BRUSSELS (Reuters) – The budget deficit of France fell slightly to 4.0% of gross domestic product last year, Eurostat said Tuesday, confirming recent estimates from Paris
The French government is aiming for a deficit this year of 3.8%, which then drop to 3.3% at end 2016 and 2.7% end of 2017, according to its new path of Finance announced on 8 April.
In Italy, the deficit increased to 3.0% against 2.9% in 2013 and the level of debt at 132.1% against 128.5%.
Overall the euro area, the deficit level has dropped to 2.4%, against 2.9% in 2013, while the ratio of government debt to GDP increased to 91.9% against 90 9%.
The Greek deficit fell sharply to 3.5% against 12.3% in 2013, but the figure was inflated by the cost of recapitalization of Greek banks. Excluding bank recapitalization, the 2013 deficit was only 1.8% of GDP.
The ratio of Greek debt has meanwhile increased to 177.1% of GDP, by far the most highest in the euro zone to that of Italy, against 175.0 in 2013
Eurostat does not calculate the primary balance of the Greek budget. – that is to say off the debt – which is nevertheless one of the indicators monitored by the European Union to measure the state of Greek public finances.
Among the Dix-Neuf, only Germany (+ 0.7%), the Estonia and Luxembourg (+ 0.6% each) showed a surplus. The lowest government deficits relative to GDP were recorded in Lithuania (-0.7%) and Latvia (-1.4%).
Nine countries in the euro zone posted a deficit above the theoretical limit of 3% of GDP: Cyprus (-8.8%), Spain (-5.8%), Slovenia (-4.9%), Portugal (-4.5%), Ireland (-4.1%), France (-4.0%), Greece (-3.5%) and Belgium and Finland (-3.2% each).
Spending public in the euro area accounted for 49.0% of GDP and government revenue 46.6%.
(Philip Blenkinsop, Veronique Tison for the French service)
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