64/2013 - 22 April 2013

Provision of deficit and debt data for 2012 - first notification

Euro area and EU27 government deficit at 3.7% and 4.0% of GDP respectively
Government debt at 90.6% and 85.3%
In 2012, the government deficit of both the euro area (EA17) and the EU27 decreased in absolute terms 1 compared with 2011, while the government debt rose in both zones. In the euro area the government deficit to 3 GDP ratio decreased from 4.2% in 2011 to 3.7% in 2012, and in the EU27 from 4.4% to 4.0%. In the euro area the government debt to GDP ratio increased from 87.3% at the end of 2011 to 90.6% at the end of 2012, and in the EU27 from 82.5% to 85.3%.
2009 Euro area (EA17) GDP market prices (mp) Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt EU27 GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt (million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) (million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) 8 922 346 -567 420 -6.4 51.2 44.9 7 136 526 80.0 11 754 457 -807 996 -6.9 51.1 44.2 8 765 652 74.6 2010 9 174 671 -569 408 -6.2 51.0 44.8 7 831 371 85.4 12 278 203 -800 889 -6.5 50.6 44.1 9 825 306 80.0 2011 9 424 842 -391 417 -4.2 49.5 45.3 8 225 807 87.3 12 647 215 -561 486 -4.4 49.1 44.7 10 435 932 82.5 2012 9 490 586 -352 683 -3.7 49.9 46.2 8 600 983 90.6 12 902 370 -514 088 -4.0 49.4 45.4 11 011 797 85.3
1 2

In 2012 the lowest government deficits in percentage of GDP were recorded in Estonia (-0.3%), Sweden (-0.5%), Bulgaria and Luxembourg (both -0.8%) and Latvia (-1.2%), while Germany (+0.2%) registered a government surplus. Seventeen Member States had deficits higher than 3% of GDP: Spain (-10.6%), Greece (-10.0%), Ireland (-7.6%), Portugal (-6.4%), Cyprus and the United Kingdom (both -6.3%), France (-4.8%), the Czech Republic (-4.4%), Slovakia (-4.3%), the Netherlands (-4.1%), Denmark and Slovenia (both -4.0%), Belgium and Poland (both -3.9%), Malta (-3.3%), Lithuania (-3.2%) and Italy (-3.0%). In all, thirteen Member States recorded an improvement in their government balance relative to GDP in 2012 compared with 2011, twelve a worsening and two remained stable. At the end of 2012, the lowest ratios of government debt to GDP were recorded in Estonia (10.1%), Bulgaria (18.5%), Luxembourg (20.8%), Romania (37.8%), Sweden (38.2%), Latvia and Lithuania (both 40.7%). Fourteen Member States had government debt ratios higher than 60% of GDP: Greece (156.9%), Italy (127.0%), Portugal (123.6%), Ireland (117.6%), Belgium (99.6%), France (90.2%), the United Kingdom (90.0%), Cyprus (85.8%), Spain (84.2%), Germany (81.9%), Hungary (79.2%), Austria (73.4%), Malta (72.1%) and the Netherlands (71.2%). In all, six Member States recorded an improvement in their government debt relative to GDP in 2012 compared with 2011 and twenty-one a worsening.

In 2012, government expenditure in the euro area was equivalent to 49.9% of GDP and government revenue to 46.2%. The figures for the EU27 were 49.4% and 45.4% respectively. In both zones, the government expenditure and the government revenue ratio increased between 2011 and 2012.

Reservations on reported data5

Eurostat has no reservations on the data reported by Member States.

Amendment by Eurostat to reported data6

Eurostat has made no amendments to the data reported by Member States.

