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  3. EU Fiscal Deficits Fall To 3.3 Percent

EU Fiscal Deficits Fall To 3.3 Percent

by Ulrika Lomas, Tax-News.com, Brussels

23 April 2014


New figures from Eurostat show a substantial reduction in fiscal deficits in the European Union and Eurozone in 2013 as a result of fiscal consolidation efforts.

The Eurozone government deficit to gross domestic product (GDP) ratio declined from 3.7 percent in 2012 to 3 percent in 2013, and in the European Union the deficit fell from 3.9 percent to 3.3 percent.

Ten member states have deficits exceeding three percent of gross domestic product, in contravention of rules set out in the Maastricht Criteria, namely: Slovenia (14.7 percent), Greece (12.7 percent), Ireland (7.2 percent), Spain (7.1 percent), the United Kingdom (5.8 percent), Cyprus (5.4 percent), Croatia and Portugal (both 4.9 percent), France and Poland (both 4.3 percent).

The data was collected from the first 2014 notification by EU member states for the year 2010-13, required to support the application of the excessive deficit procedure.

TAGS: tax | Ireland | Portugal | Slovenia | law | gross domestic product (GDP) | United Kingdom | Cyprus | France | Greece | Poland | Spain | revenue statistics | Croatia | Europe

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