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12/8/2020  
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ECONOMICS
Third quarter of 2015

Seasonally adjusted government deficit down to 1.8% of GDP in the euro area

Government debt to GDP ratio, 2015Q3 in percentage (Eurostat)

In the third quarter of 2015, the seasonally adjusted general government deficit to GDP ratio stood at 1.8% in the euro area (EA19), a decrease compared with 2.2% in the second quarter of 2015. In the EU28, the deficit to GDP ratio stood at 2.3%, a decrease compared with 2.6% in the previous quarter.
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At the end of the third quarter of 2015, debt securities accounted for 79.4% of euro area and for 81.0% of EU28 general government debt, loans for 17.6% and 15.0% respectively and currency and deposits for 3.0% and 4.1%.

Due to the involvement of EU governments in financial assistance to certain Member States, quarterly data on intergovernmental lending (IGL) is also published. The share of IGL in GDP at the end of the third quarter of 2015 amounted to 2.2% in the euro area and to 1.6% in the EU28.

Government debt at the end of the third quarter of 2015 by Member State

The highest ratios of government debt to GDP at the end of the third quarter of 2015 were recorded in Greece (171.0%), Italy (134.6%) and Portugal (130.5%), and the lowest in Estonia (9.8%), Luxembourg (21.3%) and Bulgaria (26.9%).

Compared with the second quarter of 2015, twenty-one Member States registered a decrease in their debt to GDP ratio at the end of the third quarter of 2015 and seven an increase. The highest decreases in the ratio were recorded in Ireland (-2.7 percentage points - pp), Italy (-1.4 pp), Bulgaria (-1.3 pp), Finland (-1.2 pp) and Malta (-1.1 pp), and the highest increases in Slovenia (+3.3 pp), Greece (+2.1 pp) and Portugal (+1.9 pp).

Compared with the third quarter of 2014, fifteen Member States registered a decrease in their debt to GDP ratio at the end of the third quarter of 2015 and thirteen an increase. The highest decreases in the ratio were recorded in Ireland (-13.2 pp), Greece (-6.6 pp), Latvia (-4.8 pp), Denmark (-4.6 pp), Malta (-4.5 pp) and Germany (-3.5 pp) , and the largest increases in Slovenia (+6.2 pp), Austria (+4.6 pp) and Cyprus (+4.1 pp).


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