BRUSSELS: Eurozone member states did better last year at controlling their budget deficits but overall debt levels continued to rise well above EU limits even if the economy performed well in 2011.
Revised figures Monday showed the 17-nation eurozone ran an average public deficit -- the shortfall between tax revenues and spending -- equal to 4.1 percent of Gross Domestic Product (GDP) in 2011, down from 6.2 percent in 2010 but still above the EU ceiling of 3.0 percent.
Total accumulated debt, however, rose to 87.3 percent from 85.4 percent of GDP, compared with the 60-percent limit, the Eurostat statistics agency said. For the 27-member EU, the public deficit fell to 4.4 percent of GDP from 6.5 percent in 2010 but total debt rose to 82.5 percent from 80 percent.
Among the worst public deficit blow outs were bailed-out Ireland at 13.4 percent and Greece at 9.4 percent.
Spain, which many thought would need a debt rescue this year as the economy stalled, had a deficit of 9.4 percent while Britain came in at 7.8 percent.
In contrast, Germany, Europe's powerhouse economy and paymaster, had a public deficit of just 0.8 percent.
Three countries had a rare public surplus -- Hungary, 4.3 percent, Estonia 1.1 percent and Sweden 0.4 percent.
Greece topped the total debt list at 170.6 percent of GDP, followed by Italy on 120.7 percent, Portual 108.1 percent and Ireland with 106.4 percent.
indiatimes.com
Revised figures Monday showed the 17-nation eurozone ran an average public deficit -- the shortfall between tax revenues and spending -- equal to 4.1 percent of Gross Domestic Product (GDP) in 2011, down from 6.2 percent in 2010 but still above the EU ceiling of 3.0 percent.
Total accumulated debt, however, rose to 87.3 percent from 85.4 percent of GDP, compared with the 60-percent limit, the Eurostat statistics agency said. For the 27-member EU, the public deficit fell to 4.4 percent of GDP from 6.5 percent in 2010 but total debt rose to 82.5 percent from 80 percent.
Among the worst public deficit blow outs were bailed-out Ireland at 13.4 percent and Greece at 9.4 percent.
Spain, which many thought would need a debt rescue this year as the economy stalled, had a deficit of 9.4 percent while Britain came in at 7.8 percent.
In contrast, Germany, Europe's powerhouse economy and paymaster, had a public deficit of just 0.8 percent.
Three countries had a rare public surplus -- Hungary, 4.3 percent, Estonia 1.1 percent and Sweden 0.4 percent.
Greece topped the total debt list at 170.6 percent of GDP, followed by Italy on 120.7 percent, Portual 108.1 percent and Ireland with 106.4 percent.
indiatimes.com
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