Laatste nieuws: 

Begrotingstekorten EU-landen gedaald; staatsschulden gestegen (en)

Met dank overgenomen van Eurostat (ESTAT), gepubliceerd op maandag 23 april 2012.

In 2011, the government deficit1 of both the euro area2 (EA17) and the EU27 decreased in absolute terms compared with 2010, while the government debt1 rose in both zones. In the euro area the government deficit to GDP ratio decreased from 6.2% in 20103 to 4.1% in 2011, and in the EU27 from 6.5% to 4.5%. In the euro area the government debt to GDP ratio increased from 85.3% at the end of 2010 to 87.2% at the end of 2011, and in the EU27 from 80.0% to 82.5%.

 
   

2008

2009

2010

2011

Euro area (EA17)

         

GDP market prices (mp)

(million euro)

9 244 227

8 919 411

9 162 447

9 419 160

Government deficit (-) / surplus (+)

(million euro)

-196 067

-569 501

-571 050

-387 617

 

(% of GDP)

-2.1

-6.4

-6.2

-4.1

Government expenditure

(% of GDP)

47.1

51.1

50.9

49.3

Government revenue

(% of GDP)

44.9

44.8

44.7

45.2

Government debt

(million euro)

6 481 705

7 125 984

7 817 826

8 215 289

 

(% of GDP)

70.1

79.9

85.3

87.2

EU27

         

GDP mp

(million euro)

12 466 843

11 742 120

12 260 171

12 634 499

Government deficit (-) / surplus (+)

(million euro)

-302 270

-808 644

-802 311

-565 117

 

(% of GDP)

-2.4

-6.9

-6.5

-4.5

Government expenditure

(% of GDP)

47.1

51.1

50.6

49.1

Government revenue

(% of GDP)

44.7

44.2

44.1

44.6

Government debt

(million euro)

7 789 712

8 777 601

9 811 660

10 421 987

 

(% of GDP)

62.5

74.8

80.0

82.5

In 2011 the largest government deficits in percentage of GDP were recorded in Ireland (-13.1%), Greece (-9.1%), Spain (-8.5%), the United Kingdom (-8.3%), Slovenia (-6.4%), Cyprus (-6.3%), Lithuania (-5.5%), France and Romania (both -5.2%) and Poland (-5.1%). The lowest deficits were recorded in Finland (-0.5%), Luxembourg

(-0.6%) and Germany (-1.0%). Hungary (+4.3%), Estonia (+1.0%) and Sweden (+0.3%) registered a government surplus in 2011. In all, 24 Member States recorded an improvement in their government balance relative to GDP in 2011 compared with 2010, two a worsening and one remained stable.

At the end of 2011, the lowest ratios of government debt to GDP were recorded in Estonia (6.0%), Bulgaria (16.3%), Luxembourg (18.2%), Romania (33.3%), Sweden (38.4%), Lithuania (38.5%), the Czech Republic (41.2%), Latvia (42.6%), Slovakia (43.3%) and Denmark (46.5%). Fourteen Member States had government debt ratios higher than 60% of GDP in 2011: Greece (165.3%), Italy (120.1%), Ireland (108.2%), Portugal (107.8%), Belgium (98.0%), France (85.8%), the United Kingdom (85.7%), Germany (81.2%), Hungary (80.6%), Austria (72.2%), Malta (72.0%), Cyprus (71.6%), Spain (68.5%) and the Netherlands (65.2%).

In 2011, government expenditure4 in the euro area was equivalent to 49.3% of GDP and government revenue4 to 45.2%. The figures for the EU27 were 49.1% and 44.6% respectively. In both zones, the government expenditure ratio decreased between 2010 and 2011, while the government revenue ratio increased.

Reservations on reported data5

Ireland: Eurostat is expressing a specific reservation on the data reported by Ireland, due to the fact that the restructuring plans of Allied Irish Banks and Irish Life & Permanent are not yet finalised. These restructuring plans have been used by the Irish statistical authorities to calculate in the reported figures a (deficit increasing) capital transfer element of 3.7% GDP arising from the July 2011 government injections into the two banks. Eurostat awaits the finalisation of the restructuring plans, including approval by the EU competition authorities, so that the amount of the capital transfer element can be confirmed.

Eurostat is also expressing a specific reservation on the data reported by Ireland, due to the statistical classification of National Asset Management Agency Investment Limited (NAMA-IL), which is currently classified outside the general government. Owing to the nationalisation of one of its previously private beneficial owners, whose interest is currently under a process of sale, NAMA-IL has been in majority public ownership since July 2011. Eurostat's decision of 15 July 2009 on public interventions during the financial crisis specifies that majority private ownership is necessary for such an entity to be classified outside the General Government sector.

Amendment by Eurostat to reported data6

United Kingdom: Eurostat has amended the deficit and debt data notified by the United Kingdom for the years 2008 to 2011 (as well as for financial years 2008/2009 to 2011/2012). This has been done to ensure compliance with the updated financial defeasance chapter of the ESA95 Manual on Government Deficit and Debt, with respect to Bradford & Bingley (B&B) and Northern Rock Asset Management (NRAM). The reported deficit figures have been increased by 360 million GBP (0.03% of GDP) in 2008 (as well as in financial year 2008/2009), by 571 mn GBP (0.04% of GDP) in 2009 (as well as in financial year 2009/2010), by 826 mn GBP (0.06% of GDP) in 2010 (as well as in financial year 2010/2011) and by 787 mn GBP (0.05% of GDP) in 2011 (as well as in financial year 2011/2012). The reported debt figures have been increased by 32 374 mn GBP (2.26% of GDP) in 2008 (as well as in financial year 2008/2009), by 19 969 mn GBP (1.43% of GDP) in 2009 (as well as in financial year 2009/2010), by 56 680 mn GBP (3.87% of GDP) in 2010 (as well as in financial year 2010/2011) and by 42 287 mn GBP (2.81% of GDP) in 2011 (as well as in financial year 2011/2012).

Other issues

  • i. 
    Intergovernmental lending

For the purpose of proper consolidation of general government debt in European aggregates and to provide users with information, Eurostat is collecting and publishing data on government loans to other EU governments, including those made through the European Financial Stability Facility (EFSF). For 2011 the intergovernmental lending figures relate mainly to lending to Greece, Ireland and Portugal. This applies also to the quarterly data on government debt.

  • ii. 
    Supplementary tables for the financial crisis

Annex 2 contains supplementary tables for the financial crisis for the EU and the euro area. Eurostat publishes supplementary tables by Member State on its website:

http://epp.eurostat.ec.europa.eu/portal/page/portal/government_finance_statistics/excessive_deficit/supplementary_tables_financial_turmoil.

These tables contain data on the "net revenue/cost for general government (impact on ESA95 government deficit)" and "outstanding amounts of assets, actual liabilities and contingent liabilities of government" in relation to government interventions in the context of the financial crisis for the years 2007 to 2011. See also the Eurostat decision on the statistical recording of public interventions to support financial institutions and financial markets during the financial crisis (Eurostat News Release 103/2009 of 15 July 2009).

