Italy recorded the highest budget deficit all European Union countries in 2023, at -7.4%, ahead of Hungary (-6.7%) and Romania (‑6.6%).
According to Eurostat data, all EU member states with the exception of Cyprus and Denmark (both +3.1%), Ireland (+1.7%) and Portugal (+1.2%), reported a budget deficit last year.
Some 11 member states had deficits higher than 3% of GDP.
According to the data, in the euro area, the government deficit to GDP ratio saw a slight decline from 3.7% in 2022 to 3.6% in 2023. In the EU as a whole, it experienced a modest increase from 3.4% to 3.5% over the same period.
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Government Debt To GDP
Regarding the government debt to GDP ratio, it decreased from 90.8% at the end of 2022 to 88.6% at the end of 2023 in the euro area, while in the EU, it declined from 83.4% to 81.7%.
At the end of 2023, the lowest ratios of government debt to GDP were recorded in Estonia (19.6%), Bulgaria (23.1%), Luxembourg (25.7%), Denmark (29.3%), Sweden (31.2%), and Lithuania (38.3%).
Thirteen member states had government debt ratios higher than 60% of GDP, with the highest registered in Greece (161.9%), Italy (137.3%), France (110.6%), Spain (107.7%), and Belgium (105.2%).
Budget Deficit/Surplus In 2023 By Country
| Country | Government Deficit/Surplus (% of GDP) |
|---|---|
| Belgium | -4.4% |
| Bulgaria | -1.9% |
| Czechia | -3.7% |
| Denmark | 3.1% |
| Germany | -2.5% |
| Estonia | -3.4% |
| Ireland | 1.7% |
| Greece | -1.6% |
| Spain | -3.6% |
| France | -5.5% |
| Croatia | -0.7% |
| Italy | -7.4% |
| Cyprus | 3.1% |
| Latvia | -2.2% |
| Lithuania | -0.8% |
| Luxembourg | -1.3% |
| Hungary | -6.7% |
| Malta | -4.9% |
| Netherlands | -0.3% |
| Austria | -2.7% |
| Poland | -5.1% |
| Portugal | 1.2% |
| Romania | -6.6% |
| Slovenia | -2.5% |
| Slovakia | -4.9% |
| Finland | -2.7% |
| Sweden | -0.6% |
