In the first quarter of this year, the seasonally adjusted government deficit declined in both the euro area and the European Union, while the government debt ratio increased over the same period, according to figures from the Statistical Office of the European Union (Eurostat) published on Friday 19 July.
The seasonally adjusted government deficit was 0.5% and 0.6% of GDP respectively in the euro area and the EU in the first quarter of 2019, a decrease of 0.6 and 0.4 percentage points compared to the previous quarter. Compared to the first quarter of 2018, this rate increased by 0.2 percentage points in the euro area and stabilised in the EU.
In addition, the euro area government debt ratio was 85.9% of GDP in the euro area in the first quarter of 2019, an increase of 0.8 percentage points compared to the fourth quarter of 2018, and 80.7% of GDP in the EU (+0.7 percentage points compared to the previous quarter) (see EUROPE 12241/17).
These rates also conceal significant disparities between Member States. Thus, in the first quarter of this year, the public debt ratio stood at 181.9% of GDP in Greece and 134.0% of GDP in Italy, compared with 21.2% of GDP in Bulgaria and 8.1% of GDP in Estonia. (Original version in French by Lucas Tripoteau)