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Eurozone gov't deficit down in third quarter 2014

Xinhua, January 21, 2015 Adjust font size:

In the third quarter of 2014, the seasonally adjusted general government deficit to GDP ratio stood at 2.3 percent in the 18-nation euro area, a decrease compared with 2.5 percent in the previous quarter, official figures showed on Tuesday.

In the wider 28-nation European Union (EU), the deficit to GDP ratio also fell slightly to 2.9 percent of GDP, from 3.0 percent in the previous quarter, according to data released by Eurostat, the statistical office of the EU.

In the third quarter of 2014, total government revenue in the eurozone amounted to 46.7 percent of GDP, compared with 46.6 percent in the second quarter of 2014.

Total government expenditure in the euro area stood at 49.1 percent of GDP, stable compared with the previous quarter.

In the 28-nation bloc, total government revenue was 45.0 percent of GDP in the third quarter of 2014, compared with 45.2 percent in the second quarter of 2014. Total government expenditure in the EU was 48.0 percent of GDP, down from 48.2 percent in the previous quarter.

According to European rules, the eurozone government deficit must remain below 3 percent of the GDP, and public debt must be maintained below 60 percent of the GDP. Endit