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The EU budget deficit is growing sharply

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The European statistical office Eurostat reported that the overall budget deficit of the EU countries increased significantly in the last third of last year due to measures to reduce energy prices.

And Eurostat points out that “in the third quarter of 2022, the state budget deficit, seasonally adjusted to GDP, was 3.3% in the euro area and 3.2% in the European Union, with a significant increase in the deficit compared to the second quarter of 2022 “. 2022”.

In the second trimester, the figures were 2.0% of GDP and 1.8% of GDP, respectively. At that time, the euro area included 19 of the 27 EU member states, including the largest economies in the region.

According to Eurostat, the increase in the deficit is mainly due to “significant increases in government spending”.

The measures taken to combat the Covid-19 pandemic continued to affect the region’s overall revenues and spending, although to a lesser extent than in previous quarters, but in the last third, the impact of countries’ efforts to mitigate the impact of higher energy prices was stronger, according to data from the Office of Statistics of the European Union.

Total government spending in the eurozone was up €58bn seasonally adjusted quarter-on-quarter, and total revenue was up €15bn seasonally adjusted. For the EU as a whole, the increase was €67bn and then €11bn respectively .

Source: News

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