Fourth
quarter of 2013
Seasonally
adjusted government deficit down to 2.6% of GDP in the euro area
Deficit
decreases to 3.1% of GDP in the EU28
In
the fourth quarter of 2013, the seasonally adjusted1
general government deficit2
to GDP ratio stood at 2.6% in the euro
area3
(EA18), down from 3.1% in the third quarter of 2013. In the EU283
the deficit to GDP ratio also decreased from 3.5% of GDP in the third
quarter of 2013 to 3.1% of GDP in the fourth quarter of 2013.
These
data are released by Eurostat,
the statistical office of the European Union.
Seasonally
adjusted*
government revenue, expenditure and surplus/deficit in the euro area
and EU
|
%
of GDP
|
2012Q1
|
2012Q2
|
2012Q3
|
2012Q4
|
2013Q1
|
2013Q2
|
2013Q3
|
2013Q4
|
|
EA18
|
|
|
|
|
|
|
|
|
|
surplus
(+)/ deficit (-)
|
-3.5
|
-3.8
|
-3.7
|
-3.9
|
-3.2
|
-3.3
|
-3.1
|
-2.6
|
|
total
revenue
|
45.8
|
45.9
|
46.1
|
46.9
|
46.6
|
46.7
|
46.8
|
46.9
|
|
total
expenditure
|
49.3
|
49.7
|
49.8
|
50.8
|
49.8
|
50.0
|
49.9
|
49.5
|
|
EA17
|
|
|
|
|
|
|
|
|
|
surplus
(+)/ deficit (-)
|
-3.5
|
-3.8
|
-3.7
|
-3.9
|
-3.2
|
-3.3
|
-3.1
|
-2.6
|
|
total
revenue
|
45.9
|
45.9
|
46.1
|
46.9
|
46.6
|
46.7
|
46.8
|
47.0
|
|
total
expenditure
|
49.4
|
49.7
|
49.8
|
50.8
|
49.8
|
50.1
|
49.9
|
49.6
|
|
EU28
|
|
|
|
|
|
|
|
|
|
surplus
(+)/ deficit (-)
|
-4.1
|
-3.4
|
-4.1
|
-4.4
|
-3.4
|
-3.5
|
-3.5
|
-3.1
|
|
total
revenue
|
44.8
|
45.9
|
45.1
|
45.6
|
45.5
|
45.9
|
45.7
|
45.7
|
|
total
expenditure
|
48.9
|
49.3
|
49.1
|
50.0
|
48.9
|
49.4
|
49.2
|
48.8
|
|
EU27
|
|
|
|
|
|
|
|
|
|
surplus
(+)/ deficit (-)
|
-4.1
|
-3.4
|
-4.1
|
-4.4
|
-3.4
|
-3.5
|
-3.5
|
-3.1
|
|
total
revenue
|
44.8
|
45.9
|
45.1
|
45.6
|
45.5
|
45.9
|
45.7
|
45.7
|
|
total
expenditure
|
48.9
|
49.3
|
49.1
|
50.0
|
48.9
|
49.4
|
49.2
|
48.8
|
* Working
day and seasonally adjusted. Data are a combination of national and
Eurostat estimates
Government
revenue and expenditure for the euro area and EU28
In
the fourth quarter of 2013, total government revenue in the euro
area
amounted to 46.9% of GDP,
compared with 46.8% in the third quarter of 2013. Total government
expenditure in the euro
area
reached 49.5% of GDP, down from 49.9% in the previous quarter.
In
the fourth quarter of 2013, total government revenue in the EU28
was
45.7% of GDP, stable compared with the third quarter of 2013. Total
government expenditure in the EU28
was
48.8% of GDP, down from 49.2% in the previous quarter.
Seasonally
adjusted*
government surplus/deficit in the euro area and EU
* Working
day and seasonally adjusted. Data are a combination of national and
Eurostat estimates. Euro area is EA18. EU is EU27, since a full time
series of data is not yet available for Croatia.
- Data for the euro area and EU aggregates are working day and seasonally adjusted by Eurostat using an indirect approach (by country) for total revenue and total expenditure. Both revenue and expenditure exhibit a clear seasonal pattern. The surplus (+)/deficit (-) is derived indirectly from the above-mentioned transactions. For the ratios to GDP, working day and seasonally adjusted GDP is used.
Selected
countries also supply Eurostat with their own estimates of working
day and seasonally adjusted data for general government total revenue
and total expenditure on a voluntary basis and permit Eurostat to
publish these estimates.
For
available Member State data, both seasonally adjusted and
non-seasonally adjusted, and country-specific metadata on working day
and seasonal adjustment, please refer to the information published on
the Eurostat ‘Statistics Explained’ page on quarterly government
accounts:
EU28
seasonally adjusted data have been estimated using EU27 seasonally
adjusted data and the available quarterly pattern for Croatia.
Croatian
quarterly data are available from 2012 Q1.
- Quarterly non-financial accounts for general government are collected from the Member States according to Commission Regulation (EC) 264/2000 of 3 February 2000 on the implementation of Council Regulation (EC) 2223/96 with respect to short-term public finance statistics and Regulation (EC) 1221/2002 of the European Parliament and of the Council of 10 June 2002 on quarterly non-financial accounts for general government. The definition of total revenue and total expenditure is defined in Commission Regulation (EC) 1500/2000 of 10 July 2000 implementing Council Regulation (EC) 2223/96 with respect to general government expenditure and revenue. In this publication the definition of net lending (+)/net borrowing (-), also referred to as surplus (+)/deficit (-) is applied as defined in Council Regulation (EC) 2223/96 of 25 June 1996 on the European system of national and regional accounts in the Community. This definition differs slightly from the one used for the purposes of the Excessive Deficit Procedure, which treats swaps and forwards as non-financial transactions. In the definition used here, these are treated as financial transactions and thus do not impact the deficit. For most countries and the EU aggregates, the difference between the two measures is small.
Following
the availability of more detailed annual data sources for 2013, data
in many Member States is expected to be revised. Annual EDP data
notified by Member States in April and October are the subject of a
thorough verification by Eurostat, which can lead to a revision of
previously published quarterly data for general government as
transmitted under the ESA95 regulation.
Quarterly
non-financial accounts for general government are published in the
Eurostat database:
- Up to 31 December 2013, the euro area (EA17) included Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland. From 1 January 2014 the euro area (EA18) also includes Latvia.
Up
to 30 June 2013 the European Union (EU27) included Belgium, Bulgaria,
the Czech Republic, Denmark, Germany, Estonia, Ireland, Greece,
Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary,
Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia,
Slovakia Finland, Sweden and the United Kingdom. From 1 July 2013 the
European Union (EU28) also includes Croatia.
Further
data are available in the integrated publication on quarterly
government finance statistics:
Issued
by: Eurostat
Press Office
Tim
ALLEN
Tel:
+352-4301-33 444
Eurostat
news releases on the internet:
Selected
Principal European Economic Indicators:
http://ec.europa.eu/eurostat/euroindicators
Follow
Eurostat on Twitter: http://twitter.com/EU_Eurostat
For
further information on data:
Luca
ASCOLI
Tel:
+352-4301-32 707
Laura
WAHRIG
Martim
ASSUNCAO
Laurent
FREYSSON
Irena
KOSTADINOVA
Michele
MAROTTA
Tel:
+352-4301-37 687
