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CNA - Government Deficit falls to 0.5% in the euro area, for Q1 2019, debt slightly rises to 85.9%




CNA Athanasios Athanasiou - Brussels
In the first quarter of 2019, the seasonally adjusted general government deficit to GDP ratio stood at 0.5% in the euro area (EA19), a decrease compared with 1.1% in the fourth quarter of 2018 and in the EU28, the deficit to GDP ratio stood at 0.6%, a decrease compared with 1.0% in the previous quarter, according to data released today by Eurostat, the statistical office of the European Union.

In the first quarter of 2019, total government revenue in the euro area amounted to 46.0% of GDP, a decrease compared with 46.2% in the fourth quarter of 2018. Total government expenditure in the euro area stood at 46.5% of GDP, a decrease compared with 47.2% in the previous quarter. In the EU28, total government revenue was 44.8% of GDP in the first quarter of 2019, a decrease compared to 45.0% in the fourth quarter of 2018. Total government expenditure in the EU28 was 45.4% of GDP, compared with 45.9% in the previous quarter.

For Cyprus Eurostat publishes non-seasonally adjusted surplus/ deficit figures showing a 3.7% surplus in Q1 2017, -1.8 deficit in Q2 2017, 7.8 surplus in Q3 2017, -2.6 deficit in Q4 2017, 7.0 surplus in Q1 2018, 2.0 surplus in Q2 2018, -25.1 deficit in Q3 2018, -2.1 deficit in Q4 2018 and finally 8.9% surplus in Q1 2019.

For Greece, also on non-seasonally adjusted surplus/ deficit figures sho -2.4 deficit in Q1 2017, 0.5 surplus in Q2 2017, 5.2 surplus in Q3 2017, -0.9 deficit in Q4 12017, -1.2 deficit in Q1 2018, -0.2 deficit in Q2 2018, 5.1 surplus in Q3 2018, 0.2 surplus in Q4 2018 and finally a -4.2% deficit in Q1 2019.

At the end of the first quarter of 2019, the government debt to GDP ratio in the euro area (EA19) stood at 85.9%, compared with 85.1% at the end of the fourth quarter of 2018. In the EU28, the ratio increased from 80.0% to 80.7%.

However, compared with the first quarter of 2018, the government debt to GDP ratio fell in both the euro area (from 87.1% to 85.9%) and the EU28 (from 81.6% to 80.7%).

At the end of the first quarter of 2019, debt securities accounted for 81.1% of euro area and for 81.9% of EU28 general government debt. Loans made up 15.8% and 13.9% respectively and currency and deposits represented 3.1% of euro area and 4.2% of EU28 government debt.

Due to the involvement of EU Member States` 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 first quarter of 2019 amounted to 2.0% in the euro area and to 1.5% in the EU28.

The highest ratios of government debt to GDP at the end of the first quarter of 2019 were recorded in Greece (181.9%), Italy (134.0%), Portugal (123.0%), Belgium (105.1%) and Cyprus (105.0%) and the lowest in Estonia (8.1%), Bulgaria (21.2%) and Luxembourg (21.3%).

Compared with the fourth quarter of 2018, twelve Member States registered an increase in their debt to GDP ratio at the end of the first quarter of 2019 and thirteen a decrease, while the ratio remained stable in Germany, Lithuania and Slovakia. The highest increases in the ratio were observed in Belgium (+3.1 percentage points – pp), Cyprus (+2.5 pp), Ireland (+2.0 pp) and Italy (+1.9 pp). The largest decreases were recorded in Sweden (-2.5 pp), Slovenia (-2.3 pp), the Netherlands, the United Kingdom (both -1.5 pp) and Bulgaria (-1.4 pp).

Compared with the first quarter of 2018, five Member States registered an increase in their debt to GDP ratio at the end of the first quarter of 2019, twenty-one a decrease and Spain and the United Kingdom recorded no change. An increase in the ratio was recorded in Cyprus (+12.2 pp), Greece (+4.1 pp), Latvia (+1.7 pp), Italy (+1.0 pp) and France (+0.3 pp), while the largest decreases were recorded in Slovenia (-7.6 pp), Austria (-4.4 pp) and the Netherlands (-4.2 pp).

For Greece the debt was 322.579 billion in Q1 2018, 334.573 billion in Q4 2018 and 337.406 billion in Q1 2019, or 177.9%, 181.1% adn 181.9% of GDP respectively.

For Cyprus debt increased from 18.523 billion in Q1 2018, to 21.256 billion in Q4 2018 and 21.999 billion in Q1 2019, or from 92.9% of GDP to 102.5% and 105.0% respectively.

CNA/THA/EC/2019
ENDS, CYPRUS NEWS AGENCY
________________________________________

Cyprus News Agency, 21 Academias Avenue, 2107 Aglantzia, Nicosia
Tel. 22556000, Fax. 22556100, email:news@cna.org.cy, website: www.cna.org.cy



Agency : CNA

Date : 2019-07-20 11:49:35







 

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