Brussels, 26/09/2005 (Agence Europe) - On Monday, Eurostat confirmed the public deficit figures for 2004 published in March this year (EUROPE 8912). The average deficit in the euro zone thus went from 3% of GDP in 2003 to 2.7% in 2004 and that of the EU25 from 3% to 2.6%. In total, sixteen Member States recorded an improvement in their budgetary situation and eight a deterioration. The public deficit ratio compared to GDP, on the other hand, increased in the euro zone, from 70.4% in 2003 to 70.8% in 2004, and in the EU25 from 63% to 63.4%. Data from the European statistical office is nonetheless accompanied by reserves concerning Greece and Portugal as well as the Czech Republic.
Greece (-6.6%), Hungary (-5.4%), Malta (-5.1%) and Cyprus (-4.1%) have recorded the highest deficits, although eight other Member States have figures that are equal to or above the 3% threshold of the Stability and Growth Pact (SGP). These countries are Poland (-3.9%), Germany (-3.7%), France (-3.6%), Italy (-3.2%), Slovakia (-3.1%), United Kingdom (-3.1%), Czech Republic and Portugal (each -3%). Denmark (=2.3%), Finland (+2.1%), Estonia (+1.7%), Sweden (+1.6%) and Ireland (+1.4%) have public accounts in surplus, whereas Belgium's situation is balanced.
In terms of public debt, the lowest levels were noted in Estonia (5.5% of GDP), Luxembourg (6.6%), Latvia (14.7%) and Lithuania (19.6%), while eight Member States, the same as in 2003, exceeded the 60% ceiling stipulated in the SGP. They are: Greece (109.3%), Italy (106.5%), Belgium (95.7%), Malta (75.9%), Cyprus (72%), Germany (66.4%), France (65.1%) and Austria (64.3%).
“In coming weeks and months”, Eurostat should make adjustments to the data for 2004 and the previous years presented by three countries, confirmed Commissioner Almunia's spokesperson. In the Czech Republic, the deficit for 2003 could be below the current figures, whereas, in Portugal, the deficit for 2004 could worsen marginally by 0.03%. Outstanding questions with Athens concern the recording of transactions with the EU, social security accounts and the amounts of other accounts for 2002-2004, without knowing whether their impact will be upward or downward. The statistical office also announces its intention to clarify the rules on securitisation, mainly concerning the provision of guarantees and the transfer of risks and profits.