The euro zone registered a deficit of 3.3% of GDP in the third quarter of 2022, and the European Union (EU) of 3.2%, with Portugal presenting the second largest public account surplus (1.2%), reports Eurostat.
In the euro zone, according to the European statistical service, between July and September 2022, the balance of public administrations was -3.3% of the Gross Domestic Product (GDP), a value that compares with -2.0% of the previous quarter and -4.1% in the third quarter of 2021.
In the EU, the public accounts deficit increased to 3.2% in quarterly comparison, compared to the 1.8% of GDP registered between April and June 2022, and fell in the year-on-year variation (-3.6%) .
According to Eurostat, the deficit/GDP ratio increased in both areas, mainly due to a considerable increase in total spending.
Most Member States continued to post a budget deficit, with emphasis on Romania (-6.3%), Hungary (-6.1%) and Belgium (-5.1%).
Six of the Member States for which data are available had budget surpluses, with particular emphasis on Ireland (3.1%), Portugal (1.3%) and Lithuania (1.0%).
Total revenue and expenses continued to be influenced 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 highlighted that the measures to mitigate the impact of the increase in energy prices began to have a stronger impact on the budget balance in the third quarter of 2022.
Source: TSF