Other issues
i. Intergovernmental lending For the purpose of proper consolidation of general government debt in European aggregates and to provide users with information, Eurostat is collecting and publishing data on government loans to other EU governments, including those made through the European Financial Stability Facility (EFSF). For 2012 the intergovernmental lending figures relate mainly to lending to Greece, Ireland and Portugal. ii. Supplementary tables for the financial crisis Annex 2 contains supplementary tables for the financial crisis for the EU and the euro area. Eurostat publishes supplementary tables by Member State on its website: http://epp.eurostat.ec.europa.eu/portal/page/portal/government_finance_statistics/excessive_deficit/supplementary _tables_financial_turmoil. These tables contain data on the "net revenue/cost for general government (impact on ESA95 government deficit)" and "outstanding amounts of assets, actual liabilities and contingent liabilities of government" in relation to government interventions in the context of the financial crisis for the years 2009 to 2012. See also the Eurostat decision on the statistical recording of public interventions to support financial institutions and financial markets during the financial crisis (Eurostat News Release 103/2009 of 15 July 2009) and subsequent guidance. Eurostat also publishes a background note providing more information on the content of the supplementary tables and data findings at: http://epp.eurostat.ec.europa.eu/portal/page/portal/government_finance_statistics/documents/Background_note_fin _crisis_Apr_2013_final.pdf iii. Government deficit/surplus excluding the impacts of interventions to support financial institutions Eurostat publishes for the first time on its website, government deficit/surplus data for 2011 and 2012 excluding the impacts of government interventions to support financial institutions: http://epp.eurostat.ec.europa.eu/portal/page/portal/government_finance_statistics/documents/SIFfin_crisis_impact-EDP.pdf It should be noted that this adjusted measure of government deficit/surplus is only intended to be an improvement in the presentation of data for users. iv. Stock of liabilities of trade credits and advances Eurostat publishes on its website, as complementary information on government liabilities, data on trade credits and advances, as reported by Member States for the years 2009 to 2012: http://epp.eurostat.ec.europa.eu/portal/page/portal/government_finance_statistics/documents/Note_on_AF.71LApr_2013.pdf. It should be noted that, according to Council Regulation (EC) 479/2009, as amended, the liabilities in trade credits and advances of government units are not part of "Maastricht debt". v. Quarterly data on government debt Annex 3 contains data on the structure of the outstanding debt by component of the euro area and EU27 for the fourth quarter of 2012, and the changes in the government debt ratio as compared to the third quarter of 2012.

Background
In this News Release, Eurostat, the statistical office of the European Union, is providing government deficit and debt data based on figures reported in the first 2013 notification by EU Member States for the years 20092012, for the application of the excessive deficit procedure (EDP). This notification is based on the ESA95 system of national accounts. This News Release also includes data on government expenditure and revenue. Annex 1 shows the main revisions since the October 2012 News Release. Eurostat will also be releasing information on the underlying government sector accounts, as well as on the contribution of deficit/surplus and other relevant factors to the variation in the debt level (stock-flow adjustment), on the government finance statistics section on its website: http://epp.eurostat.ec.europa.eu/portal/page/portal/government_finance_statistics/introduction
7

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5. 6.

7.

According to the Protocol on the excessive deficit procedure annexed to the EC Treaty, government deficit (surplus) means the net borrowing (net lending) of the whole general government sector (central government, state government, local government and social security funds). It is calculated according to national accounts concepts (European System of Accounts, ESA95). Government debt is the consolidated gross debt of the whole general government sector outstanding at the end of the year (at nominal value). Table of euro area and EU27 aggregates: the data are in euro. For those countries not belonging to the euro area, the rate of conversion into euro is as follows: - for deficit / surplus and GDP data, the annual average exchange rate; - for the stock of government debt, the end of year exchange rate. Table of national data: these are in national currencies. For Estonia, data for the years prior to the adoption of the euro have been converted into euro according to the irrevocable conversion rate. Euro area (EA17): Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland. In the attached table, the euro area is defined as including Estonia for the full period, although Estonia joined the euro area on 1 January 2011. In the previous provision of data for the excessive deficit procedure, the 2011 government deficits for the euro area and the EU27 were 4.1% and 4.4% of GDP respectively. The government debt of the euro area and the EU27 were 87.3% and 82.5% of GDP respectively. See News Release 149/2012 of 22 October 2012. Government expenditure and revenue are reported to Eurostat under the ESA95 transmission programme. They are the sum of non-financial transactions by general government, and include both current and capital transactions. For definitions, see Council Regulation 2223/96, as amended. It should be noted that the government balance (i.e. the difference between total government revenue and expenditure) is not exactly the same under ESA95 as that for the purpose of the excessive deficit procedure (see Regulation (EC) 2558/2001 on the reclassification of settlements under swaps agreements and forward rate agreements). The term reservations is defined in artic le 15 (1) of Council Regulation (EC) 479/2009, as amended. The Commission (Eurostat) expresses reservations when it has doubts on the quality of the reported data. According to Article 15 (2) of Council Regulation (EC) 479/2009, as amended, the Commission (Eurostat) may amend actual data reported by Member States and provide the amended data and a justification of the amendment where there is evidence that actual data reported by Member States do not comply with the quality requirements (compliance with accounting rules, completeness, reliability, timeliness and consistency of statistical data). According to Article 14 (1) of Council Regulation (EC) 479/2009, as amended, Eurostat provides the actual government deficit and debt data for the application of the Protocol on the excessive deficit procedure, within three weeks after the reporting deadlines. This provision of data shall be effected through publication.

