expoplast Sibiu 2019

Provision of deficit and debt data for 2010 – first notification

Euro area and EU27 government deficit at 6.0% and 6.4% of GDP respectively

Government debt at 85.1% and 80.0%

In 2010, the government deficit1 of both the euro area2 (EA17) and the EU27 decreased compared with 2009, while the government debt1 and GDP increased. In the euro area the government deficit to GDP ratio decreased from 6.3% in 20093 to 6.0% in 2010, and in the EU27 from 6.8% to 6.4%. In the euro area the government debt to GDP ratio increased from 79.3% at the end of 2009 to 85.1% at the end of 2010, and in the EU27 from 74.4% to 80.0%.

2007

2008

2009

2010

Euro area (EA17)

GDP market prices (mp)

(million euro)

9 035 939

9 264 270

8 970 953

9 204 316

Government deficit (-) / surplus (+)

(million euro)

-60 082

-188 988

-566 680

-550 481

(% of GDP)

-0.7

-2.0

-6.3

-6.0

Government expenditure

(% of GDP)

45.9

46.9

50.8

50.4

Government revenue

(% of GDP)

45.2

44.8

44.5

44.4

Government debt

(million euro)

5 984 848

6 472 881

7 116 276

7 837 207

(% of GDP)

66.2

69.9

79.3

85.1

EU27

GDP mp

(million euro)

12 398 526

12 494 352

11 788 046

12 280 644

Government deficit (-) / surplus (+)

(million euro)

-108 011

-296 010

-803 807

-784 107

(% of GDP)

-0.9

-2.4

-6.8

-6.4

Government expenditure

(% of GDP)

45.6

46.9

50.8

50.3

Government revenue

(% of GDP)

44.8

44.6

44.0

44.0

Government debt

(million euro)

7 310 759

7 782 775

8 768 748

9 828 232

(% of GDP)

59.0

62.3

74.4

80.0

In 2010 the largest government deficits in percentage of GDP were recorded in Ireland (-32.4%), Greece (-10.5%), the United Kingdom (-10.4%), Spain (-9.2%), Portugal (-9.1%), Poland (-7.9%), Slovakia (-7.9%), Latvia (-7.7%), Lithuania (-7.1%) and France (-7.0%). The lowest deficits were recorded in Luxembourg (-1.7%), Finland (-2.5%) and Denmark (-2.7%). Estonia (0.1%) registered a slight government surplus in 2010 and Sweden (0.0%) was in balance. In all, 21 Member States recorded an improvement in their government balance relative to GDP in 2010 compared with 2009 and six a worsening.

At the end of 2010, the lowest ratios of government debt to GDP were recorded in Estonia (6.6%), Bulgaria (16.2%), Luxembourg (18.4%), Romania (30.8%), Slovenia (38.0%), Lithuania (38.2%), the Czech Republic (38.5%) and Sweden (39.8%). Fourteen Member States had government debt ratios higher than 60% of GDP in 2010: Greece (142.8%), Italy (119.0%), Belgium (96.8%), Ireland (96.2%), Portugal (93.0%), Germany (83.2%), France (81.7%), Hungary (80.2%), the United Kingdom (80.0%), Austria (72.3%), Malta (68.0%), the Netherlands (62.7%), Cyprus (60.8%) and Spain (60.1%).

In 2010, government expenditure4 in the euro area was equivalent to 50.4% of GDP and government revenue4 to 44.4%. The figures for the EU27 were 50.3% and 44.0% respectively. In both zones, the government expenditure ratio decreased between 2009 and 2010, while the government revenue ratio remained almost unchanged.

Reservations on reported data5

Romania: Eurostat is expressing a reservation on the quality of the data reported by Romania, due to uncertainties on the impact of some public corporations on the government deficit, on the reporting of ESA95 categories "other accounts receivable and payable", on the nature and impact of some financial transactions and on the consolidation of intra-governmental flows.

United Kingdom: Eurostat is expressing a reservation on the quality of the data reported by the United Kingdom, due to uncertainties on the time of recording of military expenditure. The United Kingdom does not record military expenditure on a delivery basis, as required by the relevant Eurostat Decision of 9 March 2006.

