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Latvia had the smallest budget deficit in EU in Q3

Photo: Saeima Press Service.
In Q3 2017, Latvia had the smallest general government budget deficit to GDP ratio among European Union member states, according to the latest data compiled for 22 EU member states and published by Eurostat.

According to Eurostat, Latvia’s state budget deficit in July-September was 0.2% of GDP. Budget surplus in Belgium was equal to that of Latvia.

Deficit was registered in 13 countries for which data is available. Budget surplus was registered in nine countries.

Aside from Latvia and Belgium, budget deficit was registered in Denmark (-0.4%), Austria (-0.5%), Poland and Estonia (-0.7% in both), Slovenia (-0.8%) and Finland (-1.7%).

The largest surplus was registered in Bulgaria and Malta (+4.2% of GDP in both countries), Germany (+2.5%), Luxembourg (+2.4%) and Portugal (+1.5%). Budget surplus in Lithuania was 0.9% of GDP.

Compared with Q2 2017, state budget balance improved in 13 countries for which data is available. Balance got worse in seven countries. No changes were registered in Estonia and Lithuania in Q3.

The largest state budget balance improvement was experienced by Bulgaria (+6.2 percentage points), Portugal (+2.8 percentage points), Germany (+1.9 percentage points), and Britain (+1.4 percentage points).

The largest budget balance decline was registered in Hungary (-3.2 percentage points), Latvia (-1.8 percentage points) and Finland (-1.6 percentage points).

In Q3, seasonally equalized government budget deficit in the EU was 0.6%. In Eurozone it was 0.3% of GDP (1.2% in EU and 1% in Eurozone in Q2).

Data for Greece, Croatia, Italy, Ireland, Cyprus and Spain is not available.


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