A separate note is provided on the statistical treatment of government involvement in the banking crisis in 2011, see section 2 of the Eurostat summary note (April 2012) on supplementary tables for the financial crisis at:

http://epp.eurostat.ec.europa.eu/portal/page/portal/government_finance_statistics/excessive_deficit/supplementary_tables_financial_turmoil

  • iii. 
    Quarterly data on government debt

Annex 3 contains data on the structure of the outstanding debt by component of the EA17 and EU27 for the fourth quarter of 2011, and the changes in the government debt ratio as compared to the third quarter of 2011.

Background

In this News Release, Eurostat, the statistical office of the European Union, is providing7 government deficit and debt data based on figures reported in the first 2012 notification by EU Member States for the years 2008-2011, for the application of the excessive deficit procedure (EDP). This notification is based on the ESA95 system of national accounts. This News Release also includes data on government expenditure and revenue and an annex with the main revisions since the October 2011 News Release.

Eurostat will also be releasing information on the underlying government sector accounts, as well as on the contribution of deficit/surplus and other relevant factors to the variation in the debt level (stock-flow adjustment), on the government finance statistics section on its website:

http://epp.eurostat.ec.europa.eu/portal/page/portal/government_finance_statistics/introduction

  • According to the Protocol on the excessive deficit procedure annexed to the EC Treaty, government deficit (surplus) means the net borrowing (net lending) of the whole general government sector (central government, state government, local government and social security funds). It is calculated according to national accounts concepts (European System of Accounts, ESA95). Government debt is the consolidated gross debt of the whole general government sector outstanding at the end of the year (at nominal value).
  • Table of euro area and EU27 aggregates: the data are in euro. For those countries not belonging to the euro area, the rate of conversion into euro is as follows:
  • for deficit / surplus and GDP data, the annual average exchange rate;
  • for the stock of government debt, the end of year exchange rate.
  • Table of national data: these are in national currencies. For Slovakia and Estonia, data for the years prior to the adoption of the euro have been converted into euro according to the irrevocable conversion rate.
  • Euro area (EA17): Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland. In the attached table, the euro area is defined as including Estonia and Slovakia for the full period, although Slovakia joined the euro area on 1 January 2009 and Estonia on 1 January 2011.
  • In the previous provision of data for the excessive deficit procedure, the 2010 government deficits for the EA17 and the EU27 were 6.2% and 6.6% of GDP respectively. The government debt of the EA17 was 85.4% of GDP and of the EU27 80.2% of GDP. See News Release 153/2011 of 21 October 2011.
  • Government expenditure and revenue are reported to Eurostat under the ESA95 transmission programme. They are the sum of non-financial transactions by general government, and include both current and capital transactions. For definitions, see Council Regulation No. 2223/96, as amended. It should be noted that the government balance (i.e. the difference between total government revenue and expenditure) is not exactly the same under ESA95 as that for the purpose of the excessive deficit procedure (see Regulation (EC) No 2558/2001 on the reclassification of settlements under swaps agreements and forward rate agreements).
  • The term “reservations” is defined in article 15 (1) of Council Regulation 479/2009, as amended. The Commission (Eurostat) expresses reservations when it has doubts on the quality of the reported data.
  • According to Article 15 (2) of Council Regulation 479/2009, as amended, the Commission (Eurostat) may amend actual data reported by Member States and provide the amended data and a justification of the amendment where there is evidence that actual data reported by Member States do not comply with the quality requirements (compliance with accounting rules, completeness, reliability, timeliness and consistency of statistical data).
  • According to Article 14 (1) of Council Regulation 479/2009, as amended, Eurostat provides the actual government deficit and debt data for the application of the Protocol on the excessive deficit procedure, within three weeks after the reporting deadlines. This provision of data shall be effected through publication.

For further information on the methodology of statistics reported under the excessive deficit procedure, please see Council Regulation 479/2009, as amended by Council Regulation 679/2010 (consolidated version available at http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CONSLEG:2009R0479:20100819:EN:PDF), Council Regulation 2223/96, as amended (consolidated version available at http://eur-lex.europa.eu/LexUriServ/site/en/consleg/1996/R/01996R2223-20030807-en.pdf) and the Eurostat publication "ESA95 manual on government deficit and debt", fourth edition, 2012, http://epp.eurostat.ec.europa.eu/portal/page/portal/product_details/publication?p_product_code=KS-RA-12-003

 

Issued by:

Eurostat Press Office

Tim ALLEN

Tel: +352-4301-33 444

eurostat-pressoffice@ec.europa.eu

Eurostat news releases on the internet: http://ec.europa.eu/eurostat

Selected Principal European Economic Indicators: http://ec.europa.eu/eurostat/euroindicators

GDP, government deficit/surplus and debt in the EU (in national currencies)

 
   

2008

2009

2010

2011

Belgium

         

GDP mp

(million euro)

346 130

340 398

354 378

368 976

Government deficit (-) / surplus (+)

(million euro)

-3 409

-19 008

-13 492

-13 709

 

(% of GDP)

-1.0

-5.6

-3.8

-3.7

Government expenditure

(% of GDP)

49.8

53.8

52.8

53.3

Government revenue

(% of GDP)

48.8

48.1

48.9

49.4

Government debt

(million euro)

309 198

326 186

340 302

361 735

 

(% of GDP)

89.3

95.8

96.0

98.0

memo: intergovernmental lending

in the context of the financial crisis

(million euro)

 

130

830

2 586

 

(% of GDP)

 

0.0

0.2

0.7

Bulgaria

         

GDP mp

(million BGN)

69 295

68 322

70 511

75 265

Government deficit (-) / surplus (+)

(million BGN)

1 157

-2 959

-2 198

-1 576

 

(% of GDP)

1.7

-4.3

-3.1

-2.1

Government expenditure

(% of GDP)

38.3

40.7

37.4

35.2

Government revenue

(% of GDP)

40.0

36.3

34.3

33.1

Government debt

(million BGN)

9 484

10 000

11 459

12 293

 

(% of GDP)

13.7

14.6

16.3

16.3

memo: intergovernmental lending

in the context of the financial crisis

(million BGN)

 

0

0

0

 

(% of GDP)

 

0.0

0.0

0.0

Czech Republic

         

GDP mp

(million CZK)

3 848 411

3 739 225

3 775 237

3 809 311

Government deficit (-) / surplus (+)

(million CZK)

-85 947

-218 331

-182 711

-117 856

 

(% of GDP)

-2.2

-5.8

-4.8

-3.1

Government expenditure

(% of GDP)

41.1

44.9

44.1

43.4

Government revenue

(% of GDP)

38.9

39.1

39.3

40.3

Government debt

(million CZK)

1 104 338

1 285 563

1 436 552

1 567 799

 

(% of GDP)