Amendment by Eurostat to reported data6

United Kingdom: Eurostat has amended the deficit data notified by the United Kingdom for the years 2007 to 2010 for consistency of recording of UMTS licences proceeds in 2000. This leads to an increase in the government deficit in 2007 and 2008 (as well as for financial years 2007/2008 and 2008/2009) by 1 044 mn GBP (0.1% of GDP) and in 2009 and 2010 (financial years 2009/2010 and 2010/2011) by 1 045 mn GBP (0.1% of GDP). There is no change in the reported debt figures.

Eurostat has also amended the deficit and debt data notified by the United Kingdom for the years 2008 to 2010 (as well as for financial years 2008/2009 to 2010/2011), to ensure compliance with the Eurostat guidance note of
16 March 2011 on financial defeasance structures7, with respect to Bradford & Bingley (B&B) and Northern Rock Asset Management (NRAM). This leads to an increase in government deficit by 360 mn GBP (0.03% of GDP) in 2008 (as well as in financial year 2008/2009), by 571 mn GBP (0.04% of GDP) in 2009 (as well as in financial year 2009/2010) and by 1 023 mn GBP (0.07% of GDP) in 2010 (as well as in financial year 2010/2011). The reported debt figures are increased by 32 374 mn GBP (2.24% of GDP) in 2008 (as well as in financial year 2008/2009), by 19 969 mn GBP (1.43% of GDP) in 2009 (as well as in financial year 2009/2010) and by 56 821 mn GBP (3.89% of GDP) in 2010 (as well as in financial year 2010/2011).

Other issues

i. Financial defeasance structures

A number of governments have been confronted with the consequences of the banking crisis, and the necessity of dealing with impaired assets. In some cases this has led to the establishment of specific public financial defeasance structures, with significant support of government. This was particularly the case for Denmark, Germany, Ireland, Latvia, Austria, Portugal, and the United Kingdom8.

ii. Intergovernmental lending

For the purpose of proper consolidation of general government debt in European aggregates and to provide users with information, Eurostat is now publishing data on government loans to other EU governments. For 2010 the intergovernmental lending figures relate mainly to lending to Greece.

iii. Supplementary tables for the financial crisis

Annex 2 contains supplementary tables for the financial crisis for the EU and the euro area. Eurostat publishes supplementary tables by Member State on its website:
//epp.eurostat.ec.europa.eu/portal/page/portal/government_finance_statistics/excessive_deficit/supplementary_tables_financial_turmoil.

These tables contain data on the "net revenue/cost for general government (impact on ESA95 government deficit)" and "outstanding amounts of assets, actual liabilities and contingent liabilities of government" in relation to government interventions in the context of the financial crisis for the years 2007 to 2010. See also the Eurostat decision on the statistical recording of public interventions to support financial institutions and financial markets during the financial crisis (Eurostat News Release 103/2009 of 15 July 2009).

Background

In this News Release, Eurostat, the statistical office of the European Union, is providing9 government deficit and debt data based on figures reported in the first 2011 notification by EU Member States for the years 2007-2010, for the application of the excessive deficit procedure (EDP). This notification is based on the ESA95 system of national accounts. This News Release also includes data on government expenditure and revenue and an annex with the main revisions since the November 2010 News Release.

Eurostat will also be releasing information on the underlying government sector accounts, as well as on the contribution of deficit/surplus and other relevant factors to the variation in the debt level (stock-flow adjustment), on the government finance statistics section on its website:
//epp.eurostat.ec.europa.eu/portal/page/portal/government_finance_statistics/introduction

