Croatia among 14 EU states with excessive budget deficit

In 2014 Croatia was among 14 European Union member states with a deficit to Gross Domestic Product (GDP) ratio of three or more percent and one of 16 countries with the share of public debt in GDP greater than the permitted 60%, Eurostat reported on Wednesday.

Last year four EU member states recorded a surplus -- Denmark (+1.5%), Luxembourg (+1.4%), Estonia (+0.7%) and Germany (+0.3%).

Croatia's budget deficit of 5.6% of GDP placed it in a group of 14 EU countries with a budget deficit of 3% or more. Its deficit decreased by 0.1 percentage points compared with April estimates, as reported by the State Bureau of Statistics (DZS) on Tuesday.

The highest budget deficit in 2014 was registered in Cyprus (-8.9%), followed by Portugal (-7.2%), Spain (-5.9%), Bulgaria (-5.8%), the United Kingdom (-5.7%), Croatia (-5.6%) and Slovenia (-5.0%).

The lowest government deficits in percentage of GDP were recorded in Lithuania (-0.7%), Romania (-1.4%), Latvia (-1.5%), Sweden (-1.7%) and the Czech Republic (-1.9%).

In the euro area the government deficit to GDP ratio decreased from 3.0% in 2013 to 2.6% in 2014, and in the EU28 from 3.3% to 3.0%, Eurostat noted.

In 2014, the government deficit in the EU28 decreased in absolute terms compared with 2013, while the government debt rose. The government debt to GDP ratio increased in the EU28 from 85.5% to 86.8% in 2014.

The lowest ratios of government debt to GDP were recorded in Estonia (10.4%), Luxembourg (23.0%), Bulgaria (27.0%), Romania (39.9%), Latvia (40.6%) and Lithuania (40.7%).

Croatia is among 16 member states with government debt ratios higher than 60% of GDP. The April report noted Croatia's public debt at 85% of GDP. The highest debt registered is in Greece (178.6%), followed by Italy (132.3%), Portugal (130.2%), Cyprus (108.2%), Ireland (107.5%), and Belgium (106.7%).

Last update: Fri, 24/06/2016 - 08:49
Author: 

More from Business

IMF raises China growth forecast, but warns of sharper slowdown

China's economy will expand by 6.5 per cent this year, the International Monetary Fund said on Monday, as it warned...

Trump's warning to German carmakers hits shares

Shares in German carmakers tumbled on Monday after incoming US president Donald Trump threatened the industry with...

Report: Ex-Volkswagen head knew about scandal two months before

Former Volkswagen chief executive Martin Winterkorn knew about the company's emissions scandal two months earlier...

Takata to pay 1-billion-dollar criminal fine over defective airbags

Beleaguered Japanese car-parts supplier Takata has agreed to pay a criminal penalty of 1 billion dollars, and three...

India's SpiceJet to buy 205 Boeing jets in 22-billion-dollar deal

Indian budget airline SpiceJet will purchase 205 planes worth 22 billion dollars from US manufacturer Boeing, one of...