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Eurostat: Greece's debt at 178.6% of GDP in 2014

In 2014 the government deficit in Greece reached 3,6% of GDP and the debt stood at 178.6% of GDP, according to the second notification of Eurostat on deficit and debt of the EU Member States in 2014.

In that same year, the government deficit in the euro zone stood at 2.6% of GDP, and in the "EU-28" at 3% of GDP. Public debt in the euro area stood at 92.1% of GDP and 86.8% in the "EU-28".

As regards Greece in particular, the government deficit in 2014 stood at 3.6% of GDP from 12.4% in 2013 and 8.8% in 2012. The Greek debt in 2014 stood at 178.6% of GDP (317.12 billion. euros), from 177% of GDP in 2013 and 159.4% of GDP in 2012.

More specifically, four Member States (Denmark, Luxembourg, Estonia and Germany) recorded a surplus, while thirteen Member States reported government deficit over 3% of GDP.

1
86
/201
5
-
21
October
201
5
Provision
of deficit and debt data for 20
1
4
-
second
notification
Euro
area
and
EU
2
8
government deficit
at
2
.
6
%
and
3
.
0
%
of GDP
respectively
Government debt at
92.1
% and
86.8
%
In
201
4
,
the government
deficit
of
both
the
eu
ro
area
(
EA1
9
)
and the
EU2
8
decr
eased
in absolute terms
compared
with
20
1
3
, while
the government debt
rose in both zones
.
In the
e
uro
area
the government deficit
to GDP
ratio
decreased
from
3
.
0
% in 20
1
3
to
2.
6
%
in 20
1
4
,
and in the
EU2
8
from
3.
3
%
to
3
.
0
%
. In the
e
uro
area
the
government debt to GDP ratio
increased f
rom
91.1
%
at the
end
of
20
1
3
to
92.1
%
at the
end
of
201
4
, and in the
EU2
8
from
85.5
% to
86.8
%.
In this
News Release
,
Eurostat, the statistical office
of the European Union
, is providing government deficit and
debt data based on figures reported in the
second
2015 notification by EU Member States for the years 2011
-
2014,
for the application of the excessive deficit procedure (EDP). This notification is b
ased on the ESA 2010 system of
national accounts. This News Release also includes data on government expenditure and revenue.
2011
2012
2013
2014
Euro area (EA19)
GDP market prices (mp)
(million euro)
9 800 426
9 835 192
9 933 499
10 108 25
3
Government deficit (
-
) / surplus (+)
(million euro)
-
407 770
-
359 705
-
294 436
-
260 927
(% of GDP)
-
4.2
-
3.7
-
3.0
-
2.6
Government expenditure
(% of GDP)
49.1
49.7
49.6
49.4
Government revenue
(% of GDP)
44.9
46.1
46.6
46.8
Government de
bt
(million euro)
8 424 949
8 786 572
9 047 437
9 308 384
(% of GDP)
86.0
89.3
91.1
92.1
EU28
GDP market prices (mp)
(million euro)
13 180 899
13 431
023
13 547 545
13 955 563
Government deficit (
-
) / surplus (+)
(million euro)
-
597 078
-
573 413
-
445 217
-
418 885
(% of GDP)
-
4.5
-
4.3
-
3.3
-
3.0
Government expenditure
(% of GDP)
48.6
49.0
48.6
48.2
Government revenue
(% of GDP)
44.0
44.8
45.3
45.2
Government debt
(million euro)
10 680 307
11 250 601
11 584 923
12 117 612
(%
of GDP)
81.0
83.8
85.5
86.8
I
n 201
4
,
Denmark
(+1.
5
%),
Luxembourg
(+1.4%),
Estonia
(+0.7%)
and
Germany
(+0.
3
%) registered a
government surplus
,
and
the lowest government deficits in percentage of GDP were recorded in
Lithuania
(
-
0.7%),
Romania
(
-
1.4%),
La
tvia
(
-
1.5%)
,
Sweden
(
-
1.7%) and
the
Czech Republic
(
-
1.9%)
.
Four
teen
Member States
had deficits
equal
to
or
higher than 3% of GDP:
Cyprus
(
-
8.
9
%),
Portugal
(
-
7.2%),
Spain
(
-
5
.
9
%),
Bulgaria
(
-
5.8%),
the
United Kingdom
(
-
5.
7
%),
Croatia
(
-
5.6%),
Slovenia
(
-
5
.
0
%),
Ireland
and
France
(
-
3
.
9
%
each
)
,
Greece
(
-
3.
6
%)
,
Poland
and
Finland
(
-
3.3% each)
,
Belgium
(
-
3.
1
%)
and
Italy
(
-
3.0
%)
.
At the end of 201
4
, the lowest ratios of government debt to GDP were recorded in
Estonia
(10
.
4
%),
Luxembourg
(23.
0
%),
Bulgaria
(
27
.
0
%),
Romania
(39.
9
%)
,
Latvia
(
40
.
6
%)
and
Lithuania
(40.7%)
.
Six
teen
Member States had
government debt ratios higher than 60% of GDP
,
with
the highest registered
in
Greece
(1
7
8
.
6
%),
Italy
(1
32
.
3
%),
Portugal
(1
30
.
2
%),
Cyprus
(108.2%),
Ireland
(1
0
7
.
5
%),
and
Be
lgium
(
10
6
.
7
%)
.
In 201
4
, government expenditure in the
euro area
was equivalent to 49.
4
% of GDP and government revenue to
4
6
.
8
%. The figures for the
EU28
were
48.
2
% and
4
5
.
2
% respectively. In both zones, the government expenditure
ratio decreased between
201
3
and 201
4
, while the government revenue ratio
increased
for
the
euro area
and
decreased for
the
EU28
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