For further information on the methodology of statistics reported under the excessive deficit procedure, please see Council Regulation (EC) 479/2009, as amended by Council Regulation (EC) 679/2010 (consolidated version available at: http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CONSLEG:2009R0479:20100819:EN:PDF), Council Regulation 2223/96, as amended (consolidated version available at: http://eur-lex.europa.eu/LexUriServ/site/en/consleg/1996/R/01996R2223-20030807-en.pdf) and the Eurostat publication "ESA95 manual on government deficit and debt", fifth edition, 2013: http://epp.eurostat.ec.europa.eu/portal/page/portal/product_details/publication?p_product_code=KS-RA-13-001

Issued by: Eurostat Press Office Tim ALLEN Tel: +352-4301-33 444 eurostat-pressoffice@ec.europa.eu

Eurostat news releases on the internet: http://ec.europa.eu/eurostat Selected Principal European Economic Indicators: http://ec.europa.eu/eurostat/euroindicators

GDP, government deficit/surplus and debt in the EU (in national currencies)

2009 Belgium GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

2010 356 125 -13 430 -3.8 52.6 48.7 340 257 95.5 830 0.2 70 511 -2 198 -3.1 37.4 34.3 11 453 16.2 0 0.0 3 799 547 -182 711 -4.8 43.7 39.0 1 436 957 37.8 0 0.0 1 761 116 -44 009 -2.5 57.7 55.0 752 829 42.7 0 0.0 2 496 200 -103 440 -4.1 47.7 43.6 2 056 089 82.4 6 049 0.2

2011 369 836 -13 777 -3.7 53.4 49.5 361 672 97.8 2 586 0.7 75 308 -1 492 -2.0 35.6 33.6 12 291 16.3 0 0.0 3 841 370 -124 943 -3.3 43.0 39.8 1 568 989 40.8 0 0.0 1 791 518 -33 018 -1.8 57.6 55.7 831 147 46.4 0 0.0 2 592 600 -20 230 -0.8 45.3 44.5 2 085 181 80.4 19 994 0.8

2012 376 840 -14 852 -3.9 54.8 50.8 375 389 99.6 7 198 1.9 77 582 -624 -0.8 35.7 34.9 14 390 18.5 0 0.0 3 843 471 -169 003 -4.4 44.5 40.1 1 758 872 45.8 0 0.0 1 816 737 -72 470 -4.0 59.6 55.5 832 455 45.8 1 500 0.1 2 643 900 4 090 0.2 45.0 45.2 2 166 278 81.9 56 091 2.1

(million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) (million euro) (% of GDP)

340 777 -18 935 -5.6 53.7 48.1 326 039 95.7 130 0.0 68 322 -2 961 -4.3 41.4 37.1 9 992 14.6 0 0.0 3 758 979 -218 331 -5.8 44.7 38.9 1 285 972 34.2 0 0.0 1 664 790 -44 442 -2.7 58.1 55.3 677 175 40.7 0 0.0 2 374 500 -73 180 -3.1 48.2 45.1 1 768 919 74.5 784 0.0

