Euro area and EU28 government deficit at 2.6% and 3.0% of GDP respectively

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The FINANCIAL — In 2014, the government deficit of both the euro area (EA19) and the EU28 decreased in absolute terms compared with 2013, while the government debt rose in both zones. In the euro area the government deficit to GDP ratio decreased from 3.0% in 2013 to 2.6% in 2014, and in the EU28 from 3.3% to 3.0%. In the euro area the government debt to GDP ratio increased from 91.1% at the end of 2013 to 92.1% at the end of 2014, and in the EU28 from 85.5% to 86.8%.

In this News Release, Eurostat, the statistical office of the European Union, is providing government deficit and debt data based on figures reported in the second 2015 notification by EU Member States for the years 2011-2014, for the application of the excessive deficit procedure (EDP). This notification is based on the ESA 2010 system of national accounts. This News Release also includes data on government expenditure and revenue.

In 2014, Denmark (+1.5%), Luxembourg (+1.4%), Estonia (+0.7%) and Germany (+0.3%) registered a government surplus, and the lowest government deficits in percentage of GDP were recorded in Lithuania (-0.7%), Romania (-1.4%), Latvia (-1.5%), Sweden (-1.7%) and the Czech Republic (-1.9%). Fourteen Member States had deficits equal to or higher than 3% of GDP: Cyprus (-8.9%), Portugal (-7.2%), Spain (-5.9%), Bulgaria (-5.8%), the United Kingdom (-5.7%), Croatia (-5.6%), Slovenia (-5.0%), Ireland and France (-3.9% each), Greece (-3.6%), Poland and Finland (-3.3% each), Belgium (-3.1%) and Italy (-3.0%).

At the end of 2014, the lowest ratios of government debt to GDP were recorded in Estonia (10.4%), Luxembourg (23.0%), Bulgaria (27.0%), Romania (39.9%), Latvia (40.6%) and Lithuania (40.7%). Sixteen Member States had government debt ratios higher than 60% of GDP, with the highest registered in Greece (178.6%), Italy (132.3%), Portugal (130.2%), Cyprus (108.2%), Ireland (107.5%), and Belgium (106.7%).

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In 2014, government expenditure in the euro area was equivalent to 49.4% of GDP and government revenue to 46.8%. The figures for the EU28 were 48.2% and 45.2% respectively. In both zones, the government expenditure ratio decreased between 2013 and 2014, while the government revenue ratio increased for the euro area and decreased for the EU28.

 

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