According to the Protocol on the excessive deficit procedure annexed to the EC Treaty, government deficit (surplus) means the net borrowing (net lending) of the whole general government sector (central government, state government, local government and social security funds). It is calculated according to national accounts concepts (European System of Accounts, ESA95). Government debt is the consolidated gross debt of the whole general government sector outstanding at the end of the year (at nominal value).
Table of euro area and EU27 aggregates: the data are in euro. For those countries not belonging to the euro area, the rate of conversion into euro is as follows:
– for deficit / surplus and GDP data, the annual average exchange rate;
– for the stock of government debt, the end of year exchange rate.
Table of national data: these are in national currencies. For Cyprus, Malta, Slovenia, Slovakia and Estonia, data for the years prior to the adoption of the euro have been converted into euro according to the irrevocable conversion rate.
Euro area (EA17): Belgium, Germany, Greece, Spain, Estonia, France, Ireland, Italy, Cyprus, Luxembourg, Malta, Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland. In the attached table, the euro area is defined as including Cyprus, Estonia, Malta and Slovakia for the full period, although Cyprus and Malta joined the euro area on 1 January 2008, Slovakia on 1 January 2009 and Estonia on 1 January 2011.
In the previous provision of data for the excessive deficit procedure, the 2009 government deficits for the EA16 and the EU27 were 6.3% and 6.8% of GDP respectively. The government debt of the EA16 was 79.2% of GDP and of the EU27 74.0% of GDP. See News Release 170/2010 of 15 November 2010.
Government expenditure and revenue are reported to Eurostat under the ESA95 transmission programme. They are the sum of non-financial transactions by general government, and include both current and capital transactions. For definitions, see Council Regulation No. 2223/96, as amended. It should be noted that the government balance (i.e. the difference between total government revenue and expenditure) is not exactly the same under ESA95 as that for the purpose of the excessive deficit procedure. Regulation (EC) No 2558/2001 on the reclassification of settlements under swaps agreements and forward rate agreements implies that there are two relevant definitions of government deficit/surplus:
· The ESA95 definition of net lending /net borrowing does not include streams of payments and receipts resulting from swap agreements and forward rate agreements, as these are recorded as financial transactions;
· For the purpose of the excessive deficit procedure, streams of payments and receipts resulting from swaps and forward rate agreements are recorded as interest expenditure and contribute to the net lending/net borrowing of general government.
Concerning 2010, for most Member States, the difference, if any, between the two balances is minor except in Sweden (0.31% of GDP), Finland (0.31% of GDP), Denmark (0.21% of GDP), Belgium (0.13% of GDP), Italy (0.11% of GDP), the Netherlands (0.10% of GDP) and Greece (-0.10% of GDP). These differences improve net lending/net borrowing for EDP purposes for all the mentioned countries except Greece.
The term “reservations” is defined in article 15 (1) of Council Regulation 479/2009, as amended. The Commission (Eurostat) expresses reservations when it has doubts on the quality of the reported data.
According to Article 15 (2) of Council Regulation 479/2009, as amended, the Commission (Eurostat) may amend actual data reported by Member States and provide the amended data and a justification of the amendment where there is evidence that actual data reported by Member States do not comply with the quality requirements (compliance with accounting rules, completeness, reliability, timeliness and consistency of statistical data).
The Guidance note on financial defeasance structures can be found on Eurostat’s website at:
//epp.eurostat.ec.europa.eu/portal/page/portal/government_finance_statistics/methodology/guidance_accounting_rules
A separate note is provided on the statistical treatment of government involvement in the banking crisis in 2010, see section 2 of the Eurostat summary note (April 2011) on supplementary tables for the financial crisis at:
//epp.eurostat.ec.europa.eu/portal/page/portal/government_finance_statistics/excessive_deficit/supplementary_tables_financial_turmoil
According to Article 14 (1) of Council Regulation 479/2009, as amended, Eurostat provides the actual government deficit and debt data for the application of the Protocol on the excessive deficit procedure, within three weeks after the reporting deadlines. This provision of data shall be effected through publication.

For further information on the methodology of statistics reported under the excessive deficit procedure, please see Council Regulation 479/2009, as amended by Council Regulation 679/2010 (consolidated version available at //eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CONSLEG:2009R0479:20100819:EN:PDF), Council Regulation 2223/96, as amended (consolidated version available at //eur-lex.europa.eu/LexUriServ/site/en/consleg/1996/R/01996R2223-20030807-en.pdf) and the Eurostat publication "ESA95 manual on government deficit and debt", third edition, 2010, //epp.eurostat.ec.europa.eu/portal/page/portal/product_details/publication?p_product_code=KS-RA-09-017

Issued by:

Eurostat Press Office

Tim ALLEN

Tel: +352-4301-33 444

eurostat-pressoffice@ec.europa.eu

Eurostat news releases on the Internet: //ec.europa.eu/eurostat
Selected Principal European Economic Indicators: //ec.europa.eu/eurostat/euroindicators

GDP, government deficit/surplus and debt in the EU (in national currencies)

2007

2008

2009

2010

Belgium

GDP mp

(million euro)

335 085

345 006

339 162

352 324

Government deficit (-) / surplus (+)

(million euro)