Bulgaria GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million BGN) (million BGN) (% of GDP) (% of GDP) (% of GDP) (million BGN) (% of GDP) (million BGN) (% of GDP)

Czech Republic GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million CZK) (million CZK) (% of GDP) (% of GDP) (% of GDP) (million CZK) (% of GDP) (million CZK) (% of GDP)

Denmark GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million DKK) (million DKK) (% of GDP) (% of GDP) (% of GDP) (million DKK) (% of GDP) (million DKK) (% of GDP)

Germany GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) (million euro) (% of GDP)

GDP, government deficit/surplus and debt in the EU (in national currencies)

2009 Estonia GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

2010 14 323 27 0.2 40.7 40.9 962 6.7 0 0.0 156 487 -48 274 -30.8 66.1 35.2 144 164 92.1 347 0.2 222 151 -23 719 -10.7 51.4 40.6 329 515 148.3 0 0.0 1 048 883 -101 438 -9.7 46.3 36.6 644 692 61.5 2 598 0.2 1 936 720 -136 779 -7.1 56.6 49.5 1 594 977 82.4 4 448 0.2

2011 15 951 186 1.2 38.3 39.5 996 6.2 14 0.1 158 993 -21 268 -13.4 48.1 34.9 169 226 106.4 347 0.2 208 532 -19 834 -9.5 52.0 42.4 355 172 170.3 0 0.0 1 063 355 -100 402 -9.4 45.2 35.7 736 468 69.3 8 717 0.8 2 001 398 -105 392 -5.3 55.9 50.6 1 716 887 85.8 14 989 0.7

2012 16 998 -46 -0.3 40.5 40.2 1 724 10.1 355 2.1 163 595 -12 461 -7.6 42.1 34.6 192 461 117.6 347 0.2 193 749 -19 360 -10.0 54.8 44.7 303 918 156.9 0 0.0 1 049 525 -111 641 -10.6 47.0 36.4 883 873 84.2 24 542 2.3 2 033 648 -98 196 -4.8 56.6 51.7 1 833 810 90.2 42 090 2.1

(million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) (million euro) (% of GDP)

13 762 -275 -2.0 45.5 43.5 991 7.2 0 0.0 161 275 -22 368 -13.9 48.6 34.7 104 544 64.8 0 0.0 231 081 -36 127 -15.6 54.0 38.3 299 685 129.7 0 0.0 1 048 060 -117 143 -11.2 46.3 35.1 565 082 53.9 0 0.0 1 885 763 -142 223 -7.5 56.8 49.2 1 493 385 79.2 0 0.0

Ireland GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) (million euro) (% of GDP)

Greece GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) (million euro) (% of GDP)

Spain GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) (million euro) (% of GDP)

France GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) (million euro) (% of GDP)

GDP, government deficit/surplus and debt in the EU (in national currencies)

2009 Italy GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

2010 1 551 886 -69 267 -4.5 50.4 46.1 1 851 252 119.3 3 909 0.3 17 406 -920 -5.3 46.2 40.9 10 675 61.3 43 0.2 12 784 -1 041 -8.1 43.4 35.3 5 682 44.4 0 0.0 95 323 -6 869 -7.2 42.4 35.2 36 127 37.9 0 0.0 39 906 -363 -0.9 42.9 42.0 7 673 19.2 55 0.1

2011 1 578 497 -60 016 -3.8 49.9 46.2 1 907 392 120.8 13 118 0.8 17 979 -1 132 -6.3 46.0 39.7 12 778 71.1 144 0.8 14 275 -509 -3.6 38.4 34.9 5 974 41.9 0 0.0 106 370 -5 848 -5.5 38.9 33.3 40 962 38.5 0 0.0 42 625 -98 -0.2 41.8 41.5 7 804 18.3 183 0.4

