In 2018, the government deficit and debt of both the euro area (EA19) and the EU28 decreased in relative terms compared with 2017. In the euro area the government deficit to GDP ratio fell from 1.0% in 2017 to 0.5% in 2018, and in the EU28 from 1.0% to 0.6%. In the euro area the government debt to GDP ratio declined from 87.1% at the end of 2017 to 85.1% at the end of 2018, and in the EU28 from 81.7% to 80.0%.
In this release, Eurostat, the statistical office of the European Union, is providing government deficit and debt data for the years 2015-2018 based on figures reported by EU Member States in the first 2019 notification, for the application of the excessive deficit procedure (EDP). This notification is based on the ESA 2010 system of national accounts. This release also includes data on government expenditure and revenue.
|Euro area (EA19)|
|GDP market prices (mp)||(million euro)||10 534 687||10 833 251||11 211 887||11 581 157|
|Government deficit (-) / surplus (+)||(million euro)||-215 175||-168 378||-110 545||-60 543|
|% of GDP||-2.0||-1.6||-1.0||-0.5|
|Government expenditure||% of GDP||48.3||47.5||47.0||46.8|
|Government revenue||% of GDP||46.2||46.0||46.1||46.3|
|Government debt||(million euro)||9 489 192||9 666 144||9 760 551||9 859 513|
|% of GDP||90.1||89.2||87.1||85.1|
|GDP mp||(million euro)||14 828 642||14 963 854||15 389 134||15 884 249|
|Government deficit (-) / surplus (+)||(million euro)||-346 320||-248 752||-154 012||-99 201|
|% of GDP||-2.3||-1.7||-1.0||-0.6|
|Government expenditure||% of GDP||46.9||46.2||45.8||45.6|
|Government revenue||% of GDP||44.6||44.6||44.8||45.0|
|Government debt||(million euro)||12 540 668||12 478 497||12 579 778||12 715 249|
|% of GDP||84.6||83.4||81.7||80.0|
2018, Luxembourg (+2.4%), Bulgaria and Malta (both +2.0%), Germany
(+1.7%), the Netherlands (+1.5%), Greece (+1.1%), Czechia and Sweden (both
+0.9%), Lithuania and Slovenia (both +0.7%), Denmark (+0.5%), Croatia (+0.2%) and Austria
(+0.1%) registered a government surplus, while Ireland reported a government balance. Two Member States had
deficits equal to or higher than 3% of GDP:
Romania (-3.0%)and Cyprus
At the end of 2018, the lowest ratios of government debt to GDP were recorded in Estonia (8.4%), Luxembourg (21.4%), Bulgaria (22.6%), Czechia (32.7%), Denmark (34.1%) and Lithuania (34.2%). Fourteen Member States had government debt ratios higher than 60% of GDP, with the highest registered in Greece (181.1%), Italy (132.2%), Portugal (121.5%), Cyprus (102.5%), Belgium (102.0%), France (98.4%) and Spain (97.1%).
In 2018, government expenditure in the euro area was equivalent to 46.8% of
GDP and government revenue to 46.3%. The figures for the EU28 were 45.6% and 45.0% respectively. In both zones the
government expenditure ratio decreased between 2017 and 2018, while the
government revenue ratio increased.
Reservations on reported data
Eurostat is expressing a reservation on the quality of the data reported by Hungary in relation to the sector classification of the Hungarian Association for the Stockpiling of Hydrocarbons (MSZKSZ). Eurostat considers that this entity should be classified inside general government. This would lead to an increase in government debt in 2015 by 0.3% of GDP, in 2016 and in 2017 by 0.4% of GDP and in 2018 by an estimated 0.3% of GDP. The deficit figures would remain virtually unchanged.
Eurostat is maintaining the reservation on the quality of the data reported by Hungary in relation to the sector classification of the foundations created by the Hungarian National Bank. Eurostat considers that these foundations, including their subsidiaries, should be classified inside general government. This would lead to an estimated increase in government deficit in 2015 by 25.3 bn HUF (0.1% of GDP), in 2016 by 54 bn HUF (0.2% of GDP) and in 2017 by 33.7 bn HUF (0.1% of GDP). The debt figures would remain unchanged.
Eurostat is expressing a reservation on the quality of the data reported by Slovakia in relation to the recording of certain expenditures incurred by government, which could increase the deficit by 0.3% of GDP in 2018. Eurostat will investigate the issue in cooperation with the Slovak statistical authorities.