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

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