2012 1 565 916 -47 633 -3.0 50.6 47.7 1 988 658 127.0 36 932 2.4 17 887 -1 127 -6.3 46.3 40.0 15 350 85.8 405 2.3 15 520 -187 -1.2 36.5 35.2 6 309 40.7 0 0.0 113 189 -3 666 -3.2 36.2 32.9 46 037 40.7 0 0.0 44 426 -359 -0.8 43.0 42.1 9 232 20.8 516 1.2

(million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) (million euro) (% of GDP)

1 519 695 -83 603 -5.5 51.9 46.5 1 769 254 116.4 0 0.0 16 854 -1 031 -6.1 46.2 40.1 9 865 58.5 0 0.0 13 070 -1 277 -9.8 43.7 34.0 4 826 36.9 0 0.0 92 032 -8 682 -9.4 44.9 35.5 26 983 29.3 0 0.0 36 027 -290 -0.8 44.6 43.8 5 527 15.3 0 0.0

Cyprus GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) (million euro) (% of GDP)

Latvia GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million LVL) (million LVL) (% of GDP) (% of GDP) (% of GDP) (million LVL) (% of GDP) (million LVL) (% of GDP)

Lithuania GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million LTL) (million LTL) (% of GDP) (% of GDP) (% of GDP) (million LTL) (% of GDP) (million LTL) (% of GDP)

Luxembourg GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) (million euro) (% of GDP)

GDP, government deficit/surplus and debt in the EU (in national currencies)

2009 Hungary GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

2010 26 607 339 -1 143 338 -4.3 49.8 45.4 21 775 209 81.8 0 0.0 6 317 -226 -3.6 42.0 38.4 4 258 67.4 20 0.3 588 740 -30 118 -5.1 51.2 46.1 371 784 63.1 1 247 0.2 286 397 -12 866 -4.5 52.6 48.1 206 087 72.0 607 0.2 1 416 585 -111 291 -7.9 45.4 37.6 776 825 54.8 0 0.0

2011 27 886 401 1 194 947 4.3 49.6 53.8 22 690 685 81.4 0 0.0 6 556 -183 -2.8 42.1 39.3 4 607 70.3 66 1.0 601 973 -27 009 -4.5 49.8 45.4 394 197 65.5 4 187 0.7 300 712 -7 385 -2.5 50.5 48.0 217 879 72.5 2 038 0.7 1 528 127 -76 094 -5.0 43.4 38.4 859 076 56.2 0 0.0

2012 28 276 003 -531 585 -1.9 48.5 46.5 22 380 937 79.2 0 0.0 6 756 -226 -3.3 43.9 40.5 4 871 72.1 187 2.8 600 638 -24 405 -4.1 50.4 46.4 427 515 71.2 11 787 2.0 309 901 -7 684 -2.5 51.2 48.7 227 431 73.4 5 741 1.9 1 595 264 -62 698 -3.9 42.3 38.4 886 779 55.6 0 0.0

(million HUF) (million HUF) (% of GDP) (% of GDP) (% of GDP) (million HUF) (% of GDP) (million HUF) (% of GDP)

25 626 480 -1 187 117 -4.6 51.4 46.9 20 448 176 79.8 0 0.0 5 969 -220 -3.7 42.4 38.7 3 963 66.4 0 0.0 573 235 -32 074 -5.6 51.4 45.8 348 284 60.8 0 0.0 276 151 -11 330 -4.1 52.6 48.5 191 069 69.2 0 0.0 1 344 505 -99 596 -7.4 44.6 37.2 684 082 50.9 0 0.0

Malta GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) (million euro) (% of GDP)

Netherlands GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) (million euro) (% of GDP)

Austria GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) (million euro) (% of GDP)

Poland GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million PLN) (million PLN) (% of GDP) (% of GDP) (% of GDP) (million PLN) (% of GDP) (million PLN) (% of GDP)

GDP, government deficit/surplus and debt in the EU (in national currencies)

