Seasonally adjusted government deficit at 2.6% of GDP in the euro area and 2.9% in the EU – Euro indicators

Notes for users

Methods and definitions

Data for the euro area and EU aggregates are calendar and seasonally adjusted by Eurostat using an indirect approach (by country) for total revenue and total expenditure. Both revenue and expenditure exhibit a clear seasonal pattern. The surplus (+) / deficit (-) is derived indirectly from the above-mentioned transactions. For the ratios to GDP, calendar and seasonally adjusted GDP data are used.

Detailed metadata on seasonal adjustment are available in Statistics Explained.

Quarterly non-financial accounts for general government use concepts that are in line with the methodology laid out in the European System of Accounts (ESA 2010) as well as the concept of general government deficit/surplus used in the context of the Excessive Deficit Procedure (EDP). Annual EDP data, next to be published in April 2025, are the subject of a thorough verification by Eurostat.

Quarterly data on GDP are the most recent ones transmitted by EU Member States. While non-seasonally adjusted quarterly government deficit/surplus figures are consistent with annual figures with the exception of differences due to data updates, differences between the sum of quarterly non-seasonally adjusted data and annual figures may occur for EU and euro area aggregates due to exchange rates effects. Differences between annualised seasonally adjusted data and annual data occur for technical reasons. Differences between quarterly and annual GDP figures also occur, due to differences in data updates.

Differences between the change in total revenue and total expenditure and the change in surplus (+) / deficit (-) are due to rounding, as are differences between data in percentage of GDP and changes in data in percentage points of GDP.

Since the first quarter of 2020, Member States have implemented COVID-19 containment measures. In all quarters of 2022 and 2023, the impact of the measures to mitigate the economic and social impact of the COVID-19 pandemic had a significantly lower impact than in quarters of 2020 and 2021, however, government revenue and expenditure were impacted by the measures undertaken by most Member States to alleviate the impact of increasing energy prices. In the first, second and third quarters of 2024, such measures have a much lower impact than in preceding quarters. Country specific explanatory metadata are published.

Geographical information

Euro area (EA20): Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.

European Union (EU27): Belgium, Bulgaria, Czechia, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland and Sweden.