Eurostat: Romania’s deficit in 2017, below 3 pc of GDP, met the target

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Romania posted a budget deficit of 2.9 percent of GDP last year, Eurostat, the statistical office of the European Union, shows. Thus, Romania had the third-largest deficit among the 28 European Union member states and is within the parameters set out in the agreement with the EU.

Two Member States had deficits equal to or higher than 3 percent of GDP: Spain (-3.1 percent) and Portugal (-3.0 percent).

In 2017, Malta (+3.9 percent), Cyprus (+1.8 percent), the Czech Republic (+1.6 percent), Luxembourg (+1.5 percent), Sweden and Germany (both +1.3 percent), the Netherlands (+1.1 percent), Denmark (+1.0 percent), Bulgaria (+0.9 percent), Greece and Croatia (both +0.8 percent) and Lithuania (+0.5 percent) registered a government surplus, while Slovenia reported a government balance.

The lowest government deficits as a percentage of GDP were recorded in Ireland and Estonia (both -0.3 percent), Latvia (-0.5 percent) and Finland (-0.6 percent).

At the same time, in the euro area the government deficit to GDP ratio fell from 1.5 percent in 2016 to 0.9 percent in 2017, and in the EU28 from 1.6 percent to 1 percent. In the euro area the government debt to GDP ratio declined from 89.0% at the end of 2016 to 86.7 percent at the end of 2017, and in the EU28 from 83.3 percent to 81.6 percent.

Eurostat also notes, at the end of 2017, the lowest ratios of government debt to GDP were recorded in Estonia (9 percent), Luxembourg (23 percent), Bulgaria (25.4 percent), the Czech Republic (34.6 percent), Romania (35 percent) and Denmark (36.4 percent).

Fifteen Member States had government debt ratios higher than 60 percent of GDP, with the highest registered in Greece (178.6 percent), Italy (131.8 percent), Portugal (125.7 percent), Belgium (103.1 percent) and Spain (98.3 percent).

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