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General government gross debt according to the convergence criteria set out in the Maastricht Treaty comprises currency, bills and short- term bonds, other short- term loans and other medium- and long- term loans and bonds, defined according to ESA 95.

Debt is consolidated within the general government. Financial liabilities such as trade credits extended to the government are not included. Debt is valued at nominal value (face value).

Index-linked debt is valued at its face value adjusted by the index-related capital uplift accrued to the end of the year. Gross debt according to the Maastricht criterion differs from the SNA based general government gross financial liabilities concept of the OECD in essentially two respects.

First, gross debt according to the Maastricht criterion does not include, in the terminology of the SNA, trade credits and advances.

Second, there is a difference in valuation methodology in that government bonds are to be valued at nominal values according to the Maastricht definition, but at market value or at issue price plus accrued interest according to SNA rules.

Source Publication:
The OECD Economic Outlook: Sources and Methods.

Cross References:
ESA 1995


Statistical Theme: Financial statistics

Created on Tuesday, September 25, 2001

Last updated on Friday, March 28, 2014