Italy, Hungary, and Romania had highest government deficit in EU 2023

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The government deficit in the European Union increased from 3.2% of GDP in 2022 to 3.5% in 2023, the highest deficit being recorded last year in Italy (minus 7.2%), Hungary (minus 6.7% ) and Romania (minus 6.5%), according to the data published on Tuesday by the European Statistical Office (Eurostat). In the euro area, the government deficit rose from 3.5% of GDP in 2022 to 3.6% in 2023.
Last year, all EU Member States except Denmark (3.3%), Cyprus (2%), Ireland (1.5%) and Portugal (1.2%) reported a government deficit, and ten EU Member States have recorded government deficits higher than 3% of GDP in 2023.
Also on Tuesday, Eurostat published the data on the government debt. Thus, at the end of the fourth quarter of 2023, the share of government debt in GDP in the European Union stood at 80.8%, from a level of 82.5% in the last quarter of 2022, while in the euro area the share of government debt in GDP at the end of the fourth quarter of 2023 stood at 87.4%, down from a level of 89.5% in the last quarter of 2022.
At the end of the fourth quarter of 2023, the lowest debt-to-GDP ratio was recorded in Estonia (20.2%), Bulgaria (22.9%), Luxembourg (25.5%), Sweden (31.5%), Denmark (33.6%) and Lithuania (37.3%). 13 member states recorded in 2023 a share of government debt in GDP higher than 60%, the highest level being in Greece (163.9%), Italy (134.8%), France (109.9%), Spain (105.1%) and Belgium (103.1%).
In the case of Romania, Eurostat data show that the government deficit increased from a value of 88.653 billion lei in 2022 (6.4% of GDP) to 104.850 billion lei (6.5% of GDP) in 2023. This, in conditions in which government spending fell from 40.4% of GDP in 2022 to 40.3% of GDP last year, and revenues fell from 34% of GDP to 33.7% of GDP. At the end of the fourth quarter of 2023, Romania registered a debt-to-GDP ratio of 48.9%, from 47.9% in 2022.
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