2009 Portugal GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

2010 172 859 -16 982 -9.8 51.5 41.6 162 473 94.0 548 0.3 523 693 -35 591 -6.8 40.1 33.3 159 511 30.5 0 0.0 35 607 -2 112 -5.9 50.4 44.5 13 737 38.6 103 0.3 65 869 -5 046 -7.7 40.0 32.3 26 998 41.0 0 0.0 178 796 -4 455 -2.5 55.8 53.0 86 974 48.6 392 0.2

2011 171 065 -7 543 -4.4 49.4 45.0 185 241 108.3 1 212 0.7 556 708 -30 911 -5.6 39.4 33.8 193 157 34.7 0 0.0 36 172 -2 298 -6.4 50.8 44.4 16 954 46.9 325 0.9 69 108 -3 498 -5.1 38.3 33.3 29 911 43.3 173 0.2 189 489 -1 539 -0.8 55.0 53.9 92 849 49.0 1 316 0.7

2012 165 409 -10 596 -6.4 47.4 41.0 204 485 123.6 1 212 0.7 587 499 -16 822 -2.9 36.4 33.5 222 212 37.8 0 0.0 35 466 -1 418 -4.0 49.0 45.0 19 189 54.1 972 2.7 71 463 -3 107 -4.3 37.4 33.1 37 245 52.1 1 494 2.1 194 469 -3 662 -1.9 56.0 53.7 103 131 53.0 3 708 1.9

(million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) (million euro) (% of GDP)

168 529 -17 114 -10.2 49.8 39.6 141 055 83.7 0 0.0 501 139 -45 113 -9.0 41.1 32.1 118 428 23.6 0 0.0 35 556 -2 217 -6.2 49.3 43.1 12 449 35.0 0 0.0 62 794 -5 040 -8.0 41.6 33.5 22 331 35.6 0 0.0 172 318 -4 250 -2.5 56.1 53.4 74 997 43.5 0 0.0

Romania GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million RON) (million RON) (% of GDP) (% of GDP) (% of GDP) (million RON) (% of GDP) (million RON) (% of GDP)

Slovenia GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) (million euro) (% of GDP)

Slovakia GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) (million euro) (% of GDP)

Finland GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) (million euro) (% of GDP)

GDP, government deficit/surplus and debt in the EU (in national currencies)

2009 Sweden GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

2010 3 337 531 9 844 0.3 52.3 52.3 1 316 287 39.4 0 0.0 1 466 569 -149 553 -10.2 50.4 40.3 1 164 811 79.4 0 0.0 2010/2011 1 480 274 -141 783 -9.6 1 184 830 80.0 0 0.0

2011 3 499 914 7 160 0.2 51.2 51.2 1 345 016 38.4 0 0.0 1 515 828 -118 632 -7.8 48.6 40.8 1 295 417 85.5 403 0.0 2011/2012 1 522 414 -118 217 -7.8 1 315 391 86.4 403 0.0

2012 3 555 339 -18 307 -0.5 52.0 51.3 1 357 939 38.2 2 575 0.1 1 541 465 -97 794 -6.3 48.5 42.2 1 387 436 90.0 2 016 0.1 2012/2013 1 545 755 -86 510 -5.6 1 401 579 90.7 2016 0.1

(million SEK) (million SEK) (% of GDP) (% of GDP) (% of GDP) (million SEK) (% of GDP) (million SEK) (% of GDP)

3 105 790 -22 216 -0.7 54.9 54.0 1 321 814 42.6 0 0.0 1 401 863 -160 841 -11.5 51.3 39.9 950 849 67.8 0 0.0 2009/2010 1 415 137 -163 123 -11.5 1 046 095 73.9 0 0.0

United Kingdom* GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million GBP) (million GBP) (% of GDP) (% of GDP) (% of GDP) (million GBP) (% of GDP) (million GBP) (% of GDP)

Financial year (fy) GDP mp Government deficit (-) / surplus (+) Government debt
memo: intergovernmental lending in the context of the financial crisis *

(million GBP) (million GBP) (% of GDP) (million GBP) (% of GDP) (million GBP) (% of GDP)

Data refer to calendar years. Data referring to the financial year (1 April to 31 March), are shown in italics. For the United Kingdom, the relevant data for implementation of the excessive deficit procedure are financial year data.

