Analytics, Budget, EU – Baltic States, Financial Services

International Internet Magazine. Baltic States news & analytics Tuesday, 19.03.2024, 15:01

Lithuania posted the smallest budget deficit in EU in 2014

BC, Riga, 21.04.2015.Print version
Latvia's budget deficit in 2014 was at 1.4% of GDP, which was the second smallest budget deficit in the European Union, according to Eurostat. The smallest budget deficit in the EU last year was registered in Lithuania, writes LETA.

Latvia's budget deficit in 2014 was EUR 347 million, compared to EUR 172 million in 2013.

 

The smallest budget deficit in the EU last year was registered in Lithuania – 0.7% of GDP, followed by Latvia and Romania – 1.5% of GDP.

 

Meanwhile, Denmark, Germany, Estonia and Luxembourg registered budget surpluses last year, while 12 EU member states had budget deficits above the 3% threshold permitted by the EU.

 

The largest budget deficit in the EU last year was registered by Cyprus – 8.8% of GDP, followed by Spain – 5.8%, as well as Croatia and Great Britain – both by 5.7% of GDP.

 

When looking at all 28 EU member states, the total budget deficit dropped to 2.9% of GDP, compared to 3.2% in 2013. In the eurozone, the budget deficit reduced from 2.9% to 2.4%.

 

Meanwhile, the EU's total debt increased to 86.8% of GDP, compared to 85.5% in 2013. In the eurozone, total debt increased to 91.9% of GDP.

 

Latvia's national debt level in 2014 was at 40% of GDP, which was the fifth smallest level in the EU. In 2013, Latvia's national debt level was at 38.2% of GDP.

 

The smallest national debt level in the EU last year was registered in Estonia – 10.6% of GDP, followed by Luxembourg – 23.6% of GDP, Bulgaria – 27.6% of GDP, and Romania – 39.8% of GDP.

 

The largest national debt level was registered in Greece – 177.1% of GDP, Italy – 132.1% of GDP, Portugal 130.2% of GDP, and Ireland – 109.7% of GDP.

 

16 countries exceeded the permitted national debt level of 60% of GDP last year.






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