-WB Statistics on External Debt, a website that was launched in 1999 to provide international data, mainly from creditor sources, on the external debt of developing and transition countries and territories.

Data are the result of the annual structure of government debt survey and cover the EU countries as well as Norway. The following series are available: Central government gross debt by initital maturity and sector of debt holder; State government gross debt by initital maturity and sector of debt holder; Local government gross debt by initital maturity and sector of debt holder; Social security funds gross debt by initital maturity and sector of debt holder; General government gross debt by initital maturity and sector of debt holder; Debt by currency of issuance; Government guarantees (contingent liabilities); Average remaining maturity of debt; Apparent cost of the debt; Market value of debt.

The data on contingent liabilities and potential obligations of government are collected in the context of the Enhanced Economic Governance package (the "six-pack") adopted in 2011. In particular, Council Directive 2011/85 on requirements for budgetary frameworks of the Member States requires the Member States to publish relevant information on contingent liabilities with potentially large impacts on public budgets, including government guarantees, non-performing loans, and liabilities stemming from the operation of public corporations, including the extent thereof. The liabilities are called “contingent” in the sense that they are by nature only potential and not actual liabilities. Non-performing loans could imply a potential loss for government if these loans were not repaid. This new data collection represents a step towards further transparency of public finances in the EU by giving a more comprehensive picture of EU Member States’ financial positions3 It is to be underlined that contingent liabilities are not part of the general government (Maastricht) debt as defined in the Council Regulation (EC) No 479/2009 of 25 May 2009 on the application of the Protocol on the excessive deficit procedure annexed to the Treaty establishing the European Community. Eurostat collects and publishes the following indicators: government guarantees, liabilities related to public-private partnerships recorded off-balance sheet of government, liabilities of government controlled entities classified outside general government (public corporations) and non-performing loans. Regarding government controlled entities, it should be mentioned that this refers to  government controlled units, not classified in general government, and which are controlled, directly or indirectly (through other public units), by government. In cases when the government share in a corporation is lower than 50% and government does not have control over an entity, the corporation is not considered as controlled by government. Regarding the control criteria, according to ESA 2010 paragraph 20.18: “Control over an entity is the ability to determine the general policy or programme of that entity (…)”. The criteria to be used for corporations are indicated in ESA 2010 paragraphs 2.38 and further detailed in paragraph 20.309. ESA 2010 paragraph 2.38 specifies that: “General government secures control over a corpo­ration as a result of special legislation, decree or reg­ulation which empowers the government to deter­mine corporate policy. The following indicators are the main factors to consider in deciding whether a corporation is controlled by government:(a) government ownership of the majority of the voting interest; (b) government control of the board or governing body; (c) government control of the appointment and removal of key personnel;(d) government control of key committees in the entity; (e) government possession of a golden share; (f) special regulations; (g) government as a dominant customer; (h) borrowing from government. A single indicator may be sufficient to establish control, but, in other cases, a number of separate indicators may collectively indicate control.”

The private sector credit flow represents the net amount of liabilities in which the sectors Non-Financial corporations, Households and Non-Profit institutions serving households (S.11_S.14_S.15) have incurred along the year. The instruments that are taken into account to compile private sector credit flow are Debt securities (F.3) and Loans (F.4). Data are presented in non-consolidated terms, i.e. data take into account transactions within the same sector and expressed in % of GDP and in Million units of national currency. Definitions regarding sectors and instruments are based on the ESA 2010.

The table presents the net flow of debt securities (F.3) for the sectors Non-Financial corporations (S.11), Households (S.14) and Non-Profit institutions serving households (S.15). The debt securities are negotiable financial instruments serving as evidence of debt. Data are presented in non-consolidated terms, i.e. data take into account transactions within the same sector and expressed in % of GDP. Definitions regarding sectors and instruments are based on the ESA 2010.

The table presents the net flow of debt securities (F.3) for the sectors Non-Financial corporations (S.11), Households (S.14) and Non-Profit institutions serving households (S.15). The debt securities are negotiable financial instruments serving as evidence of debt. Data are presented in non-consolidated terms, i.e. data take into account transactions within the same sector and expressed in Million units of national currency. Definitions regarding sectors and instruments are based on the ESA 2010.

The table presents the net flow of loans (F.4) for the sectors Non-Financial corporations (S.11), Households (S.14) and Non-Profit institutions serving households (S.15). The debt securities are negotiable financial instruments serving as evidence of debt. Data are presented in non-consolidated terms, i.e. data take into account transactions within the same sector and expressed in % of GDP. Definitions regarding sectors and instruments are based on the ESA 2010.

