Amsterdam, 21/04/2016 (Agence Europe) - Between 2015 and 2014, the average deficit continued to fall, both in the Eurozone and in the European Union, whilst the average debt fell for the first time since the crisis, according to data published by the statistical office of the EU (Eurostat) on Thursday 21 April.
The public deficit to GDP ratio fell in the Eurozone, from 2.6% in 2014 to 2.1% in 2015, and in the EU, from 3.0% to 2.4%. The public debt ratio fell in the Eurozone, from 92.0% of GDP at the end of 2014 to 90.7% at the end of 2015, and in the EU, from 86.8% of GDP to 85.2%.
Unsurprisingly, there are considerable differences between the member states, both on deficit and debt. In 2015, Luxembourg (+1.2%), Germany (+0.7%) and Estonia (+0.4%) achieved a budgetary surplus, while Sweden reported a government balance. The lowest public deficits in relation to GDP were recorded in Lithuania (-0.2%), the Czech Republic (-0.4%), Romania (-0.7%) and Cyprus (-1.0%). Seven member states recorded a deficit of greater than or equal to 3% of GDP: Greece (-7.2%), Spain (-5.1%), Portugal and the United Kingdom (-4.4% each), France (-3.5%), Croatia (-3.2%) and Slovakia (-3.0%.
At the end of 2015, the lowest ratios of government debt to GDP were recorded in Estonia (9.7%), Luxembourg (21.4%), Bulgaria (26.7%), Latvia (36.4%) and Romania (38.4%). 17 states recorded a public debt ratio of more than 60% of GDP, the highest of these in Greece (176.9%), Italy (132.7%), Portugal (129.0%), Cyprus (108.9%) and Belgium (106.0%).
Greece. The European Commission will use these figures as a basis for its spring economic forecasts, which it will announce in early May, and its assessment of the budgetary situation of the member states, which is anticipated shortly afterwards. Greece's deficit is down (-7.2% of GDP from -7.6%) compared to its winter economic forecasts (see EUROPE 11438). In particular, the primary budgetary surplus (not including debt servicing) observed in Greece (0.7%) is considerably better than the objective laid down in the third bailout plan (0.25%). This figure, which is more in keeping with the Commission's scenario than that of the IMF, is a shot in the arm in terms of the efforts to be made by Greece, which is negotiating with its creditors in the framework of the first monitoring mission of the Greek bailout plan (see EUROPE 11536). (Original version in French by Mathieu Bion)