In the second quarter of 2024, the seasonally adjusted general government deficit to GDP ratio stood at 3.0% in the euro area (EA20) and 3.1% in the EU. In the second quarter of 2024, the euro area deficit to GDP ratio remained unchanged compared to the first quarter of 2024, while the EU deficit to GDP ratio increased to 3.1% compared to 2.9% in the previous quarter.
These data are released by Eurostat, the statistical office of the European Union.
In the second quarter of 2024, government total revenue in the euro area amounted to 46.2% of GDP. The increase compared with 45.8% in the first quarter of 2024 was mainly due to an increase in seasonally adjusted government total revenue in absolute terms as well as an increase in nominal GDP. In absolute terms, seasonally adjusted total revenue in the euro area increased by around €25 billion compared with the first quarter of 2024. Government total expenditure in the euro area stood at 49.2% of GDP, an increase in the ratio compared with 48.8% in the previous quarter, due to an increase in seasonally adjusted total government expenditure by around €25 billion.
In the EU, government total revenue was 45.7% of GDP in the second quarter of 2024 compared with 45.6% in the previous quarter. Seasonally adjusted total revenue in the EU increased by around €22 billion compared with the first quarter of 2024. Government total expenditure in the EU was 48.9% of GDP, an increase compared with 48.5% of GDP in the previous quarter. Seasonally adjusted total expenditure increased by around €34 billion compared with the previous quarter.
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, last published in October 2024, 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 and second quarters of 2024, such measures have a much lower impact than in preceding quarters. Country specific explanatory metadata are published.
For most EU countries, this release contains the result of the harmonised national accounts benchmark revisions. Revisions compared to the previous release are thus higher than usual.
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.
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