28.7

34.4

38.1

41.2

memo: intergovernmental lending

in the context of the financial crisis

(million CZK)

 

0

0

0

 

(% of GDP)

 

0.0

0.0

0.0

Denmark

         

GDP mp

(million DKK)

1 753 152

1 667 839

1 754 648

1 786 477

Government deficit (-) / surplus (+)

(million DKK)

56 779

-44 227

-44 020

-32 822

 

(% of GDP)

3.2

-2.7

-2.5

-1.8

Government expenditure

(% of GDP)

51.5

58.0

57.8

57.9

Government revenue

(% of GDP)

54.8

55.2

55.1

56.0

Government debt

(million DKK)

585 137

677 175

752 820

830 891

 

(% of GDP)

33.4

40.6

42.9

46.5

memo: intergovernmental lending

in the context of the financial crisis

(million DKK)

 

0

0

0

 

(% of GDP)

 

0.0

0.0

0.0

Germany

         

GDP mp

(million euro)

2 473 800

2 374 500

2 476 800

2 570 800

Government deficit (-) / surplus (+)

(million euro)

-1 410

-76 260

-105 860

-25 800

 

(% of GDP)

-0.1

-3.2

-4.3

-1.0

Government expenditure

(% of GDP)

44.0

48.1

47.9

45.6

Government revenue

(% of GDP)

44.0

44.9

43.6

44.7

Government debt

(million euro)

1 649 271

1 766 943

2 056 711

2 088 472

 

(% of GDP)

66.7

74.4

83.0

81.2

memo: intergovernmental lending

in the context of the financial crisis

(million euro)

 

784

6 049

19 994

 

(% of GDP)

 

0.0

0.2

0.8

GDP, government deficit/surplus and debt in the EU (in national currencies)

 
   

2008

2009

2010

2011

Estonia

         

GDP mp

(million euro)

16 304

13 840

14 305

15 973

Government deficit (-) / surplus (+)

(million euro)

-480

-280

35

164

 

(% of GDP)

-2.9

-2.0

0.2

1.0

Government expenditure

(% of GDP)

39.5

45.2

40.6

38.2

Government revenue

(% of GDP)

36.5

43.2

40.9

39.2

Government debt

(million euro)

737

991

957

965

 

(% of GDP)

4.5

7.2

6.7

6.0

memo: intergovernmental lending

in the context of the financial crisis

(million euro)

 

0

0

14

 

(% of GDP)

 

0.0

0.0

0.1

Ireland

         

GDP mp

(million euro)

179 990

160 596

155 992

156 438

Government deficit (-) / surplus (+)

(million euro)

-13 219

-22 519

-48 607

-20 515

 

(% of GDP)

-7.3

-14.0

-31.2

-13.1

Government expenditure

(% of GDP)

42.8

48.8

66.8

48.7

Government revenue

(% of GDP)

35.5

34.8

35.6

35.7

Government debt

(million euro)

79 582

104 602

144 241

169 264

 

(% of GDP)

44.2

65.1

92.5

108.2

memo: intergovernmental lending

in the context of the financial crisis

(million euro)

 

0

347

347

 

(% of GDP)

 

0.0

0.2

0.2

Greece

         

GDP mp

(million euro)

232 920

231 642

227 318

215 088

Government deficit (-) / surplus (+)

(million euro)

-22 866

-36 103

-23 521

-19 565

 

(% of GDP)

-9.8

-15.6

-10.3

-9.1

Government expenditure

(% of GDP)

50.6

53.8

50.2

50.1

Government revenue

(% of GDP)

40.7

38.2

39.7

40.9

Government debt

(million euro)

263 284

299 685

329 535

355 617

 

(% of GDP)

113.0

129.4

145.0

165.3

memo: intergovernmental lending

in the context of the financial crisis

(million euro)

 

0

0

0

 

(% of GDP)

 

0.0

0.0

0.0

Spain

         

GDP mp

(million euro)

1 087 749

1 047 831

1 051 342

1 073 383

Government deficit (-) / surplus (+)

(million euro)

-48 897

-117 143

-98 166

-91 344

 

(% of GDP)

-4.5

-11.2

-9.3

-8.5

Government expenditure

(% of GDP)

41.5

46.3

45.6

43.6

Government revenue

(% of GDP)

37.0

35.1

36.3

35.1

Government debt

(million euro)

436 984

565 082

643 136

734 961

 

(% of GDP)

40.2

53.9

61.2

68.5

memo: intergovernmental lending

in the context of the financial crisis

(million euro)

 

0

2 598

8 717

 

(% of GDP)

 

0.0

0.2

0.8

France

         

GDP mp

(million euro)

1 933 195

1 885 762

1 937 261

2 000 609

Government deficit (-) / surplus (+)

(million euro)

-64 299

-142 223

-136 966

-103 074

 

(% of GDP)

-3.3

-7.5

-7.1

-5.2

Government expenditure

(% of GDP)

53.3

56.8

56.6

55.9

Government revenue

(% of GDP)

49.9

49.2

49.5

50.7

Government debt

(million euro)

1 318 601

1 493 444

1 595 172

1 717 256

 

(% of GDP)

68.2

79.2

82.3

85.8

memo: intergovernmental lending

in the context of the financial crisis

(million euro)

 

0

4 448

14 940

 

(% of GDP)

 

0.0

0.2

0.7

GDP, government deficit/surplus and debt in the EU (in national currencies)

 
   

2008

2009

2010

2011

Italy

         

GDP mp

(million euro)

1 575 144

1 519 695

1 553 166

1 580 220

Government deficit (-) / surplus (+)

(million euro)

-42 700

-82 746

-71 457

-62 363

 

(% of GDP)

-2.7

-5.4

-4.6

-3.9

Government expenditure

(% of GDP)

48.6

51.9

50.5

49.9

Government revenue

(% of GDP)

45.9

46.5

46.0

46.1

Government debt

(million euro)

1 665 705

1 762 724

1 841 912

1 897 179

 

(% of GDP)

105.7

116.0

118.6

120.1

memo: intergovernmental lending

in the context of the financial crisis

(million euro)

 

0

3 909

13 118

 

(% of GDP)

 

0.0

0.3

0.8

Cyprus

         

GDP mp

(million euro)

17 157

16 854

17 334

17 761

Government deficit (-) / surplus (+)

(million euro)

161

-1 031

-920

-1 119

 

(% of GDP)

0.9

-6.1

-5.3

-6.3

Government expenditure

(% of GDP)

42.1

46.2

46.4

47.3

Government revenue

(% of GDP)

43.1

40.1

41.1

41.0

Government debt

(million euro)

8 388

9 865

10 653

12 720

 

(% of GDP)

48.9

58.5

61.5

71.6

memo: intergovernmental lending

in the context of the financial crisis

(million euro)

 

0

43

144

 

(% of GDP)

 

0.0

0.2

0.8

Latvia

         

GDP mp

(million LVL)

