2024-07-23 05:28:53
The ratio of the seasonally adjusted deficit of the state budget to GDP in the first quarter for Bulgaria is -5.6 percent, according to data released today by Eurostat, published on the website of the statistical office. The budget deficit of our country thus ranks among the highest in the EU as a share of GDP – the indicator for France is at the same level, and only Hungary (-6 percent) and Romania (-7 percent) have a higher deficit hundred).
The change in the indicator for our country compared to the previous quarter is -9.1 percentage points, which is the largest negative change among the countries covered by the statistics. However, in the previous, fourth quarter, our country recorded the most positive change in the balance of the state budget as a ratio to GDP – by 8.8 percentage points. At the same time, in the first quarter of 2024, Bulgaria reported the lowest share of government debt to GDP among EU countries – 22.6 percent, according to separate Eurostat data presented today.
In the first quarter, the ratio of the seasonally adjusted deficit of the consolidated state budget to GDP amounted to 3 percent in the EU and 3.2 percent in the Eurozone, reports Eurostat.
In the first quarter, the EU and euro area deficit-to-GDP ratios fell from 3.9 percent and 4 percent, respectively, recorded in the fourth quarter of 2023.
In the first quarter of 2024, total government revenues in the EU were 45.9 percent of GDP, compared to 46.2 percent in the previous quarter. Seasonally adjusted total revenue in the EU increased by around €9 billion compared to the fourth quarter of 2023.
Total government spending in the EU was 48.9 percent of GDP, down from 50.1 percent of GDP in the previous quarter. Seasonally adjusted total costs decreased by around 29 billion euros compared to the previous quarter, BTA reported.
In the first quarter of 2024, total government revenue in the euro area increased to 46.2 percent of GDP. The decline from 46.7 percent in the fourth quarter of 2023 was mainly due to a slight decline in seasonally adjusted total government revenue in absolute terms, as well as an increase in nominal GDP. In absolute terms, seasonally adjusted total revenues in the euro area were down by around €2 billion from the fourth quarter of 2023.
Total government spending in the euro area was 49.4 percent of GDP, down from 50.7 percent in the previous quarter due to a fall in seasonally adjusted total government spending of about 31 billion euros, as well as an increase in GDP.
Gross public debt at the end of the first quarter of 2024.
At the end of the first quarter of 2024, the ratio of gross government debt to GDP in the EU rose to 82 percent from 81.5 percent at the end of the fourth quarter of 2023, and in the euro area it rose to 88.7 per cent compared to 88.2 per cent.
Compared to the first quarter of 2023, the ratio of public debt to GDP has decreased, both in the EU (from 83 percent to 82 percent) and in the Eurozone (from 90.1 percent to 88.7 percent).
At the end of the first quarter of 2024, total government debt consisted of 83.4 percent EU debt securities and 83.9 percent euro area debt, 14 percent EU loans and 13.6 percent euro area debt and 2.6 percent currency and deposits in both the EU and the Eurozone.
Government debt at the end of the first quarter by member countries
The highest share of government debt to gross domestic product (GDP) at the end of the first quarter of 2024 is reported in Greece (159.8 percent), Italy (137.7 percent), France (110.8 percent percent), Spain (108.9 percent), Belgium (108.2 percent) and Portugal (100.4 percent), and the lowest – in Bulgaria (22.6 percent), Estonia (23.6 per cent) and Luxembourg (27.2 per cent).
As of the fourth quarter of 2023, twenty EU member states reported an increase in their debt-to-GDP ratio for the period under review, and seven reported a decrease. The increase was strongest in Slovakia (+4.6 percentage points – p.p.), Estonia (+4.0 p.p.), Belgium (+3.1 p.p.), Romania (+2, 8 p.p.), Hungary (+2.5 p.p.) and Austria (+2.1 p.p.), while declines were registered in Greece (-2.1 p.p.), Cyprus and The Netherlands (-1.2 pp each), Sweden and Ireland (-0.8 pp each), Bulgaria (-0.5 pp) and Germany (-0.2 pp ).
Compared to the first quarter of 2023, twelve member countries reported an increase in the ratio of debt to GDP, fourteen – a decrease, and in Ireland the indicator remained unchanged. The biggest increase was in Estonia (+6.3 pp), Finland (+4.2 pp), Poland (+3.3 pp), Slovakia (+2.7 pp). p.), Romania (+2.2 p.p.), Lithuania (+2.1 p.p.) and Belgium (+2.0 p.p.). The strongest decrease is in Portugal (-12.0 pp), Greece (-9.6 pp), Cyprus (-6.8 pp), Croatia (-5.3 pp. p.), the Netherlands (-2.8 p.p.), Spain and Germany (-2.2 p.p. each).