Romania: Among EU Countries with Highest Deficit, Debt Growth in 2023
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Romania recorded a budget deficit of 6.6% of GDP last year, according to Eurostat data, being 0.3 percentage points higher compared to 2022. If we refer to the national methodology, it amounted to 5.68%, in while in 2022 it was 5.76%.
According to Eurostat, ahead of us were Italy with 7.4% and Hungary with 6.7%. There were also countries with budget surpluses, such as Cyprus and Denmark (both +3.1%), Ireland (+1.7%) and Portugal (+1.2%).
As a European average, the deficit is 3.5% in 2023, while in the euro area: 3.6%. The share of government debt to GDP in the European Union stood at 81.7% last year, falling from a level of 83.4% in 2022. The most indebted member countries are Greece (161.9%), Italy (137.7%), France (110.6%), Spain (107.7%) and Belgium (105.2%). At the opposite pole are Estonia (19.6%), Bulgaria (23.1%), Luxembourg (25.7%) and Denmark (29.3%).
Romania recorded a public debt of 48.8% of GDP last year, one of the lowest in the European Union. In absolute figures, Romania’s government debt stood at 783.5 billion lei at the end of last year (48.8% of GDP), increasing from 665.4 billion lei at the end of 2022 (47.5% of GDP).
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