16 085

13 070

12 739

14 161

Government deficit (-) / surplus (+)

(million LVL)

-682

-1 277

-1 040

-494

 

(% of GDP)

-4.2

-9.8

-8.2

-3.5

Government expenditure

(% of GDP)

39.1

44.4

43.9

39.1

Government revenue

(% of GDP)

34.9

34.7

35.7

35.6

Government debt

(million LVL)

3 182

4 803

5 695

6 028

 

(% of GDP)

19.8

36.7

44.7

42.6

memo: intergovernmental lending

in the context of the financial crisis

(million LVL)

 

0

0

0

 

(% of GDP)

 

0.0

0.0

0.0

Lithuania

         

GDP mp

(million LTL)

112 084

91 914

95 074

106 006

Government deficit (-) / surplus (+)

(million LTL)

-3 686

-8 681

-6 867

-5 823

 

(% of GDP)

-3.3

-9.4

-7.2

-5.5

Government expenditure

(% of GDP)

37.2

43.8

40.9

37.5

Government revenue

(% of GDP)

33.9

34.3

33.7

32.0

Government debt

(million LTL)

17 375

26 983

36 132

40 837

 

(% of GDP)

15.5

29.4

38.0

38.5

memo: intergovernmental lending

in the context of the financial crisis

(million LTL)

 

0

0

0

 

(% of GDP)

 

0.0

0.0

0.0

Luxembourg

         

GDP mp

(million euro)

39 436

37 393

40 267

42 822

Government deficit (-) / surplus (+)

(million euro)

1 183

-304

-344

-253

 

(% of GDP)

3.0

-0.8

-0.9

-0.6

Government expenditure

(% of GDP)

37.1

43.0

42.4

42.0

Government revenue

(% of GDP)

40.1

42.2

41.6

41.4

Government debt

(million euro)

5 395

5 527

7 672

7 786

 

(% of GDP)

13.7

14.8

19.1

18.2

memo: intergovernmental lending

in the context of the financial crisis

(million euro)

 

0

55

183

 

(% of GDP)

 

0.0

0.1

0.4

GDP, government deficit/surplus and debt in the EU (in national currencies)

 
   

2008

2009

2010

2011

Hungary

         

GDP mp

(million HUF)

26 545 649

25 622 866

26 747 662

28 154 305

Government deficit (-) / surplus (+)

(million HUF)

-987 340

-1 170 682

-1 125 215

1 204 614

 

(% of GDP)

-3.7

-4.6

-4.2

4.3

Government expenditure

(% of GDP)

49.2

51.4

49.5

48.7

Government revenue

(% of GDP)

45.5

46.9

45.2

52.9

Government debt

(million HUF)

19 374 151

20 449 703

21 777 341

22 691 955

 

(% of GDP)

73.0

79.8

81.4

80.6

memo: intergovernmental lending

in the context of the financial crisis

(million HUF)

 

0

0

0

 

(% of GDP)

 

0.0

0.0

0.0

Malta

         

GDP mp

(million euro)

5 828

5 811

6 123

6 393

Government deficit (-) / surplus (+)

(million euro)

-268

-219

-228

-174

 

(% of GDP)

-4.6

-3.8

-3.7

-2.7

Government expenditure

(% of GDP)

44.1

43.5

43.3

43.0

Government revenue

(% of GDP)

39.5

39.7

39.5

40.2

Government debt

(million euro)

3 632

3 955

4 251

4 600

 

(% of GDP)

62.3

68.1

69.4

72.0

memo: intergovernmental lending

in the context of the financial crisis

(million euro)

 

0

20

66

 

(% of GDP)

 

0.0

0.3

1.0

Netherlands

         

GDP mp

(million euro)

594 481

571 145

588 414

602 105

Government deficit (-) / surplus (+)

(million euro)

3 073

-31 775

-29 983

-28 107

 

(% of GDP)

0.5

-5.6

-5.1

-4.7

Government expenditure

(% of GDP)

46.2

51.5

51.2

50.1

Government revenue

(% of GDP)

46.7

46.0

46.2

45.5

Government debt

(million euro)

347 525

347 102

369 894

392 506

 

(% of GDP)

58.5

60.8

62.9

65.2

memo: intergovernmental lending

in the context of the financial crisis

(million euro)

 

0

1 247

4 187

 

(% of GDP)

 

0.0

0.2

0.7

Austria

         

GDP mp

(million euro)

282 746

274 818

286 197

301 308

Government deficit (-) / surplus (+)

(million euro)

-2 635

-11 331

-12 855

-7 830

 

(% of GDP)

-0.9

-4.1

-4.5

-2.6

Government expenditure

(% of GDP)

49.3

52.9

52.6

50.5

Government revenue

(% of GDP)

48.3

48.7

48.1

47.9

Government debt

(million euro)

180 475

191 069

205 741

217 399

 

(% of GDP)

63.8

69.5

71.9

72.2

memo: intergovernmental lending

in the context of the financial crisis

(million euro)

 

0

607

2 037

 

(% of GDP)

 

0.0

0.2

0.7

Poland

         

GDP mp

(million PLN)

1 275 432

1 344 383

1 416 392

1 524 659

Government deficit (-) / surplus (+)

(million PLN)

-46 890

-99 100

-111 181

-77 959

 

(% of GDP)

-3.7

-7.4

-7.8

-5.1

Government expenditure

(% of GDP)

43.2

44.5

45.4

43.6

Government revenue

(% of GDP)

39.5

37.2

37.5

38.5

Government debt

(million PLN)

600 829

684 073

776 816

858 931

 

(% of GDP)

47.1

50.9

54.8

56.3

memo: intergovernmental lending

in the context of the financial crisis

(million PLN)

 

0

0

0

 

(% of GDP)

 

0.0

0.0

0.0

GDP, government deficit/surplus and debt in the EU (in national currencies)

 
   

2008

2009

2010

2011

Portugal

         

GDP mp

(million euro)

171 983

168 504

172 670

171 015

Government deficit (-) / surplus (+)

(million euro)

-6 236

-17 103

-16 950

-7 262

 

(% of GDP)

-3.6

-10.2

-9.8

-4.2

Government expenditure

(% of GDP)

44.8

49.8

51.3

48.9

Government revenue

(% of GDP)

41.1

39.6

41.4

44.7

Government debt

(million euro)

123 108

139 945

161 135

184 291

 

(% of GDP)

71.6

83.1

93.3

107.8

memo: intergovernmental lending

in the context of the financial crisis

(million euro)

 

0

548

1 212

 

(% of GDP)

 

0.0

0.3

0.7

Romania

         

GDP mp

(million RON)

514 700

501 139

522 561

578 552

Government deficit (-) / surplus (+)

(million RON)

-29 238

-45 139

-35 675

-30 336

 

(% of GDP)

-5.7

-9.0

-6.8

-5.2

Government expenditure

(% of GDP)

39.3

41.1

40.2

37.7

Government revenue

(% of GDP)