-1 033

-4 345

-19 981

-14 355

(% of GDP)

-0.3

-1.3

-5.9

-4.1

Government expenditure

(% of GDP)

48.4

50.1

54.1

53.1

Government revenue

(% of GDP)

48.1

48.8

48.1

48.9

Government debt

(million euro)

282 106

309 191

326 371

341 019

(% of GDP)

84.2

89.6

96.2

96.8

memo: intergovernmental lending

in the context of the financial crisis

(million euro)

130

830

(% of GDP)

0.0

0.2

Bulgaria

GDP mp

(million BGN)

60 185

69 295

68 322

70 474

Government deficit (-) / surplus (+)

(million BGN)

683

1 149

-3 189

-2 269

(% of GDP)

1.1

1.7

-4.7

-3.2

Government expenditure

(% of GDP)

39.7

37.6

40.7

37.7

Government revenue

(% of GDP)

40.8

39.3

36.0

34.5

Government debt

(million BGN)

10 360

9 484

10 000

11 428

(% of GDP)

17.2

13.7

14.6

16.2

memo: intergovernmental lending

in the context of the financial crisis

(million BGN)

0

0

(% of GDP)

0.0

0.0

Czech Republic

GDP mp

(million CZK)

3 535 460

3 688 997

3 625 865

3 669 759

Government deficit (-) / surplus (+)

(million CZK)

-23 875

-100 346

-212 891

-172 782

(% of GDP)

-0.7

-2.7

-5.9

-4.7

Government expenditure

(% of GDP)

42.5

42.9

45.9

45.2

Government revenue

(% of GDP)

41.8

40.2

40.1

40.5

Government debt

(million CZK)

1 023 784

1 104 915

1 279 622

1 413 544

(% of GDP)

29.0

30.0

35.3

38.5

memo: intergovernmental lending

in the context of the financial crisis

(million CZK)

0

0

(% of GDP)

0.0

0.0

Denmark

GDP mp

(million DKK)

1 695 264

1 740 843

1 656 108

1 745 740

Government deficit (-) / surplus (+)

(million DKK)

81 582

56 111

-44 964

-47 412

(% of GDP)

4.8

3.2

-2.7

-2.7

Government expenditure

(% of GDP)

50.8

51.9

58.4

58.2

Government revenue

(% of GDP)

55.6

55.2

55.6

55.3

Government debt

(million DKK)

466 897

600 070

691 925

760 740

(% of GDP)

27.5

34.5

41.8

43.6

memo: intergovernmental lending

in the context of the financial crisis

(million DKK)

0

0

(% of GDP)

0.0

0.0

Germany

GDP mp

(million euro)

2 432 400

2 481 200

2 397 100

2 498 800

Government deficit (-) / surplus (+)

(million euro)

6 550

2 820

-72 910

-81 630

(% of GDP)

0.3

0.1

-3.0

-3.3

Government expenditure

(% of GDP)

43.6

43.8

47.5

46.6

Government revenue

(% of GDP)

43.8

43.9

44.5

43.3

Government debt

(million euro)

1 578 814

1 644 138

1 760 753

2 079 629

(% of GDP)

64.9

66.3

73.5

83.2

memo: intergovernmental lending

in the context of the financial crisis

(million euro)

784

6 049

(% of GDP)

0.0

0.2

GDP, government deficit/surplus and debt in the EU (in national currencies)

2007

2008

2009

2010

Estonia

GDP mp

(million euro)

15 828

16 107

13 861

14 501

Government deficit (-) / surplus (+)

(million euro)

402

-457

-240

18

(% of GDP)

2.5

-2.8

-1.7

0.1

Government expenditure

(% of GDP)

34.4

39.9

45.2

40.0

Government revenue

(% of GDP)

36.9

37.0

43.4

40.1

Government debt

(million euro)

592

741

991

951

(% of GDP)

3.7

4.6

7.2

6.6

memo: intergovernmental lending

in the context of the financial crisis

(million euro)

0

0

(% of GDP)

0.0

0.0

Ireland

GDP mp

(million euro)

189 374

179 989

159 645

153 939

Government deficit (-) / surplus (+)

(million euro)

128

-13 196

-22 795

-49 903

(% of GDP)

0.1

-7.3

-14.3

-32.4

Government expenditure

(% of GDP)

