Deficit drops but debt rises in EU
Eurostat data | Monday 23 April 2012
The public deficit fell in absolute terms in both the eurozone and the EU27 in 2011, compared with 2010, but public debt rose in both, Eurostat reported, on 23 April. The deficit to GDP ratio in the eurozone dropped from 6.2% to 4.1% in 2011, and in the EU27 from 6.5% to 4.5%. The public debt to GDP ratio increased, on the other hand, from 85.3% at the end of 2010 to 87.2% at the end of 2011 in the eurozone, and from 80% to 82.5% in the EU27.
In 2011, the largest public deficits in percentage of GDP were recorded in Ireland (-13.1%), Greece (-9.1%), Spain (-8.5%), the United Kingdom (-8.3%), Slovenia (-6.4%), Cyprus (-6.3%), Lithuania (-5.5%), France and Romania (both -5.2%) and Poland (-5.1%). The lowest deficits were recorded in Finland (-0.5%), Luxembourg (-0.6%) and Germany (-1%). Hungary (+4.3%), Estonia (+1%) and Sweden (+0.3%) registered a government surplus.
At the end of 2011, the lowest ratios of public debt to GDP were recorded in Estonia (6%), Bulgaria (16.3%), Luxembourg (18.2%), Romania (33.3%), Sweden (38.4%), Lithuania (38.5%), the Czech Republic (41.2%), Latvia (42.6%), Slovakia (43.3%) and Denmark (46.5%). Fourteen member states had debt ratios higher than 60% of GDP in 2011: Greece (165.3%), Italy (120.1%), Ireland (108.2%), Portugal (107.8%), Belgium (98%), France (85.8%), the United Kingdom (85.7%), Germany (81.2%), Hungary (80.6%), Austria (72.2%), Malta (72%), Cyprus (71.6%), Spain (68.5%) and the Netherlands (65.2%).
In 2011, government expenditure in the eurozone was equivalent to 49.3% of GDP and government revenue to 45.2%. The figures for the EU27 were 49.1% and 44.6%, respectively. In both zones, the government expenditure ratio decreased between 2010 and 2011, while the government revenue ratio increased.
In publishing these data, Eurostat expressed a specific reservation on the data reported by Ireland, due to the fact that the restructuring plans of Allied Irish Banks and Irish Life & Permanent have not yet been finalised. It formulated a second reservation on the data reported by Ireland due to the statistical classification of National Asset Management Agency Investment Limited (NAMA-IL), which is currently classified outside the general government.
Annexed to the Eurostat publication are detailed tables on the financial crisis for each country, giving data on “net revenue/cost for general government” and “outstanding amounts of assets, actual liabilities and contingent liabilities of government” in relation to government interventions in the context of the financial crisis for the years 2007 to 2011.
Further information is available at