In 2022, the government deficit of both the euro area (EA19) and the EU decreased compared with 2021, as did the government debt. In the euro area the government deficit to GDP ratio shrunk from 5.2% in 2021 to 3.6% in 2022, and in the EU from 4.7% to 3.3%. In the euro area the government debt to GDP ratio decreased from 94.8% at the end of 2021 to 91.0% at the end of 2022, and in the EU from 87.4% to 83.5%, according to Eurostat, the statistical office of the European Union.
In 2022, twenty-two Member States reported a deficit. The highest deficits were recorded in Italy (-8.0%), Romania (-6.3%), Hungary (-6.2%) and Malta (-5.7%). Twelve Member States had deficits higher than 3% of GDP. Five Member States reported a surplus, the largest ones being recorded in Denmark (+3.3%), Cyprus (+2.4%), Ireland (+1.7%) and Sweden (+1.1%).
At the end of 2022, the lowest ratios of government debt to GDP were recorded in Estonia (18.5%), Bulgaria (22.6%), Luxembourg (24.7%), Denmark (29.8%), Sweden (32.9%) and Lithuania (38.1%). Thirteen Member States had government debt ratios higher than 60% of GDP, with the highest registered in Greece (172.6%), Italy (141.7%), Portugal (112.4%), France (111.8%), Spain (111.6%) and Belgium (104.3%).
In 2022, government expenditure in the euro area was equivalent to 50.5% of GDP and government revenue to 46.9%. The figures for the EU were 49.6% and 46.3%, respectively. The government expenditure and revenue ratios decreased in both zones.