33.6

32.1

33.4

32.5

Government debt

(million RON)

69 020

118 428

159 439

192 851

 

(% of GDP)

13.4

23.6

30.5

33.3

memo: intergovernmental lending

in the context of the financial crisis

(million RON)

 

0

0

0

 

(% of GDP)

 

0.0

0.0

0.0

Slovenia

         

GDP mp

(million euro)

37 280

35 311

35 416

35 639

Government deficit (-) / surplus (+)

(million euro)

-695

-2 146

-2 127

-2 289

 

(% of GDP)

-1.9

-6.1

-6.0

-6.4

Government expenditure

(% of GDP)

44.2

49.3

50.3

50.9

Government revenue

(% of GDP)

42.4

43.2

44.2

44.5

Government debt

(million euro)

8 180

12 449

13 737

16 954

 

(% of GDP)

21.9

35.3

38.8

47.6

memo: intergovernmental lending

in the context of the financial crisis

(million euro)

 

0

103

325

 

(% of GDP)

 

0.0

0.3

0.9

Slovakia

         

GDP mp

(million euro)

66 842

62 795

65 744

69 058

Government deficit (-) / surplus (+)

(million euro)

-1 397

-5 022

-5 047

-3 327

 

(% of GDP)

-2.1

-8.0

-7.7

-4.8

Government expenditure

(% of GDP)

34.9

41.5

40.0

37.4

Government revenue

(% of GDP)

32.8

33.5

32.4

32.6

Government debt

(million euro)

18 624

22 331

26 998

29 911

 

(% of GDP)

27.9

35.6

41.1

43.3

memo: intergovernmental lending

in the context of the financial crisis

(million euro)

 

0

0

173

 

(% of GDP)

 

0.0

0.0

0.2

Finland

         

GDP mp

(million euro)

185 670

172 518

179 721

191 571

Government deficit (-) / surplus (+)

(million euro)

7 976

-4 289

-4 564

-1 050

 

(% of GDP)

4.3

-2.5

-2.5

-0.5

Government expenditure

(% of GDP)

49.3

56.1

55.5

54.0

Government revenue

(% of GDP)

53.6

53.4

52.7

53.2

Government debt

(million euro)

63 015

74 997

86 974

93 030

 

(% of GDP)

33.9

43.5

48.4

48.6

memo: intergovernmental lending

in the context of the financial crisis

(million euro)

 

0

392

1 316

 

(% of GDP)

 

0.0

0.2

0.7

GDP, government deficit/surplus and debt in the EU (in national currencies)

 
   

2008

2009

2010

2011

Sweden

         

GDP mp

(million SEK)

3 204 320

3 105 790

3 330 581

3 495 066

Government deficit (-) / surplus (+)

(million SEK)

69 454

-22 216

8 345

10 003

 

(% of GDP)

2.2

-0.7

0.3

0.3

Government expenditure

(% of GDP)

51.7

54.9

52.5

51.3

Government revenue

(% of GDP)

53.9

54.0

52.4

51.4

Government debt

(million SEK)

1 243 295

1 322 285

1 313 150

1 341 110

 

(% of GDP)

38.8

42.6

39.4

38.4

memo: intergovernmental lending

in the context of the financial crisis

(million SEK)

 

0

0

0

 

(% of GDP)

 

0.0

0.0

0.0

United Kingdom*

         

GDP mp

(million GBP)

1 433 870

1 393 854

1 463 734

1 507 585

Government deficit (-) / surplus (+)

(million GBP)

-72 408

-159 740

-149 291

-125 369

 

(% of GDP)

-5.0

-11.5

-10.2

-8.3

Government expenditure

(% of GDP)

47.8

51.5

50.3

49.0

Government revenue

(% of GDP)

42.9

40.1

40.2

40.8

Government debt

(million GBP)

785 973

970 818

1 165 031

1 292 632

 

(% of GDP)

54.8

69.6

79.6

85.7

memo: intergovernmental lending

in the context of the financial crisis

(million GBP)

 

0

0

0

 

(% of GDP)

 

0.0

0.0

0.0

Financial year (fy)

 

2008/2009

2009/2010

2010/2011

2011/2012

GDP mp

(million GBP)

1 416 892

1 408 101

1 477 477

1 520 981

Government deficit (-) / surplus (+)

(million GBP)

-98 718

-163 675

-140 623

-127 637

 

(% of GDP)

-7.0

-11.6

-9.5

-8.4

Government debt

(million GBP)

832 300

1 021 630

1 186 651

1 320 379

 

(% of GDP)

58.7

72.6

80.3

86.8

memo: intergovernmental lending

in the context of the financial crisis

(million GBP)

 

0

0

0

 

(% of GDP)

 

0.0

0.0

0.0

  • Data refer to calendar years. Data referring to the financial year (1 April to 31 March), are shown in italics. For the United Kingdom, the relevant data for implementation of the excessive deficit procedure are financial year data.

Annex 1

Main revisions between the October 2011 and the April 2012 notifications

Below are shown country specific explanations for the largest revisions in deficit and debt for 2008-2010 between the October 2011 and the April 2012 notifications, as well as in GDP.

Since the October 2011 notification, there have been revisions of the 2010 government deficit of -0.3% of GDP in two Member States and of between +0.2% and -0.2% in 25 Member States.

Deficit

Belgium: The decrease in the deficit for 2008 and 2010 is mainly due to a new compilation method for local government data.

Greece: The decrease in the deficit for 2009 and 2010 is mainly due to recording on an accrual basis of transactions related to financial support to banks, previously recorded on a cash basis.

Lithuania: The increase in the deficit for 2010 is mainly due to the reclassification of Central bank dividends into financial transactions.

Luxembourg: The decrease in the deficit for 2010 is mainly due to updated results of social security funds.

Slovenia: The increase in the deficit for 2010 is mainly due to the recognition of claims of the Slovenian Railways company towards government.

Debt

Czech Republic: The increase in the debt for 2010 is mainly due to correction of the valuation of debt instruments.

Denmark: The decrease in the debt for 2008 to 2010 is mainly due to the correction of double counted long-term loans of central government.

GDP

The GDP for 2010 notified in April 2012 for EDP purposes was revised by a number of Member States compared to that notified in October 2011 by small amounts. An increase of more than 1% of GDP has been notified for Romania. Changes in GDP affect deficit and debt ratios due to the denominator effect.