The table presents the net flow of loans (F.4) for the sectors Non-Financial corporations (S.11), Households (S.14) and Non-Profit institutions serving households (S.15). The debt securities are negotiable financial instruments serving as evidence of debt. Data are presented in non-consolidated terms, i.e. data take into account transactions within the same sector and expressed in Million units of national currency. Definitions regarding sectors and instruments are based on the ESA 2010.

The private sector debt is the stock of liabilities held by the sectors Non-Financial corporations, Households and Non-Profit institutions serving households (S.11_S.14_S.15). The instruments that are taken into account to compile private sector debt are Debt securities (F.3) and Loans (F.4). Data are presented in non-consolidated terms, i.e. taking into account transactions within the same sector and expressed in % of GDP and million of national currency. Definitions regarding sectors and instruments are based on the ESA 2010.

The table presents the stock of liabilities of debt securities (F.3) for the sectors Non-Financial corporations (S.11), Households (S.14) and Non-Profit institutions serving households (S.15). The debt securities are negotiable financial instruments serving as evidence of debt. Data are presented in non-consolidated terms, i.e. data take into account transactions within the same sector and expressed in % of GDP. Definitions regarding sectors and instruments are based on the ESA 2010.

The table presents the stock of liabilities of debt securities (F.3) for the sectors Non-Financial corporations (S.11), Households (S.14) and Non-Profit institutions serving households (S.15). The debt securities are negotiable financial instruments serving as evidence of debt. Data are presented in non-consolidated terms, i.e. data take into account transactions within the same sector and expressed in million units of national currency. Definitions regarding sectors and instruments are based on the ESA 2010.

The table presents the stock of liabilities of debt securities (F.3) for the sectors Non-Financial corporations (S.11), Households (S.14) and Non-Profit institutions serving households (S.15). The debt securities are negotiable financial instruments serving as evidence of debt. Data are presented in consolidated terms, i.e. data do not take into account transactions within the same sector and expressed in % of GDP. Definitions regarding sectors and instruments are based on the ESA 2010.

The table presents the stock of liabilities of debt securities (F.3) for the sectors Non-Financial corporations (S.11), Households (S.14) and Non-Profit institutions serving households (S.15). The debt securities are negotiable financial instruments serving as evidence of debt. Data are presented in consolidated terms, i.e. data do not take into account transactions within the same sector and expressed in million units of national currency. Definitions regarding sectors and instruments are based on the ESA 2010.

The table presents the stock of liabilities of loans (F.4) for the sectors Non-Financial corporations (S.11), Households (S.14) and Non-Profit institutions serving households (S.15). The debt securities are negotiable financial instruments serving as evidence of debt. Data are presented in non-consolidated terms, i.e. data take into account transactions within the same sector and expressed in million units of national currency. Definitions regarding sectors and instruments are based on the ESA 2010.

The table presents the stock of liabilities of loans (F.4) for the sectors Non-Financial corporations (S.11), Households (S.14) and Non-Profit institutions serving households (S.15). The debt securities are negotiable financial instruments serving as evidence of debt. Data are presented in non-consolidated terms, i.e. data take into account transactions within the same sector and expressed in % of GDP. Definitions regarding sectors and instruments are based on the ESA 2010.

Data cited at: The World Bank https://datacatalog.worldbank.org/ Topic:Quarterly External Debt Statistics GDDS Publication: https://datacatalog.worldbank.org/dataset/quarterly-external-debt-statistics-gdds License: http://creativecommons.org/licenses/by/4.0/   The World Bank launched the new Quarterly External Debt Statistics (QEDS) GDDS database. This database is consistent with the classifications and definitions of the 2013 External Debt Statistics: Guide for Compilers and Users (2013 EDS Guide) and Sixth Edition of Balance of Payments and International Investment Position Manual (BPM6). The QEDS GDDS database provides external debt data, starting from 2002Q4, for an extension of countries that participate in the IMF's General Data Dissemination System (GDDS).

'Quarterly government debt' is defined as the total gross debt at nominal value outstanding at the end of each quarter for the general government sector (ref. Regulation  (EU) No 549/2013, Annex B transmission programme, definition of general government sector ESA 2010 §2.111). Data are measured in million Euro, million of national currency units, percentage of GDP and percentage of total consolidated debt. Data cover EU Member States and Norway. Quarterly data on government debt is provided according to the provisions of the European System of Accounts ESA 2010 (Regulation (EU) No 549/2013). Data is transmitted by national authorities (National Statistical Institutes, National Central Banks or Ministries of Finance).

Data are the result of the annual structure of government debt survey and cover the EU countries as well as Norway. The following series are available: Central government gross debt by initital maturity and sector of debt holder; State government gross debt by initital maturity and sector of debt holder; Local government gross debt by initital maturity and sector of debt holder; Social security funds gross debt by initital maturity and sector of debt holder; General government gross debt by initital maturity and sector of debt holder; Debt by currency of issuance; Government guarantees (contingent liabilities).