36.7

42.8

48.2

67.0

Government revenue

(% of GDP)

36.8

35.5

33.9

34.6

Government debt

(million euro)

47 361

79 837

104 782

148 074

(% of GDP)

25.0

44.4

65.6

96.2

memo: intergovernmental lending

in the context of the financial crisis

(million euro)

0

345

(% of GDP)

0.0

0.2

Greece

GDP mp

(million euro)

227 074

236 917

235 017

230 173

Government deficit (-) / surplus (+)

(million euro)

-14 524

-23 121

-36 306

-24 193

(% of GDP)

-6.4

-9.8

-15.4

-10.5

Government expenditure

(% of GDP)

46.6

49.7

52.9

49.5

Government revenue

(% of GDP)

40.0

39.9

37.3

39.1

Government debt

(million euro)

239 364

262 318

298 706

328 588

(% of GDP)

105.4

110.7

127.1

142.8

memo: intergovernmental lending

in the context of the financial crisis

(million euro)

0

0

(% of GDP)

0.0

0.0

Spain

GDP mp

(million euro)

1 053 537

1 088 124

1 053 914

1 062 591

Government deficit (-) / surplus (+)

(million euro)

20 066

-45 189

-117 306

-98 227

(% of GDP)

1.9

-4.2

-11.1

-9.2

Government expenditure

(% of GDP)

39.2

41.3

45.8

45.0

Government revenue

(% of GDP)

41.1

37.1

34.7

35.7

Government debt

(million euro)

380 661

433 611

561 319

638 767

(% of GDP)

36.1

39.8

53.3

60.1

memo: intergovernmental lending

in the context of the financial crisis

(million euro)

0

2 585

(% of GDP)

0.0

0.2

France

GDP mp

(million euro)

1 895 284

1 948 511

1 907 145

1 947 576

Government deficit (-) / surplus (+)

(million euro)

-51 557

-64 299

-142 540

-136 525

(% of GDP)

-2.7

-3.3

-7.5

-7.0

Government expenditure

(% of GDP)

52.4

52.9

56.2

56.2

Government revenue

(% of GDP)

49.6

49.5

48.7

49.2

Government debt

(million euro)

1 211 563

1 318 601

1 492 746

1 591 169

(% of GDP)

63.9

67.7

78.3

81.7

memo: intergovernmental lending

in the context of the financial crisis

(million euro)

0

4 448

(% of GDP)

0.0

0.2

GDP, government deficit/surplus and debt in the EU (in national currencies)

2007

2008

2009

2010

Italy

GDP mp

(million euro)

1 546 177

1 567 761

1 519 702

1 548 816

Government deficit (-) / surplus (+)

(million euro)

-23 541

-42 705

-81 741

-71 211

(% of GDP)

-1.5

-2.7

-5.4

-4.6

Government expenditure

(% of GDP)

47.9

48.8

51.8

50.5

Government revenue

(% of GDP)

46.4

46.1

46.5

46.0

Government debt

(million euro)

1 602 115

1 666 603

1 763 864

1 843 015

(% of GDP)

103.6

106.3

116.1

119.0

memo: intergovernmental lending

in the context of the financial crisis

(million euro)

0

3 890

(% of GDP)

0.0

0.3

Cyprus

GDP mp

(million euro)

15 879

17 287

16 946

17 465

Government deficit (-) / surplus (+)

(million euro)

537

158

-1 011

-926

(% of GDP)

3.4

0.9

-6.0

-5.3

Government expenditure

(% of GDP)

41.2

41.7

45.8

46.6

Government revenue

(% of GDP)

44.6

42.6

39.8

41.3

Government debt

(million euro)

9 262

8 347

9 826

10 619

(% of GDP)

58.3

48.3

58.0

60.8

memo: intergovernmental lending

in the context of the financial crisis

(million euro)

0

43

(% of GDP)

0.0

0.2

Latvia

GDP mp

(million LVL)

14 780

16 188

13 083

12 736

Government deficit (-) / surplus (+)

(million LVL)

-52

-682

-1 264

-984

(% of GDP)

-0.3

-4.2

-9.7

-7.7

Government expenditure

(% of GDP)

35.8

38.8

44.2

42.9

Government revenue

(% of GDP)

35.4

34.6

34.6

35.2

Government debt

(million LVL)

1 330

3 181

4 802

5 694

(% of GDP)

