Luxembourg / Brussels, 13/03/2000 (Agence Europe) - The latest figures released by Eurostat (European Union Statistical Office) and the most recent growth forecasts are even more favourable than what was projected at the end of last year. Roughly, the Fifteen are said to have about a year's advance on implementation of their objectives.
a) Public deficits. Eurostat has released detailed figures for 1999. The average deficit dropped to 0.7% of GDP for the EU as a whole and 1.2% for the euro area. The primary surplus was 3.5% in the EU and 3% in the euro area. Seven Member States had a surplus in 1999: Denmark, Ireland, Luxembourg, Netherlands, Finland, Sweden and the United Kingdom.
b) Overall public debt continued to decline, standing at 68.1% of GDP in the EU as a whole and 72.2% for the euro area. Obviously, in this area, differences are still considerable from one Member State to the next.
c) Growth. The European Commission will present on 11 April its spring forecasts, correcting last fall's projections. But it can already be taken for granted that the growth rate for the year in progress will be revised upwards; in the fall, the Commission projected growth of 2.9% and the new forecast could be as high as 3.5%.
On Tuesday, the Commission will adopt the Broad Guidelines for Economic Policies, which will obviously take account of the most recent forecasts and could also shift somewhat the policy recommended to Member States, which, thanks to higher-than-projected growth, have higher tax revenues. In the highly indebted Member States, the principal target for these funds must doubtless remain reduction of the debt and the deficit, but other measures could be recommended.