Spain closed 2017 with the largest deficit in the EU

Spain closed 2017 with the largest deficit in the EU


The deficit of the Spanish public administrations stood at 3.1% of GDP last year, the highest in the entire European Union, according to the new data published this Monday by the European statistics office, Eurostat, which has revised the public debt figure of Spain to two tenths downwards, to 98.1%.

The one in Spain was in 2017 the highest budgetary deviation of the community blockor, above 3% registered in Portugal. Then there are Romania (-2.9%), France (-2.7%) and Italy (-2.4%). In contrast, Malta (+ 3.5%), Cyprus (+ 1.8%) and Sweden (+ 1.6%) were the Member States with the highest budget surplus, followed by the Czech Republic (+1.5 %) and Luxembourg (+ 1.4%).

In the Eurozone as a whole, the public deficit in 2017 was 1%, one tenth more than what was estimated in April, although appreciably below the imbalance of 1.6% registered a year earlier, while among the Twenty-eight the deficit was of 1%, seven tenths less than in 2016.

Regarding debt, Eurostat assigns Spain at the end of 2017 a level of 98.1% of GDP, two tenths less than what was calculated in April, which represents a decrease of nine tenths compared to the reading of 2016, although the country is ranked as the sixth most indebted in the EU.

The European countries with the greatest weight of the public debt in 2017 were Greece (176.1%), Italy (131.2%), Portugal (124.8%), Belgium (103.4%) and France (98.5%), while the EU members with the lowest indebtedness in relation to their GDP were Estonia (8.7%), Luxembourg (23%) and the Czech Republic (34.7%).

In the EU as a whole, the public debt ratio closed 2017 at 81.6%, against 83.3% in 2016, while in the euro area it stood at 86.8%, compared to 89.1%. % from the previous year.

Among the revisions to the data published last April, Eurostat announced on Monday a higher budget deficit ratio for Italy, which closed 2017 at 2.4%, one tenth above the previously published estimate.

However, in spite of the greater estimated deficit for the transalpine country in 2017, the European statistical office has reduced the data of public debt of Italy at the end of last year, up to 131.2% from the 131.8% initially forecast.


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