In 1Q 2017 the state debt of the Czech Republic increased q/q to CZK 1.788 trillion, from CZK 1.613 trillion. Its share of GDP increased to 37.6 %, from 34.2 %. The Czech Finance Ministry stated that in 1Q it made use of advantageous conditions on financial markets, using the sale of bonds with negative earnings to cover the future need for financing in case of a deterioration of market conditions, and it also refinanced the Czech Republic’s older obligations. Overall the ministry secured additional state budget income totaling CZK 819.2m thanks to the sale of state bonds with negative earnings. A total of CZK 344.2m was added to the budget thanks to the sale of treasury bills.