9.0

19.7

36.7

44.7

memo: intergovernmental lending

in the context of the financial crisis

(million LVL)

0

0

(% of GDP)

0.0

0.0

Lithuania

GDP mp

(million LTL)

98 669

111 483

91 526

94 625

Government deficit (-) / surplus (+)

(million LTL)

-1 001

-3 664

-8 727

-6 705

(% of GDP)

-1.0

-3.3

-9.5

-7.1

Government expenditure

(% of GDP)

34.8

37.4

44.0

41.3

Government revenue

(% of GDP)

33.8

34.1

34.5

34.2

Government debt

(million LTL)

16 698

17 375

26 983

36 114

(% of GDP)

16.9

15.6

29.5

38.2

memo: intergovernmental lending

in the context of the financial crisis

(million LTL)

0

0

(% of GDP)

0.0

0.0

Luxembourg

GDP mp

(million euro)

37 490

39 644

38 073

41 598

Government deficit (-) / surplus (+)

(million euro)

1 374

1 172

-348

-710

(% of GDP)

3.7

3.0

-0.9

-1.7

Government expenditure

(% of GDP)

36.2

36.9

42.2

41.2

Government revenue

(% of GDP)

39.8

39.8

41.3

39.5

Government debt

(million euro)

2 502

5 395

5 541

7 661

(% of GDP)

6.7

13.6

14.6

18.4

memo: intergovernmental lending

in the context of the financial crisis

(million euro)

0

55

(% of GDP)

0.0

0.1

GDP, government deficit/surplus and debt in the EU (in national currencies)

2007

2008

2009

2010

Hungary

GDP mp

(million HUF)

25 321 478

26 753 906

26 054 327

27 119 836

Government deficit (-) / surplus (+)

(million HUF)

-1 274 100

-985 940

-1 182 573

-1 132 029

(% of GDP)

-5.0

-3.7

-4.5

-4.2

Government expenditure

(% of GDP)

50.0

48.8

50.5

48.9

Government revenue

(% of GDP)

45.0

45.2

46.1

44.6

Government debt

(million HUF)

16 732 814

19 346 851

20 422 403

21 749 418

(% of GDP)

66.1

72.3

78.4

80.2

memo: intergovernmental lending

in the context of the financial crisis

(million HUF)

0

0

(% of GDP)

0.0

0.0

Malta

GDP mp

(million euro)

5 462

5 904

5 851

6 246

Government deficit (-) / surplus (+)

(million euro)

-128

-268

-217

-226

(% of GDP)

-2.4

-4.5

-3.7

-3.6

Government expenditure

(% of GDP)

42.6

43.5

43.2

42.3

Government revenue

(% of GDP)

40.3

39.0

39.5

38.7

Government debt

(million euro)

3 385

3 632

3 954

4 248

(% of GDP)

62.0

61.5

67.6

68.0

memo: intergovernmental lending

in the context of the financial crisis

(million euro)

0

20

(% of GDP)

0.0

0.3

Netherlands

GDP mp

(million euro)

571 773

596 226

571 979

591 477

Government deficit (-) / surplus (+)

(million euro)

1 048

3 389

-31 318

-31 979

(% of GDP)

0.2

0.6

-5.5

-5.4

Government expenditure

(% of GDP)

45.3

46.0

51.4

51.2

Government revenue

(% of GDP)

45.4

46.6

45.9

45.9

Government debt

(million euro)

258 982

347 065

347 610

371 028

(% of GDP)

45.3

58.2

60.8

62.7

memo: intergovernmental lending

in the context of the financial crisis

(million euro)

0

1 247

(% of GDP)

0.0

0.2

Austria

GDP mp

(million euro)

272 010

283 085

274 320

284 002

Government deficit (-) / surplus (+)

(million euro)

-2 372

-2 635

-11 296

-13 169

(% of GDP)

-0.9

-0.9

-4.1

-4.6

Government expenditure

(% of GDP)

49.0

49.3

53.0

53.0

Government revenue

(% of GDP)

48.0

48.3

48.8

48.3

Government debt

(million euro)

165 024

180 475

191 002

205 212

(% of GDP)

60.7

63.8

69.6

72.3

memo: intergovernmental lending

in the context of the financial crisis

(million euro)

0

607

(% of GDP)

