“Government debt gradually declined in the second and third quarters as it was repaid during the year,” the document said.
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“The ministry decided to pre-finance these installments in the first quarter, even before the expected start of the cycle of raising key interest rates by the Czech National Bank, which led to higher growth in government debt in the first quarter of this year,” the document said.
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The report shows that the ministry sold government bonds with a maturity of over one year for CZK 485.7 billion on the domestic market this year.
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Thus, according to the office, it covered all repayments of the state debt this year and pre-financed a significant part of the state budget deficit, which is planned at 500 billion crowns.
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According to an earlier statement from the ministry, however, it will be around 400 billion crowns.
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Total interest expenses for debt service until the end of September this year amounted to 34.4 billion crowns, up eight percent year-on-year. They are planned for 50.5 billion crowns for this year.
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The state debt consists of government debts and arises primarily from the accumulation of state budget deficits. It is financed by treasury bills, government bonds, direct loans or loans from the European Investment Bank.
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| Development of government debt: | |
| Year | Government debt (in billions of CZK) |
| 1993 | 158,8 |
| 1994 | 157,3 |
| 1995 | 154,4 |
| 1996 | 155,2 |
| 1997 | 173,1 |
| 1998 | 194,7 |
| 1999 | 228,4 |
| 2000 | 289,3 |
| 2001 | 345,0 |
| 2002 | 395,9 |
| 2003 | 493,2 |
| 2004 | 592,9 |
| 2005 | 691,2 |
| 2006 | 802,5 |
| 2007 | 892,3 |
| 2008 | 999,5 |
| 2009 | 1178,2 |
| 2010 | 1344,1 |
| 2011 | 1499,4 |
| 2012 | 1667,6 |
| 2013 | 1683,3 |
| 2014 | 1663,7 |
| 2015 | 1673,0 |
| 2016 | 1613,4 |
| 2017 | 1624,7 |
| 2018 | 1622,0 |
| 2019 | 1640,2 |
| 2020 | 2049,7 |
| 3rd quarter 2021 | 2333,9 |
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