Eurozone and EU-28 government deficit at 3.7% and 3.9% of GDP respectively, government debt at 90.6% and 85.1%

In 2012, the government deficit of both the eurozone (EA17) and the EU282 decreased in absolute terms compared with 2011, while the government debt rose in both zones. In the eurozone the government deficit to GDP ratio decreased from 4.2% in 20113 to 3.7% in 2012 and in the EU28 from 4.4% to 3.9%. In the eurozone the government debt to GDP ratio increased from 87.3% at the end of 2011 to 90.6% at the end of 2012 and in the EU-28 from 82.3% to 85.1%.

In 2012 the lowest government deficits in percentage of GDP were recorded in Estonia and Sweden (both -0.2%), Luxembourg (-0.6%) and Bulgaria (-0.8%), while Germany (+0.1%) registered a government surplus. Seventeen member states had deficits higher than 3% of GDP, with the largest registered in Spain (-10.6%), Greece (-9.0%), Ireland (-8.2%), Portugal and Cyprus (both -6.4%). In all, fifteen member states recorded an improvement in their government balance relative to GDP in 2012 compared with 2011, 12 worsening and one remained stable.

At the end of 2012, the lowest ratios of government debt to GDP were recorded in Estonia (9.8%), Bulgaria (18.5%), Luxembourg (21.7%) and Romania (37.9%). Fourteen member states had government debt ratios higher than 60% of GDP, with the largest observed in Greece (156.9%), Italy (127.0%), Portugal (124.1%) and Ireland (117.4%). In all, six member states recorded an improvement in their government debt relative to GDP in 2012 compared with 2011 and 22 worsening.

In 2012, government expenditure in the eurozone was equivalent to 49.9% of GDP and government revenue4 to 46.3%. The figures for the EU28 were 49.3% and 45.4% respectively. In both zones, government expenditure and government revenue ratios increased between 2011 and 2012.

Reservations on reported data

Austria: Eurostat is expressing a reservation on the quality of the data reported by Austria, due to uncertainties on the statistical impact of the conclusions of the Federal Audit Office's report on the Land Salzburg, published on 9 October 2013. The report revealed deficiencies with regard to financial management and to completeness of the public accounts of the Land Salzburg. The statistical implications of the audit for EDP data are being investigated by Statistics Austria in collaboration with Eurostat, in order to clarify the precise impacts on 2012 and also on preceding years. It is possible that this will lead to an upward revision of government debt of up to half a percent of GDP, with more minor revisions to the government deficit, based on the information available at this point.

Provision of deficit and debt data for 2012 - second notification.

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