The Eurozone recorded a deficit of 3.3% of GDP in the third quarter of 2022 and the European Union (EU) of 3.2%, with Portugal posting the second largest government account surplus (1.2%) see, reports Eurostat.
According to the European Statistical Service, the general government balance in the eurozone was -3.3% of gross domestic product (GDP) between July and September 2022, a value comparable to -2.0% in the previous quarter and – 4.1% from the third quarter of 2021.
In the EU, the government account deficit increased to 3.2% in the quarterly comparison, compared to 1.8% of GDP between April and June 2022, and the year-on-year difference narrowed (-3.6%).
According to Eurostat, the deficit-to-GDP ratio has increased in both zones, mainly due to a sharp increase in total expenditure.
Most Member States continued to record budget deficits, with an emphasis on Romania (-6.3%), Hungary (-6.1%) and Belgium (-5.1%).
Six of the Member States for which data are available showed budget surpluses, with the emphasis on Ireland (3.1%), Portugal (1.3%) and Lithuania (1.0%).
Total revenues and expenses continued to be impacted by government policies in response to the COVID-19 pandemic, but to a lesser extent than in previous quarters, according to the bulletin.
It is also stressed that measures to mitigate the impact of rising energy prices started to have a stronger impact on the fiscal balance in the third quarter of 2022.
Source: DN
