The budget deficit and government debt continued to decline in the European Union as a whole and in the euro area last year, Eurostat announced on Monday.
According to a recent report by the EU Statistical Office, the general government deficit in the EU-28 last year fell to 1.7% of gross domestic product (GDP) from 2.4% in 2015 and 1.5% to 2.1% in the 19-member euro area.
GDP-denominated public debt in the EU as a whole was 83.2 per cent compared to 84.5 per cent previously registered, while in the euro zone it declined from 89.9 per cent to 88.9 per cent.
The general government balance showed a surplus in nine states last year. Luxembourg (+1.6 percent) followed the largest GDP-share surplus, followed by Sweden and Malta (+1.1), Germany (+0.8), Czech Republic (+0.7), Greece and Cyprus (+ 0.5) and the Netherlands (+ 0.4%) and Lithuania (+ 0.3%). The balance was balanced in Bulgaria and Latvia.
The lowest budget deficit was achieved by Estonia (-0.3), Denmark (-0.6) and Ireland (-0.7). There was a deficit of more than 3 percent of GDP in three Member States: 4.5 percent in Spain, 3.4 percent in France and 3 percent in Romania.
In sixteen EU Member States, government debt exceeded 60 per cent of GDP: the highest in Greece (180.8 per cent), Italy (132), Portugal (130.1), Cyprus (107.1) and Belgium (105.7). At the other end of the scale, Estonia has a debt of only 9.4% of gross domestic product, followed by Luxembourg (20.8), Bulgaria (29), Czech Republic (36.8) and Romania (37.6).
According to Eurostat data, Hungary’s general government deficit declined last year to 1.9 percent from 2 percent in 2015, and government debt to 73.9 percent of GDP from the previous 74.7.
Source: MTI / Image: hungariandok.hu /