0.0

0.2

Poland

GDP mp

(million PLN)

1 176 737

1 275 432

1 343 657

1 415 514

Government deficit (-) / surplus (+)

(million PLN)

-22 134

-46 849

-98 714

-111 154

(% of GDP)

-1.9

-3.7

-7.3

-7.9

Government expenditure

(% of GDP)

42.2

43.2

44.5

45.7

Government revenue

(% of GDP)

40.3

39.5

37.2

37.8

Government debt

(million PLN)

529 370

600 829

684 073

778 212

(% of GDP)

45.0

47.1

50.9

55.0

memo: intergovernmental lending

in the context of the financial crisis

(million PLN)

0

0

(% of GDP)

0.0

0.0

GDP, government deficit/surplus and debt in the EU (in national currencies)

2007

2008

2009

2010

Portugal

GDP mp

(million euro)

169 319

171 983

168 610

172 546

Government deficit (-) / surplus (+)

(million euro)

-5 333

-6 081

-17 039

-15 783

(% of GDP)

-3.1

-3.5

-10.1

-9.1

Government expenditure

(% of GDP)

44.4

44.7

49.8

50.7

Government revenue

(% of GDP)

41.1

41.1

39.7

41.5

Government debt

(million euro)

115 587

123 108

139 945

160 470

(% of GDP)

68.3

71.6

83.0

93.0

memo: intergovernmental lending

in the context of the financial crisis

(million euro)

0

548

(% of GDP)

0.0

0.3

Romania

GDP mp

(million RON)

416 007

514 700

498 008

513 641

Government deficit (-) / surplus (+)

(million RON)

-10 935

-29 515

-42 439

-33 074

(% of GDP)

-2.6

-5.7

-8.5

-6.4

Government expenditure

(% of GDP)

36.3

38.3

40.6

40.8

Government revenue

(% of GDP)

33.7

32.6

32.1

34.3

Government debt

(million RON)

52 417

68 849

117 294

158 005

(% of GDP)

12.6

13.4

23.6

30.8

memo: intergovernmental lending

in the context of the financial crisis

(million RON)

0

0

(% of GDP)

0.0

0.0

Slovenia

GDP mp

(million euro)

34 568

37 305

35 384

36 061

Government deficit (-) / surplus (+)

(million euro)

-22

-673

-2 109

-2 027

(% of GDP)

-0.1

-1.8

-6.0

-5.6

Government expenditure

(% of GDP)

42.5

44.1

49.0

49.0

Government revenue

(% of GDP)

42.4

42.3

43.1

43.4

Government debt

(million euro)

7 981

8 180

12 449

13 704

(% of GDP)

23.1

21.9

35.2

38.0

memo: intergovernmental lending

in the context of the financial crisis

(million euro)

0

103

(% of GDP)

0.0

0.3

Slovakia

GDP mp

(million euro)

61 555

67 007

63 051

65 906

Government deficit (-) / surplus (+)

(million euro)

-1 115

-1 397

-5 022

-5 207

(% of GDP)

-1.8

-2.1

-8.0

-7.9

Government expenditure

(% of GDP)

34.3

35.0

41.5

41.0

Government revenue

(% of GDP)

32.5

32.9

33.6

33.1

Government debt

(million euro)

18 198

18 624

22 331

26 998

(% of GDP)

29.6

27.8

35.4

41.0

memo: intergovernmental lending

in the context of the financial crisis

(million euro)

0

0

(% of GDP)

0.0

0.0

Finland

GDP mp

(million euro)

179 702

184 649

171 193

180 295

Government deficit (-) / surplus (+)

(million euro)

9 314

7 788

-4 502

-4 427

(% of GDP)

5.2

4.2

-2.6

-2.5

Government expenditure

(% of GDP)

47.2

49.3

56.3

55.1

Government revenue

(% of GDP)

52.4

53.5

53.4

52.3

Government debt

(million euro)

63 225

63 015

74 998

87 216

(% of GDP)

35.2

34.1

43.8

48.4

memo: intergovernmental lending

in the context of the financial crisis

(million euro)

0

392

(% of GDP)

0.0

0.2

GDP, government deficit/surplus and debt in the EU (in national currencies)

2007

2008

2009

2010

Sweden

GDP mp

(million SEK)

3 126 018

3 204 320

3 089 181

3 301 072

Government deficit (-) / surplus (+)

