Bulgaria reported the highest seasonally adjusted general government deficit to GDP ratio in the European Union in the third quarter of 2024, of -8.7%, new data from Eurostat has revealed.
Other countries to report a high deficit to GDP ratio in the quarter included Romania (-8.6%), Poland (-6.7%), France (-6.3%), Finland (-5.3%) and Hungary (-4.8%).
At the other end of the scale, a number of EU countries reported a surplus, with Ireland leading the way (+14.5%), followed by Cyprus (+4.9%), Denmark (+2.7), Portugal and Greece (both +2.2%), and the Netherlands (+0.1%).
At EU level, the seasonally adjusted general government deficit to GDP ratio stood at -2.9% in the third quarter, while in the euro area it was -2.6%.
Government revenue in euro area
In terms of government revenue, the euro area saw an increase to 47.0% of GDP in the third quarter of 2024, up from 46.5% in the previous quarter, which was driven by higher government revenues and an increase in nominal GDP, Eurostat noted.
In absolute terms, government revenue in the euro area rose by approximately €35 billion when compared to the second quarter of 2024. Government expenditure, however, remained steady at 49.6% of GDP in the euro area, showing no change from the previous quarter despite an increase in absolute terms of around €18 billion in government expenditure.
Similarly, in the EU, total government revenue increased from 46.0% of GDP in the second quarter to 46.4% in the third quarter of 2024. In the same period, total expenditure rose slightly, from 49.2% to 49.3% of GDP.
No data was available for Italy, and all data shown, with the exception of Sweden and Greece, is provisional. Read more here.
Seasonally adjusted general government surplus (+) and deficit (-) by EU member state, Q3 2024
| Country | Surplus/Deficit (%) |
|---|---|
| Bulgaria | -8.7 |
| Romania | -8.6 |
| Poland | -6.7 |
| France | -6.3 |
| Finland | -5.3 |
| Austria | -5.2 |
| Hungary | -4.8 |
| Belgium | -4.3 |
| Spain | -3.5 |
| Czechia | -2.7 |
| Germany | -2.3 |
| Croatia | -2.3 |
| Malta | -2.1 |
| Slovenia | -2.1 |
| Sweden | -2.0 |
| Lithuania | -1.8 |
| Estonia | -1.7 |
| Slovakia | -1.7 |
| Latvia | -1.6 |
| Luxembourg | -0.1 |
| Netherlands | +0.1 |
| Greece | +2.2 |
| Portugal | +2.2 |
| Denmark | +2.7 |
| Cyprus | +4.9 |
| Ireland | +14.5 |