Revisions in government deficit/surplus and government debt ratios

from the October 2011 to the April 2012 notification

 
 

Deficit/surplus*

Debt

2008

2009

2010

2008

2009

2010

Belgium

Revision in deficit/surplus and debt ratios

0.3

0.2

0.3

0.0

0.0

-0.1

  • due to revision of deficit/surplus or debt

0.3

0.2

0.3

0.0

0.0

-0.1

  • due to revision of GDP

0.0

0.0

0.0

0.0

0.0

0.0

Bulgaria

Revision in deficit/surplus and debt ratios

0.0

0.0

0.0

0.0

0.0

0.0

  • due to revision of deficit/surplus or debt

0.0

0.0

0.0

0.0

0.0

0.0

  • due to revision of GDP

0.0

0.0

0.0

0.0

0.0

0.0

Czech Republic

Revision in deficit/surplus and debt ratios

0.0

0.0

0.0

0.0

0.0

0.5

  • due to revision of deficit/surplus or debt

0.0

0.0

0.0

0.0

0.0

0.5

  • due to revision of GDP

0.0

0.0

0.0

0.0

0.0

0.0

Denmark

Revision in deficit/surplus and debt ratios

0.0

0.1

0.1

-1.1

-1.2

-0.8

  • due to revision of deficit/surplus or debt

0.0

0.0

0.0

-0.9

-0.9

-0.5

  • due to revision of GDP

0.0

0.0

0.0

-0.2

-0.3

-0.3

Germany

Revision in deficit/surplus and debt ratios

0.0

0.0

0.0

0.0

0.0

-0.2

  • due to revision of deficit/surplus or debt

0.0

0.0

0.0

0.0

0.0

-0.2

  • due to revision of GDP

0.0

0.0

0.0

0.0

0.0

0.0

Estonia

Revision in deficit/surplus and debt ratios

0.0

0.0

0.0

0.0

0.0

0.0

  • due to revision of deficit/surplus or debt

0.0

0.0

0.0

0.0

0.0

0.0

  • due to revision of GDP

0.0

0.0

0.0

0.0

0.0

0.0

Ireland

Revision in deficit/surplus and debt ratios

0.0

0.2

0.1

0.0

0.0

0.0

  • due to revision of deficit/surplus or debt

0.0

0.2

0.1

0.0

0.0

0.0

  • due to revision of GDP

0.0

0.0

0.0

0.0

0.0

0.0

Greece

Revision in deficit/surplus and debt ratios

0.0

0.2

0.3

0.1

0.1

0.1

  • due to revision of deficit/surplus or debt

0.0

0.2

0.3

0.1

0.1

0.1

  • due to revision of GDP

0.0

0.0

0.0

0.0

0.0

0.0

Spain

Revision in deficit/surplus and debt ratios

0.0

0.0

0.0

0.1

0.1

0.1

  • due to revision of deficit/surplus or debt

0.0

0.0

0.0

0.1

0.1

0.1

  • due to revision of GDP

0.0

0.0

0.0

0.0

0.0

0.0

France

Revision in deficit/surplus and debt ratios

0.0

0.0

0.0

0.0

0.2

0.0

  • due to revision of deficit/surplus or debt

0.0

0.0

0.0

0.0

0.0

0.2

  • due to revision of GDP

0.0

0.0

0.0

0.0

0.1

-0.2

Italy

Revision in deficit/surplus and debt ratios

0.0

0.0

0.0

-0.1

0.5

0.2

  • due to revision of deficit/surplus or debt

0.0

0.0

0.0

-0.1

-0.1

-0.1

  • due to revision of GDP

0.0

0.0

0.0

0.0

0.5

0.2

Cyprus

Revision in deficit/surplus and debt ratios

0.0

0.0

0.0

0.0

0.0

0.0

  • due to revision of deficit/surplus or debt

0.0

0.0

0.0

0.0

0.0

0.0

  • due to revision of GDP

0.0

0.0

0.0

0.0

0.0

0.0

Latvia

Revision in deficit/surplus and debt ratios

0.0

-0.1

0.2

0.0

0.0

0.0

  • due to revision of deficit/surplus or debt

0.0

-0.1

0.2

0.0

0.0

0.0

  • due to revision of GDP

0.0

0.0

0.0

0.0

0.0

0.0

Lithuania

Revision in deficit/surplus and debt ratios

0.0

0.1

-0.2

0.0

0.0

0.0

  • due to revision of deficit/surplus or debt

0.0

0.1

-0.2

0.0

0.0

0.0

  • due to revision of GDP

0.0

0.0

0.0

0.0

0.0

0.0

Luxembourg

Revision in deficit/surplus and debt ratios

0.0

0.1

0.2

0.0

0.0

0.0

  • due to revision of deficit/surplus or debt

0.0

0.1

0.2

0.0

0.0

0.0

  • due to revision of GDP

0.0

0.0

0.0

0.0

0.0

0.0

  • Revisions to deficit/surplus ratios: a positive sign means an improved government balance relative to GDP, and a negative sign a worsening.

Revisions in government deficit/surplus and government debt ratios

from the October 2011 to the April 2012 notification

 
 

