Debt and debt ratio

in bn and % of GDP

Debt and debt ratio

Gross debt fell by 2.5 billion to 96.9 billion in 2019. This reduction was due mainly to the decrease in bonds (-4.0 bn). A bond with a face value of 5.8 billion matured in 2019. In view of the high inflow of funds, maturing debt instruments were only partly replaced. In contrast, liabilities toward federal government social insurance (+0.5 bn), third-party funds under management (+0.5 bn) and money market debt register claims (+0.3 bn) increased. The gross debt ratio as a percentage of GDP fell from 14.4% to 13.9%.

Net debt is defined as gross debt less non-administrative assets. Net debt declined by 8.2 billion to 54.8 billion in the year under review. Aside from the reduction in gross debt, non-administrative assets increased by 5.7 billion. This was due to the surge of 7.8 billion in cash and cash equivalents, caused mainly by the high level of tax receipts. In contrast, receivables (-0.5 bn) and short- and long-term financial investments (-0.6 bn and -0.9 bn, respectively) decreased.


Last modification 26.03.2020

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