Brussels, 22/04/2013 (Agence Europe) - Last year, the average public deficit fell from 4.2% of GDP to 3.7% in the eurozone and from 4.6% of GDP to 4% in the EU27 in nominal terms, according to final figures released by Eurostat (the EU's statistical office) on Monday 22 April. The relative size of public debt as a proportion of GDP will continue to rise, from an average of 87.3% to 90.6% in the eurozone and from 82.5% to 85.3% in the EU27.
The European Commission took note of the figures, which it will be using in its unveiling of its spring economic forecasts on Friday 3 May and the country-by-country recommendations (based on national stability and growth programmes) on Wednesday 29 May. A spokesperson said the EU was making exceptional budget consolidation efforts, particularly 13 member states (eight of them in the eurozone) and the Commission hoped the average deficit in the eurozone would fall below the 3% point in 2013. The spokesperson admitted that, in terms of debt, the situation was more worrying with only 6 countries (most of them outside the euro) being able to cut their debt. This trend has been building for several years now. The spokesperson said that the EU was not recommending a reduction in debt as a matter of ideology, but rather because it meant there was less cash available for growth stimulus.
In 2012, the lowest public deficits were in Estonia (-0.3%), Sweden (-0.5%), Bulgaria and Luxembourg (-0.8%). Germany is in surplus (0.2%). Seventeen countries have a deficit of over 3% of GDP, namely Spain (-10.6%, including the financial bailout), Greece (-10%), Ireland (-7.6%), Portugal (-6.4%), Cyprus and the United Kingdom (both -6,3%), France (-4.8%), the Czech Republic(-4,4%), Slovakia (-4.3%), the Netherlands (-4.1%), Denmark and Slovenia (both -4%), Belgium and Poland (-3.9%), Malta (-3,3%), Lithuania (-3.2%) and Italy (-3.0%). The lowest debt ratios are in Estonia (10.1%), Bulgaria (18.5%), Luxembourg (20.8%), Romania (37.%), Sweden (38,2%). Fourteen countries have a debt of above 60% of GDP, including Greece (156.9%), Italy (127%), Portugal (123.6%) and Ireland (117.6%). For further information, see: http://europa.eu.rapid/press-release_STAT-13-64_en ,htm (MB/transl.fl)