(million SEK)

112 806

71 454

-21 134

-1 185

(% of GDP)

3.6

2.2

-0.7

0.0

Government expenditure

(% of GDP)

51.0

51.7

55.2

53.0

Government revenue

(% of GDP)

54.5

53.9

54.2

52.7

Government debt

(million SEK)

1 257 470

1 243 295

1 320 825

1 312 601

(% of GDP)

40.2

38.8

42.8

39.8

memo: intergovernmental lending

in the context of the financial crisis

(million SEK)

0

0

(% of GDP)

0.0

0.0

United Kingdom*

GDP mp

(million GBP)

1 404 845

1 445 580

1 394 989

1 453 616

Government deficit (-) / surplus (+)

(million GBP)

-38 324

-72 651

-158 638

-151 001

(% of GDP)

-2.7

-5.0

-11.4

-10.4

Government expenditure

(% of GDP)

44.0

47.4

51.4

50.9

Government revenue

(% of GDP)

41.3

42.5

40.3

40.6

Government debt

(million GBP)

624 700

785 979

970 472

1 162 635

(% of GDP)

44.5

54.4

69.6

80.0

memo: intergovernmental lending

in the context of the financial crisis

(million GBP)

0

0

(% of GDP)

0.0

0.0

Financial year (fy)

2007/2008

2008/2009

2009/2010

2010/2011

GDP mp

(million GBP)

1 423 649

1 432 418

1 406 248

1 473 000

Government deficit (-) / surplus (+)

(million GBP)

-39 293

-98 805

-161 927

-146 791

(% of GDP)

-2.8

-6.9

-11.5

-10.0

Government debt

(million GBP)

620 111

832 318

1 020 204

1 215 921

(% of GDP)

43.6

58.1

72.5

82.5

memo: intergovernmental lending

in the context of the financial crisis

(million GBP)

0

0

(% of GDP)

0.0

0.0

* Data refer to calendar years. Data referring to the financial year (1 April to 31 March), are shown in italics. For the United Kingdom, the relevant data for implementation of the excessive deficit procedure are financial year data.

Annex 1

Main revisions between the October 2010 and the April 2011 notifications

Below are shown country specific explanations for the largest revisions in deficit and debt for 2007-2009 between the October 2010 and April 2011 notifications, as well as in GDP.

Since the October 2010 notification, there have been revisions of the 2009 government deficit of +0.6% in one Member State, between +0.2% and -0.2% in 23 Member States and between -0.4% and -0.7% in three Member States.

Deficit

Greece: The increase in the deficit for 2008 is due to updated source data relating mainly to accounts payable of social security funds.

Latvia: The decrease in the deficit for 2009 is mainly due to a change in time of recording of receipts from sales of Kyoto emission allowances.

Lithuania: The increase in the deficit for 2009 is mainly due to new source data for the local government sub-sector.

Austria: The increase in the deficit for 2007 to 2009 is due to assumption of debt of the railway company and public hospitals.

Portugal: The increase in the deficit for 2007 to 2009 is due to the classification of three public corporations in the government sector.

Slovenia: The increase in the deficit for 2009 is mainly due to updated source data relating to taxes and subsidies.

Sweden: The decrease in the deficit for 2009 is mainly due to updated source data on income taxes.

Debt

Austria: The increase in the debt for 2007 to 2009 is due to assumption of debt of the railway company and public hospitals and the inclusion of accounts payable relating to cash collaterals on financial derivatives.

Portugal: The increase in the debt for 2007 to 2009 is due to the classification of three public corporations in the government sector.

Slovenia: The increase in the debt mainly for 2008 is due to updated source data relating to bonds issued by central government.

Sweden: The increase in the debt for 2008 and 2009 is mainly due to inclusion of accounts payable relating to cash collaterals on financial derivatives.

United Kingdom: The increase in debt for 2008 and 2009 is due to the amendment of data by Eurostat, with respect to financial defeasance structures.

GDP

The GDP for 2009 notified in April 2011 for EDP purposes was revised by a number of Member States compared to that notified in October 2010 by small amounts. An increase of more than 1% of GDP has been notified for Malta and Romania. Changes in GDP affect deficit and debt ratios due to the denominator effect.

Revisions in government deficit/surplus and government debt ratios
from the October 2010 to the April 2011 notification