Most EU Countries Breach Deficit and Debt Rules

More than half of EU Member States breached fiscal rules on budget deficits and public debt last year, according to data from Eurostat. The figures show that most countries spent more than they collected. Cyprus, Denmark, Ireland, Greece and Portugal were the only exceptions, recording budget surpluses.

Eleven Member States exceeded the EU’s deficit threshold of 3% of gross domestic product (GDP). Germany recorded a deficit of 2.7% of GDP, remaining just below the limit.

At the same time, Eurostat data show that 12 EU countries had public debt levels above 60% of GDP, the second key threshold under European fiscal rules.

Greece and Italy reported the highest debt ratios. Greece’s public debt stood at 146.1% of GDP, while Italy’s reached 137.1%. Germany’s public debt was 63.5% of GDP.

(max)