Deficit/surplus*

Debt

2008

2009

2010

2008

2009

2010

Hungary

Revision in deficit/surplus and debt ratios

0.0

0.0

0.0

0.1

0.1

0.1

  • due to revision of deficit/surplus or debt

0.0

0.0

0.0

0.1

0.1

0.1

  • due to revision of GDP

0.0

0.0

0.0

0.0

0.0

0.0

Malta

Revision in deficit/surplus and debt ratios

0.0

0.0

-0.1

0.1

0.2

0.5

  • due to revision of deficit/surplus or debt

0.0

0.0

-0.1

0.0

0.0

0.0

  • due to revision of GDP

0.0

0.0

0.0

0.1

0.2

0.5

Netherlands

Revision in deficit/surplus and debt ratios

0.0

0.0

0.0

0.0

0.0

0.0

  • due to revision of deficit/surplus or debt

0.0

0.0

0.0

0.0

0.0

0.0

  • due to revision of GDP

0.0

0.0

0.0

0.0

0.0

0.0

Austria

Revision in deficit/surplus and debt ratios

0.0

0.0

-0.1

0.0

0.0

0.1

  • due to revision of deficit/surplus or debt

0.0

0.0

-0.1

0.0

0.0

0.1

  • due to revision of GDP

0.0

0.0

0.0

0.0

0.0

0.0

Poland

Revision in deficit/surplus and debt ratios

0.0

0.0

0.0

0.0

0.0

0.0

  • due to revision of deficit/surplus or debt

0.0

0.0

0.0

0.0

0.0

0.0

  • due to revision of GDP

0.0

0.0

0.0

0.0

0.0

0.0

Portugal

Revision in deficit/surplus and debt ratios

0.0

0.0

-0.1

0.0

0.0

0.0

  • due to revision of deficit/surplus or debt

0.0

0.0

-0.1

0.0

0.0

-0.1

  • due to revision of GDP

0.0

0.0

0.0

0.0

0.0

0.1

Romania

Revision in deficit/surplus and debt ratios

0.0

0.0

0.1

0.0

0.0

-0.5

  • due to revision of deficit/surplus or debt

0.0

0.0

0.0

0.0

0.0

0.0

  • due to revision of GDP

0.0

0.0

0.1

0.0

0.0

-0.5

Slovenia

Revision in deficit/surplus and debt ratios

0.0

0.0

-0.2

0.0

0.0

0.0

  • due to revision of deficit/surplus or debt

0.0

0.0

-0.2

0.0

0.0

0.0

  • due to revision of GDP

0.0

0.0

0.0

0.0

0.0

0.0

Slovakia

Revision in deficit/surplus and debt ratios

0.0

0.0

0.0

0.0

0.1

0.1

  • due to revision of deficit/surplus or debt

0.0

0.0

0.0

0.0

0.0

0.0

  • due to revision of GDP

0.0

0.0

0.0

0.0

0.1

0.1

Finland

Revision in deficit/surplus and debt ratios

0.0

0.0

0.0

0.0

0.2

0.1

  • due to revision of deficit/surplus or debt

0.0

0.0

0.0

0.0

0.0

0.0

  • due to revision of GDP

0.0

0.0

0.0

0.0

0.2

0.1

Sweden

Revision in deficit/surplus and debt ratios

-0.1

-0.1

0.0

0.0

-0.2

-0.3

  • due to revision of deficit/surplus or debt

-0.1

-0.1

0.0

0.0

0.0

0.0

  • due to revision of GDP

0.0

0.0

0.0

0.0

-0.2

-0.3

United Kingdom

Revision in deficit/surplus and debt ratios

0.0

0.0

0.1

0.0

0.0

-0.3

  • due to revision of deficit/surplus or debt

0.0

0.0

0.1

0.0

0.0

0.0

  • due to revision of GDP

0.0

0.0

0.0

0.0

0.0

-0.3

EU27

Revision in deficit/surplus and debt ratios

0.0

0.0

0.0

0.0

0.0

-0.1

  • due to revision of deficit/surplus or debt

0.0

0.0

0.0

0.0

0.0

-0.2

  • due to revision of GDP

0.0

0.0

0.0

0.0

0.1

0.1

EA17

Revision in deficit/surplus and debt ratios

0.0

0.0

0.0

0.0

0.1

-0.1

  • due to revision of deficit/surplus or debt

0.0

0.0

0.0

0.0

0.0

-0.2

  • due to revision of GDP

0.0

0.0

0.0

0.0

0.1

0.2

  • Revisions to deficit/surplus ratios: a positive sign means an improved government balance relative to GDP, and a negative sign a worsening.

Annex 2

Supplementary tables for the financial crisis

Activities undertaken by government to support financial institutions1

Table 1: Net revenue/cost for general government recorded in ESA95 government deficit

Millions of euro

 
 

Euro area (EA17)

EU27

2008

2009

2010

2011

2008

2009

2010

2011

A

Revenue (a+b+c+d)

1 815

9 736

14 404

19 531

30 299

21 322

19 511

24 734

a)

Guarantee fees receivable

243

3 360

6 151

5 624

742

6 553

9 240

8 597

b)

Interest receivable

1 131

5 045

6 584

10 912

2 298

6 475

8 014

12 399

c)

Dividends receivable

69

1 237

1 436

2 608

69

1 237

1 508

3 307

d)

Other

371

93

233

387

27 190

7 056

749

431

B

Expenditure (e+f+g+h)

5 242

16 910

80 481

23 381

39 287

36 469

85 679

29 440

e)

Interest payable (2)

1 528

6 519

9 430

13 213

2 264

10 050

13 982

17 518

f)

Capital injections recorded as deficit-increasing (capital transfer)

1 100

10 097

35 578

8 841

4 185

23 039

35 784

9 230

g)

Calls on guarantees

0

0

450

500

0

0

450

1 606

h)

Other

2 614

293

35 023

828

32 838

3 380

35 464

1 086

C

Net revenue/cost for general government (A-B)

-3 428

-7 174

-66 077

-3 850

-8 988

-15 147

-66 134

-4 689

C

Net revenue/cost for general government (A-B) (% of GDP)

-0.04

-0.08

-0.72

-0.04

-0.07

-0.13

-0.54

-0.04

Source: Eurostat

Table 2: Outstanding amount of assets, actual liabilities4 and contingent liabilities of general government

Millions of euro3

 
 

Euro area (EA17)

EU27

2008

2009

2010

2011

2008

2009

2010

2011

General government

Assets

(D=a+b+c)

D

Closing balance sheet

175 398

209 860

389 256

360 889

214 321

304 907

512 713

446 647

a

Loans

49 487

24 424

23 651

27 386

69 833

59 919

67 373

67 355

b

Securities other than shares

56 662

80 208

257 834

240 024

61 925

86 385

264 002

245 859

c

Shares and other equity

69 249

105 229

107 771

93 478

82 563

158 604

181 338

133 433

Liabilities

(E=d+e)

E

Closing balance sheet

recorded in ESA95 government debt

178 165

220 740

470 079

457 107

244 382

359 291

620 825

603 473

d

Loans

25 725

41 271

251 119

223 804

28 587

43 029

252 114

224 777

e

Securities other than shares4

152 440

179 469

218 961

228 761

215 795

316 262

368 711

374 153

Outside general government

Contingent liabilities

(F=f+g+h)

F

Closing balance sheet

not recorded in ESA 95 debt

509 346

774 093

564 726

570 344

848 832

1 427 678

1 038 874

969 678

f

Liabilities and assets outside general government under guarantee5

493 156

691 012

457 805

484 910

638 358

1 113 480

802 852

799 141

g

Securities issued under liquidity schemes6

1 890

4 617

7 939

2 708

196 174

235 734

135 846

87 232

h

Special purpose entities7

14 300

78 465

98 982

82 726

14 300

78 465

100 177

83 305

(% of GDP)

D

Closing balance sheet - assets

1.9

2.4

4.2

3.8

1.7

2.6

4.2

3.5

E

Closing balance sheet - liabilities

1.9

2.5

5.1

4.9

2.0

3.1

5.1

4.8

F

Closing balance sheet - contingent liabilities

5.5

8.7

6.2

6.1

6.8

12.2

8.5

7.7

Source: Eurostat

The supplementary tables for the financial crisis aim to give a complete picture of the actual and potential impact on government deficit and debt due to government interventions directly related to the support of financial institutions. Support measures for non financial institutions or general economic support measures are not included in the tables.

The first table relates to data on transactions which are recorded in government accounts and have an actual impact on the EDP deficit/surplus. The second table relates to data on stocks of financial assets and liabilities arising from interventions relating to support of financial institutions. It distinguishes between activities which have contributed to government liabilities (included in government debt) and activities which may potentially contribute to government liabilities in the future, but which are currently recorded as contingent on future events (not included for the moment in government debt).

In particular, line C in table 1 shows the net impact in terms of government surplus/deficit for government due to direct government interventions in the financial crisis. It can be seen that government interventions in the context of the financial crisis increased the government deficit in the EU27 by 4.69 bn (0.04% of GDP) in 2011. For the euro area, the net impact amounted to 3.85 bn euro (0.04% of GDP) in 2011.

