Market Commentary | Mixed Feelings in Earnings Season
Malta government deficit confirmed at 3.3% in 2012
Both deficit and 72% government debt breach Maastricht criteria
22 April 2013, 12:00am
Malta's deficit has been confirmed at 3.3% by the European Union's statitiscal arm Eurostat, with a corresponding national debt of 72.1%.
In 2012, the government deficit of both the euro area (EA17) and the EU27 decreased in absolute terms compared with 2011, while the government debt rose in both zones.
In 2012 the lowest government deficits in percentage of GDP were recorded in Estonia (-0.3%), Sweden (-0.5%), Bulgaria and Luxembourg (both -0.8%) and Latvia (-1.2%), while Germany (+0.2%) registered a government surplus.
Seventeen Member States had deficits higher than 3% of GDP: Spain (-10.6%), Greece (-10.0%), Ireland (-7.6%), Portugal (-6.4%), Cyprus and the United Kingdom (both -6.3%), France (-4.8%), the Czech Republic (-4.4%), Slovakia (-4.3%), the Netherlands (-4.1%), Denmark and Slovenia (both -4.0%), Belgium and Poland (both -3.9%), Malta (-3.3%), Lithuania (-3.2%) and Italy (-3.0%).
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.
At the end of 2012, the lowest ratios of government debt to GDP were recorded in Estonia (10.1%), Bulgaria (18.5%), Luxembourg (20.8%), Romania (37.8%), Sweden (38.2%), Latvia and Lithuania (both 40.7%).
Fourteen Member States had government debt ratios higher than 60% of GDP: Greece (156.9%), Italy (127.0%), Portugal (123.6%), Ireland (117.6%), Belgium (99.6%), France (90.2%), the United Kingdom (90.0%), Cyprus (85.8%), Spain (84.2%), Germany (81.9%), Hungary (79.2%), Austria (73.4%), Malta (72.1%) and the Netherlands (71.2%).
In all, six Member States recorded an improvement in their government debt relative to GDP in 2012 compared with 2011 and twenty-one a worsening.
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