In the fourth quarter of 2023, the seasonally adjusted general government deficit to GDP ratio stood at 4.1% in the euro area (EA20) and 4.0% in the EU. In the fourth quarter of 2023, the euro area and EU deficit to GDP ratios increased compared to 3.6% and 3.5% in the third quarter of 2023.
These data are released by Eurostat, the statistical office of the European Union.
In the fourth quarter of 2023, government total revenue in the euro area amounted to 46.6% of GDP. A decrease compared with 46.7% in the third quarter of 2023 was due to an increase of seasonally adjusted government total revenue in absolute terms as well as a comparatively stronger increase in nominal GDP. In absolute terms, seasonally adjusted total revenue in the euro area increased by around €21 billion compared with the third quarter of 2023. Government total expenditure in the euro area stood at 50.7% of GDP, an increase in the ratio compared with 50.2% in the previous quarter, due to an increase in seasonally adjusted total government expenditure by around €42 billion.
In the EU, government total revenue was 46.2% of GDP in the fourth quarter of 2023, unchanged compared to the previous quarter. Seasonally adjusted total revenue in the EU increased by around €30 billion compared with the third quarter of 2023. Government total expenditure in the EU was 50.2% of GDP, an increase compared with 49.7% of GDP in the previous quarter. Seasonally adjusted total expenditure increased by around €54 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. Most countries supply Eurostat with their own estimates of calendar and seasonally adjusted data for general government total revenue and total expenditure on a voluntary basis and permit Eurostat to publish these estimates.
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 April 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 continued to be impacted by the measures undertaken by most Member States to alleviate the impact of increasing energy prices. Country specific explanatory metadata are published.
A full harmonisation of recording practices for measures to alleviate the impact of increasing energy prices was not yet achieved. Revisions in the coming quarters are thus expected to be larger than usual. Data for the first three quarters of 2023 were significantly revised compared to the previous release.
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.
https%3A%2F%2Fec.europa.eu%2Feurostat%2Fproduct%3Fcode%3D2-22042024-cp
