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Eurostat: Eurozone public debt grew to 90.6% GDP in 2012

FXstreet.com (Barcelona) - The Eurostat published the 2012 Government Deficit/Debt figures on Monday. According to the report, the Eurozone combined fiscal deficit amounted to 3.7% of GDP, (down from 4.2% recorded in 2011), while government debt reached 90.6% GDP (up from 87.3% in 2011).

Eleven out of the 27 EU countries exceeded the deficit ceiling of 3% (Spain, Greece, Ireland, Portugal, Cyprus, France, Slovakia, the Netherlands, Slovenia, Belgium and Malta). Spanish and Greek deficits were the highest: -10.6% and -10%, respectively.

According to the report: “In all, thirteen Member States recorded an improvement in their government balance relative to GDP in 2012 compared with 2011, twelve a worsening and two remained stable.”

Twelve Member States overshot the public debt limit of 60% of GDP (Greece, Italy, Portugal, Ireland, Belgium, France, Cyprus, Spain, Germany, Austria, Malta and the Netherlands). Here Greece and Italy had the worst results (of 156.9% and 127.0%, respectively.)

“In all, six Member States recorded an improvement in their government debt relative to GDP in 2012 compared with 2011and twenty-one a worsening,” Eurostat said in the report.

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