Austrian Government Debt on the Rise
The Austrian public debt level rose to 73.5% of GDP or € 222.6bn in the first quarter of 2012. Above all, the situation of Austrian municipalities is precarious.
According to latest calculations by Statistics Austria, government debt amounted to € 222.6bn or 73.5 % of GDP on 31.03.2012. Government debt thereby is € 11.8 bn higher than in the fourth quarter 2011, which corresponds to an increase of 1.1 percentage points of GDP. By finance instruments € 182.2bn of government debt were securities other than shares, whereas € 40.4bn were loans.
As a result, the public debt per capital amounts to € 26,400. The debt level of the Austrian Federation was up by 2.0% to € 3.84bn, the debt of the provinces rose by € 442m. Municipalities recorded rise by 4.3% to € 12.0bn. This corresponds to an increase by € 370m. For the Austrian government, this is nothing more than the demonstration of poverty.
According to Josef Moser, director of the Audit Court, the public debt grew by € 11.0bn already in 2011. Moser: „We have to do something.“ The Audit Court underlines the considerable situation of the municipalities. Since 2008, the municipalities do not have any funds for making investments. A quota of more than 15% would be optimal, Moser explains. Already before 2008, the quota only was at 5.0%.