Annex 1
Main revisions between the October 2012 and the April 2013 notifications
Below are shown country specific explanations for the largest revisions in deficit and debt for 2009-2011 between the October 2012 and the April 2013 notifications, as well as in GDP. Since the October 2012 notification, there have been revisions of the 2011 government deficit of -0.2% of GDP in two Member States, of +0.2% of GDP in one and of between -0.1% and +0.1% in twenty-four.

Deficit
Slovenia: The increase in the deficit for 2009 and 2010 is due to a change in the accrual adjustments for taxes on production.

Debt
Portugal: The increase in the debt for 2009 and 2010 is mainly due to the recording of trade credits under factoring without recourse as government loans and to the inclusion of two public corporations in the general government sector.

GDP
The GDP for 2011 notified in April 2013 for EDP purposes was revised by a number of Member States compared with that notified in October 2012, in general by small amounts. A decrease of almost 4% of GDP has been notified by Romania. An increase of about 2% of GDP for 2009 and of more than 1% of GDP for 2010 has been notified by Malta. Changes in GDP affect deficit and debt ratios due to the denominator effect.

Revisions in government deficit/surplus and government debt ratios

from the October 2012 to the April 2013 notification
Deficit/surplus* 2009 Revision in deficit/surplus and debt ratios Belgium - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Bulgaria - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Czech Republic - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Denmark - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Germany - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Estonia - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Ireland - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Greece - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Spain - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios France - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Italy - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Cyprus - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Latvia - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Lithuania - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Luxembourg - due to revision of deficit/surplus or debt - due to revision of GDP 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2010 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 -0.1 0.0 2011 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 -0.1 0.0 0.0 0.0 0.0 -0.1 -0.1 0.0 0.1 0.1 0.0 0.0 0.0 0.0 -0.1 -0.1 0.0 0.0 0.0 0.0 0.1 0.1 0.0 2009 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt 2010 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.2 0.0 -0.2 -0.1 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.0 0.0 0.0 -0.1 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2011 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.2 0.0 -0.2 -0.1 -0.1 0.0 0.1 0.1 0.0 0.0 0.0 0.0 -0.2 -0.2 0.0 0.0 0.0 0.0 -0.2 0.0 -0.2 0.1 0.0 0.1 0.0 0.0 0.0 -0.4 -0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0

* Revisions to deficit/surplus ratios: a positive sign means an improved government balance relative to GDP, and a negative sign a worsening.

Revisions in government deficit/surplus and government debt ratios

from the October 2012 to the April 2013 notification
Deficit/surplus* 2009 Revision in deficit/surplus and debt ratios Hungary - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Malta - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Netherlands - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Austria - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Poland - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Portugal - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Romania - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Slovenia - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Slovakia - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Finland - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Sweden - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios United Kingdom - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios EU27 - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios EA17 - due to revision of deficit/surplus or debt - due to revision of GDP 0.0 0.0 0.0 0.2 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.3 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2010 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.2 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2011 -0.1 -0.1 0.0 -0.1 -0.1 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.2 -0.2 0.0 0.0 0.0 -0.1 -0.1 0.0 -0.2 -0.2 0.0 -0.1 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2009 0.0 0.0 0.0 -1.3 0.0 -1.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.5 0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Debt 2010 0.0 0.0 0.0 -0.9 0.0 -0.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.5 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2011 0.0 0.0 0.0 -0.6 0.0 -0.6 0.0 0.0 0.0 0.0 0.0 0.0 -0.2 0.0 -0.2 0.2 0.3 -0.1 1.3 0.0 1.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.2 0.2 0.0 0.0 0.0 -0.1 0.0 0.0

* Revisions to deficit/surplus ratios: a positive sign means an improved government balance relative to GDP, and a negative sign a worsening.

