Euro area and EU27 government deficit at 3.7% and 4.0% of GDP respectively

In 2012 the lowest government deficits in percentage of GDP were recorded in Estonia (-0.3%), Sweden (-0.5%),  Bulgaria and Luxembourg (both -0.8%) and Latvia (-1.2%), while Germany (+0.2%) registered a government surplus. Seventeen Member States had deficits higher than 3% of GDP: Spain (-10.6%), Greece (-10.0%), Ireland (-7.6%), Portugal (-6.4%), Cyprus and the United Kingdom (both -6.3%), France (-4.8%), the Czech Republic(-4.4%), Slovakia (-4.3%), the Netherlands (-4.1%), Denmark and Slovenia (both -4.0%), Belgium and Poland (both -3.9%), Malta (-3.3%), Lithuania (-3.2%) and Italy (-3.0%). In all, thirteen Member States recorded an improvement in their government balance relative to GDP in 2012 compared with 2011, twelve a worsening and two remained stable.

At the end of 2012, the lowest ratios of government debt to GDP were recorded in Estonia (10.1%), Bulgaria(18.5%), Luxembourg (20.8%), Romania (37.8%), Sweden (38.2%), Latvia and Lithuania (both 40.7%). Fourteen Member States had government debt ratios higher than 60% of GDP: Greece (156.9%), Italy (127.0%),Portugal (123.6%), Ireland (117.6%), Belgium (99.6%), France (90.2%), the United Kingdom (90.0%), Cyprus (85.8%), Spain (84.2%), Germany (81.9%), Hungary (79.2%), Austria (73.4%), Malta (72.1%) and the Netherlands (71.2%). In all, six Member States recorded an improvement in their government debt relative to GDP in 2012 compared with 2011 and twenty-one a worsening.

In 2012, government expenditure in the euro area was equivalent to 49.9% of GDP and government revenue to 46.2%. The figures for the EU27 were 49.4% and 45.4% respectively. In both zones, the government expenditure and the government revenue ratio increased between 2011 and 2012.