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Change in debt

Change in debt equals the sum of transactions in government debt plus the other flows. It measures the impact of the valuation effects and other volume changes. It also equals the government debt at the end of the year minus the government debt at the end of the previous year.

The difference between the change in debt and the deficit is known as the “deficit-debt adjustment” (DDA) or, more generally, as the “stock-flow adjustment".

Main transactions in financial assets comprise transactions in deposits held by the ministry of finance or other governmental units at the central bank and other monetary financial institutions (MFIs), the net acquisition of non-government securities by social security funds (which build up assets to cover future pension entitlements), and the net acquisition of equity held by government in public corporations.

The general government borrowing requirement (GGBR) covers all financial transactions in Maastricht debt instruments (currency and deposits, debt securities and loans).