Table 2 shows that the impact on government debt in 2011 (closing balance sheet for liabilities) for the EU27 was 603.47 bn euro (4.8% of GDP), while for the euro area the figure was 457.11 bn (4.9% of GDP). As far as contingent liabilities are concerned (with a potential impact on debt and possibly on deficit), they amounted to 969.68 bn (7.7% of GDP) for the EU27 and to 570.34 bn (6.1% of GDP) for the euro area.

Further tables on actual and potential impact on government deficit and debt, by Member State, can be found on Eurostat's website at:

http://epp.eurostat.ec.europa.eu/portal/page/portal/government_finance_statistics/excessive_deficit/supplementary_tables_financial_turmoil

  • These tables relate to activities undertaken to support financial institutions. It does not include wider economic stimulus packages.
  • Interest payable includes actual interest where relevant, and otherwise imputed interest on financing.
  • The appropriate valuation for all entries in Table 2 is nominal value, except for ordinary quoted shares held as assets (which are recorded at market value).
  • By convention, for the liabilities entry under "general government" (which is the impact on Maastricht Debt from activities to support financial institutions), there is assumed to be a direct impact on government debt from activities which imply a transfer of cash from government (e.g. transfer of cash relating to capital injections, loans granted, purchase of financial assets), except for the impact from direct borrowing. In addition, imputations relating to the financing costs should be included.
  • Guarantees covered are those granted by general government to non-general government financial institutions. It does not include guarantees on bank deposits, or guarantees on the liabilities of special purpose entities included in (h). It is only the value of active guarantees, not announced ceilings for schemes. It also includes guarantees on assets, which would imply incurrence of government liability in case of a call.
  • Liquidity schemes included here are those where the government securities used are not recorded in government debt (see the Eurostat Decision and accompanying guidance note for details). By convention, they are recorded as "contingent liabilities outside the general government", as for guarantees, though it should be noted that the exposure of government is likely to be limited.
  • Special purpose entities included here are those where government has a significant role, including a guarantee, but which are classified outside the general government sector (see the Eurostat Decision and accompanying guidance note for details). Their liabilities are recorded outside the general government sector (as contingent liabilities of general government).

Annex 3

Quarterly data on government debt1

From the end of the third quarter to the end of the fourth quarter of 2011, the government debt to GDP ratio in the euro area (EA17) increased from 86.7% to 87.2% of GDP. In the EU27 the ratio increased from 81.5% to 82.5%.

Table 1: Government debt structure, 2011Q4 compared with 2011Q3

 
   

2011Q3

2011Q4

EA17

     

Government debt

(million euro)

8 129 825

8 215 289

 

(% of GDP)

86.7

87.2

Of which: Currency and deposits

(million euro)

225 753

225 648

 

(% of total debt)

2.8

2.7

Securities other than shares

(million euro)

6 493 351

6 537 618

 

(% of total debt)

79.9

79.6

Loans

(million euro)

1 410 719

1 452 020

 

(% of total debt)

17.4

17.7

Memo: Intergovernmental lending in the context of the financial crisis

(million euro)

58 585

69 358

(% of GDP)

0.6

0.7

EU27

     

Government debt2

(million euro)

10 240 664

10 421 987

 

(% of GDP)

81.5

82.5

Of which: Currency and deposits

(million euro)

389 644

394 239

 

(% of total debt)

3.8

3.8

Securities other than shares

(million euro)

8 227 865

8 356 578

 

(% of total debt)

80.3

80.2

Loans

(million euro)

1 569 601

1 620 543

 

(% of total debt)

15.3

15.5

Memo: Intergovernmental lending in the context of the financial crisis

(million euro)

58 585

69 358

(% of GDP)

0.5

0.6

Compared with the third quarter of 2011, eighteen Member States registered an increase in their debt to GDP ratio at the end of the fourth quarter of 2011, seven a decrease and two Member States recorded no change. The highest increases in the ratio were recorded in Greece (+6.5 percentage points - pp), Cyprus (+4.7 pp) and Ireland (+3.7 pp), and the largest decreases in Denmark (-2.7 pp), Portugal (-2.4 pp) and Hungary (-2.2 pp).

Figure 1: Changes in government debt to GDP ratio, 2011Q4 compared with 2011Q3

(percentage points)

Table 2: Government debt by Member State

 
 

Government debt

Millions of national currency

% of GDP

Q3/2011

Q4/2011

Q3/2011

Q4/2011

Difference in pp of GDP, Q4/2011 compared with Q3/2011

Belgium

euro

361 139

361 735

98.6

98.0

-0.5

Bulgaria

BGN

11 377

12 293

15.0

16.3

1.3

Czech Republic

CZK

1 522 463

1 567 799

40.1

41.2

1.1

Denmark

DKK

877 336

830 891

49.2

46.5

-2.7

Germany

euro

2 084 035

2 088 472

81.6

81.2

-0.4

Estonia

euro

942

965

6.0

6.0

0.0

Ireland

euro

162 324

169 264

104.5

108.2

3.7

Greece

euro

347 215

355 617

158.8

165.3

6.5

Spain

euro

707 069

734 961

66.0

68.5

2.4

France

euro

1 692 472

1 717 256

85.4

85.8

0.4

Italy

euro

1 882 759

1 897 179

119.3

120.1

0.8

Cyprus

euro

11 862

12 720

66.9

71.6

4.7

Latvia

LVL

6 059

6 028

44.2

42.6

-1.6

Lithuania

LTL

38 725

40 837

37.5

38.5

1.0

Luxembourg

euro

7 839

7 786

18.5

18.2

-0.3

Hungary

HUF

22 957 841

22 691 955

82.8

80.6

-2.2

Malta

euro

4 471

4 600

70.2

72.0

1.7

Netherlands

euro

387 830

392 506

64.5

65.2

0.7

Austria

euro

214 236

217 399

71.6

72.2

0.6

Poland

PLN

839 121

858 931

56.3

56.3

0.0

Portugal

euro

189 612

184 291

110.2

107.8

-2.4

Romania

RON

182 822

192 851

32.7

33.3

0.7

Slovenia

euro

16 060

16 954

44.9

47.6

2.6

Slovakia

euro

28 784

29 911

42.2

43.3

1.1

Finland

euro

89 760

93 030

47.4

48.6

1.2

Sweden

SEK

1 274 260

1 341 110

36.6

38.4

1.8

United Kingdom*

GBP

1 262 973

1 292 632

84.4

85.7

1.3

  • data amended by Eurostat.
  • Provisional release dates during 2012 and 2013 are:
  • Data for first quarter 2012 - 23 July 2012
  • Data for second quarter 2012 - 24 October 2012
  • Data for third quarter 2012 - 23 January 2013
  • The sum of debt components for the EU27 is not equal to total government debt, due to the amendments for the United Kingdom being applied only for total debt.

Further data are available in the integrated publication on quarterly government finance statistics:

http://epp.eurostat.ec.europa.eu/portal/page/portal/government_finance_statistics/data


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