General Government Deficit and Debt, 2016 1st Notification, Eurostat

Page created: Monday, 24 April 2017 16:25GMT | Updated: Monday, 24 April 2017 16:30GMT

Press Release:  24 April 2017 - 11 Page(s)
Budget Deficit  Euro Area  European Union  Public Debt

Euro area and EU28 government deficit at 1.5% and 1.7% of GDP respectively

Government debt at 89.2% and 83.5%

In 2016, the government deficit and debt of both the euro area (EA19) and the EU28 decreased in relative terms compared with 2015. In the euro area the government deficit to GDP ratio fell from 2.1% in 2015 to 1.5% in 2016, and in the EU28 from 2.4% to 1.7%. In the euro area the government debt to GDP ratio declined from 90.3% at the end of 2015 to 89.2% at the end of 2016, and in the EU28 from 84.9% to 83.5%.

In this release, Eurostat, the statistical office of the European Union, is providing government deficit and debt data based on figures reported in the first 2017 notification by EU Member States for the years 2013-2016, for the application of the excessive deficit procedure (EDP). This notification is based on the ESA 2010 system of national accounts. This release also includes data on government expenditure and revenue.

In 2016, Luxembourg (+1.6%), Malta (+1.0%), Sweden (+0.9%), Germany (+0.8%), Greece (+0.7%), the Czech Republic (+0.6%), Cyprus and the Netherlands (both +0.4%), Estonia and Lithuania (both +0.3%) registered a government surplus, while Bulgaria and Latvia reported a government balance. The lowest government deficits as a percentage of GDP were recorded in Ireland (-0.6%), Croatia (-0.8%) and Denmark (-0.9%). Four Member States had deficits equal to or higher than 3% of GDP: Spain (-4.5%), France (-3.4%), Romania and the United Kingdom (both -3.0%).

At the end of 2016, the lowest ratios of government debt to GDP were recorded in Estonia (9.5%), Luxembourg (20.0%), Bulgaria (29.5%), the Czech Republic (37.2%), Romania (37.6%) and Denmark (37.8%). Sixteen Member States had government debt ratios higher than 60% of GDP, with the highest registered in Greece (179.0%), Italy (132.6%), Portugal (130.4%), Cyprus (107.8%) and Belgium (105.9%).

In 2016, government expenditure in the euro area was equivalent to 47.7% of GDP and government revenue to 46.2%. The figures for the EU28 were 46.6% and 44.9% respectively. In both zones, the government expenditure ratio decreased between 2015 and 2016, while the government revenue ratio decreased in the euro area and remained stable in the EU28.

Original title:  Euro area and EU28 government deficit at 1.5% and 1.7% of GDP respectively

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