Brussels, 23/07/2014 (Agence Europe) - In the first quarter of 2014, the seasonally-adjusted general government deficit to GDP ratio stood at 2.7% on average in the eurozone, virtually unchanged from the fourth quarter of 2013, according to figures released by the EU's statistical office, Eurostat, on Wednesday 23 July.
The deficit stood at 1.9% on average in the EU28, a sharp fall on the 3.1% recorded in the previous quarter, largely due, explains Eurostat, to “one-off effects”.
In the first quarter of 2014, total government revenue in the eurozone stood at 46.8% of GDP, compared with 46.9% in the third quarter of 2013, and total public spending at 49.5% of GDP, unchanged on the previous quarter. In the EU28, total public revenue stood at 46.6% of GDP, compared with 45.7% in the fourth quarter of 2013. Total public spending in the EU28 was 48.5% of GDP, down from 48.8% in the previous quarter. (MB)