Czechia’s state debt reaches record CZK 2.89 trillion

Czechia’s state debt rose to a record CZK 2.895 trillion last year, the Ministry of Finance announced on Tuesday. This means a year on year rise by approximately CZK 429 billion. Meanwhile, the debt to GDP ratio rose by 2.5 percent to 42.9 percent.

The main cause for the rise in state debt is the production of new bonds, which the ministry used to finance last year’s CZK 360.4 billion deficit. The deficit for this year is expected to lie at CZK 295 billion.