Three Member States had deficits equal to or higher than 3 percent of GDP last year. It’s about Spain (-4.5 percent), France (-3.4 percent) and Romania (-3 percent), according to Eurostat, the statistical office of the European Union.
In 2016, Luxembourg (+1.6 percent), Malta and Sweden (both +1.1 percent), Germany (+0.8 percent), the Czech Republic (+0.7 percent), Greece and Cyprus (both +0.5 percent), the Netherlands (+0.4 percent) and Lithuania (+0.3 percent) registered a government surplus, while Latvia and Bulgaria reported a government balance. The lowest government deficits as a percentage of GDP were recorded in Estonia (-0.3 percent), Denmark (-0.6 percent), Ireland (-0.7 percent) and Croatia (-0.9 percent).
However, at the end of 2016, the lowest ratios of government debt to GDP were recorded in Estonia (9.4 percent), Luxembourg (20.8 percent), Bulgaria (29 percent), the Czech Republic (36.8 percent), Romania (37.6 percent) and Denmark (37.7 percent).
Just recently, Minister of Public Finance Ionut Misa announced the budget projection for 2018 allows a budget deficit of 2.96 percent, according to ESA methodology.
Sixteen Member States had government debt ratios higher than 60 percent of GDP, with the highest registered in Greece (180.8 percent), Italy (132 percent), Portugal (130.1 percent), Cyprus (107.1 percent) and Belgium (105.7 percent).
In 2016, government expenditure in the euro area was equivalent to 47.6 percent of GDP and government revenue to 46.1 percent. The figures for the EU28 were 46.3 percent and 44.7 percent respectively.