Romania, among EU countries with lowest budget deficit

Romania’s budget deficit dropped to 0.8% of the GDP last year, namely almost EUR 1.2 billion, the same level as in 2014, Romania-Insider informs.

It was the third lowest budget deficit in the EU, after Lithuania (0.2% of GDP), and Czech Republic (0.6% of GDP).

In 2013, Romania’s budget deficit reached 2.1% of the GDP, according to the EU’s statistical office. Romania exceeded the official limit of 3% in 2012, when its budget deficit totaled 3.7% of the GDP.

Austria ranked fourth with a budget deficit of 1% last year. A number of six EU member states recorded last year deficits that exceed the maximum level imposed by EU laws, namely Greece (7.5% of the GDP), Spain (5.1%), Portugal (4.4%), Great Britain (4.3%), France (3.5%), and Croatia (3.3%).

At the end of last year, the lowest shares of public debts in the GDP were recorded in Estonia (10.1%), Luxembourg (22.1%), Bulgaria (26%), Latvia (36.3%), and Romania (37.9%).

In 17 of the 28 EU member states, the level of public debt in the GDP exceeded 60% threshold set by the EU law. The highest levels were recorded in Greece (177.4%), Italy (132.3%), Portugal (129%), Cyprus (107.5%), and Belgium (105.8%).
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