Croatia in group with France, Austria concerning deficit, debt

Croatia's budget deficit of -3.2% in 2015 puts it among the European Union member-states that have failed to downsize their budget gap below 3% of GDP.

According to the latest figures released by the EU statistical office on Thursday, seven Member States had deficits equal to or higher than 3% of GDP: Greece (-7.2%), Spain (-1%), Portugal and the United Kingdom (-4.4% each), France (-3.5%), Croatia (-3.2%) and Slovakia (-3.0%).

Other countries in the 28-strong bloc had a  government surplus or lower deficits.

"In 2015, Luxembourg (+1.2%), Germany (+0.7%) and Estonia (+0.4%) registered a government surplus, while Sweden (0.0%) reported a government balance. The lowest government deficits as a percentage of GDP were recorded in Lithuania (-0.2%), the Czech Republic (-0.4%), Romania (-0.7%) and Cyprus (-1.0%)."

As for public debt, Croatia was among 17 member-states whose public debt exceeded the recommendable debt to GDP ratio of 60%.

Croatia's consolidated general government debt reached HRK 289.7 billion or 86.7% of GDP. At the end of 2014, the country's general government debt was HRK 284.2 billion or 86.5% of GDP, the revised data show.

General government debt increased by 1.9% in 2015 compared with 2014, 2.5 times less than in 2014. This is the lowest debt growth rate since the introduction of the ESA 2010 methodology in the Excessive Deficit Procedure.

Croatia's debt was similar to Austria's (86.2% of GDP) and Slovenia's (83.2%). 

"At the end of 2015, the lowest ratios of government debt to GDP were recorded in Estonia (9.7%), Luxembourg (21.4%), Bulgaria (26.7%), Latvia (36.4%) and Romania (38.4%). Seventeen Member States had government debt ratios higher than 60% of GDP, with the highest registered in Greece (176.9%), Italy (132.7%), Portugal (129.0%), Cyprus (108.9%) and Belgium (106.0%)," according to Eurostat.

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

More from Croatia

Stier: Cyber-attack may have come from east, unrelated to PM's Ukraine visit

Foreign Minister Davor Ivo Stier said on Saturday that no strategic piece of information was compromised in a cyber-...

Subspace hostel with space pods opens in Zagreb

As of December 1, Zagreb has a new tourist attraction, the futuristic Subspace hostel, the first in the European...

Remaining Kiowa Warrior helicopters for Croatian army delivered

Eleven OH-58D Kiowa Warrior military helicopters were delivered to the Croatian Air Force base in Zemunik on...

Croatia needs change and SDP must start it, says opposition leader

Newly elected Social Democratic Party (SDP) president Davor Bernardic said in Zagreb on Saturday that Croatia needed...

Minister says buying controlling interest in INA worth the challenge

State property Minister Goran Maric said in an interview with the Jutarnji List daily on Saturday that the INA oil...