PUBLIC ACCOUNTS : DEFICIT DOWN, DEBT UP IN EUROZONE AND EU.

• Position: Statistical data

In 2011, the government deficit of both the eurozone and the EU27 decreased compared with 2010, while the government debt rose in both zones, according to data published, on 22 October, by Eurostat. In the eurozone, the government deficit to GDP ratio decreased from 6.2% in 2010 to 4.1% in 2011, and in the EU27 from 6.5% to 4.4%. However, in the eurozone the government debt to GDP ratio increased from 85.4% at the end of 2010 to 87.3% at the end of 2011; and in the EU27 from 80% to 82.5%.

Under the convergence criteria, the annual government deficit of the member states should not exceed 3% of the GDP and the government debt 60% of GDP.

In 2011, the lowest government deficits relative to GDP were recorded in Luxembourg (-0.3%), Finland (-0.6%) and Germany (-0.8%), while Hungary (+4.3%), Estonia (+1.1%) and Sweden (+0.4%) registered surpluses. Seventeen member states had deficits higher than 3% of GDP: Ireland (-13.4%), Greece and Spain (both -9.4%), the UK (-7.8%), Slovenia (-6.4%), Cyprus (-6.3%), Lithuania and Romania (both -5.5%), France (-5.2%), Poland (-5%), Slovakia (-4.9%), the Netherlands (-4.5%), Portugal (-4.4%), Italy (-3.9%), Belgium (-3.7%), Latvia (-3.4%) and the Czech Republic (-3.3%).

At the end of 2011, the lowest ratios of government debt to GDP were recorded in Estonia (6.1%), Bulgaria (16.3%), Luxembourg (18.3%), Romania (33.4%), Sweden (38.4%) and Lithuania (38.5%). Fourteen member states had government debt ratios higher than 60% of GDP: Greece (170.6%), Italy (120.7%), Portugal...