Annex 2
Supplementary tables for the financial crisis Activities undertaken by government to support financial institutions1
Table 1: Net revenue/cost for general government recorded in ESA95 government deficit Millions of euro
Euro area (EA17) 2009 A a) b) c) d) B e) f) g) h) Revenue (a+b+c+d) Guarantee fees receivable Interest receivable Dividends receivable Other Expenditure (e+f+g+h) Interest payable2 Capital injections recorded as deficit-increasing (capital transfer) Calls on guarantees Other Net revenue/cost for general government (A-B) Net revenue/cost for general government (A-B) (% of GDP) 9 533 3 374 4 828 1 238 93 16 665 6 276 10 097 0 292 -7 132 -0.08 2010 14 422 6 164 6 527 1 472 259 80 671 9 327 35 609 450 35 285 -66 249 -0.72 2011 19 705 6 035 10 333 2 650 688 29 190 11 800 14 816 492 2 083 -9 485 -0.10 2012 19 380 5 788 10 290 2 213 1 089 73 212 11 569 48 060 4 13 579 -53 832 -0.57 2009 21 108 6 563 6 259 1 238 7 049 36 206 9 804 23 027 0 3 375 -15 098 -0.13 2010 21 180 9 119 9 779 1 544 738 85 493 12 625 35 815 450 36 604 -64 313 -0.52 EU27 2011 27 007 8 927 14 038 3 349 694 34 786 14 475 15 193 1 582 3 536 -7 779 -0.06 2012 24 141 7 058 13 710 2 285 1 089 77 552 14 583 48 159 4 14 807 -53 411 -0.41

Source: Eurostat

Table 2: Outstanding amount of assets, actual liabilities and contingent liabilities of general government 3 Millions of euro
Euro area (EA17) 2009 Assets (D=a+b+c) D Closing balance sheet a Loans b Securities other than shares c Shares and other equity Liabilities (E=d+e) E Closing balance sheet recorded in ESA95 government debt 211 031 25 694 80 109 105 228 221 879 39 472
4

EU27 2012 360 957 45 854 215 997 99 107 523 585 191 899 331 686 2009 306 248 61 251 86 284 158 713 360 696 41 230 319 466 2010 584 510 133 623 263 101 187 786 641 493 245 530 395 963 2011 501 618 127 438 239 683 134 497 613 909 212 427 401 482 903 671 723 082 97 285 83 304 4.0 4.9 7.1 2012 535 180 132 868 230 042 172 270 669 660 191 899 477 761 600 132 534 244 12 338 53 550 4.1 5.2 4.7

2010 387 149 24 903 245 779 116 468 468 358 244 535 223 824 579 924 473 003 7 939 98 982 4.2 5.1 6.3

2011 349 037 28 698 223 088 97 251 454 412 211 928 242 484 575 291 489 857 2 708 82 726 3.7 4.8 6.1

General government

d Loans e Securities other than shares F f g

182 407 774 093 691 012 4 617 78 465 2.4 2.5 8.7

Contingent liabilities (F=f+g+h)

Outside general government

Closing balance sheet not recorded in ESA 95 debt Liabilities and assets outside general government under guarantee5 Securities issued under liquidity schemes6

577 520 1 428 997 1 051 839 521 787 1 114 304 2 761 52 972 3.8 5.5 6.1 236 228 78 465 2.6 3.1 12.2 806 634 145 029 100 176 4.8 5.2 8.6

h Special purpose entities7 D Closing balance sheet - assets

(% of GDP)

E Closing balance sheet - liabilities Closing balance sheet - contingent F liabilities

Source: Eurostat

The supplementary tables for the financial crisis aim to give a complete picture of the actual and potential impact on government deficit and debt due to government interventions directly related to the support of financial institutions. Support measures for non financial institutions or general economic support measures are not included in the tables.

The first table relates to data on transactions which are recorded in government accounts and have an actual impact on the EDP deficit/surplus. The second table relates to data on stocks of financial assets and liabilities arising from interventions relating to support of financial institutions. It distinguishes between activities which have contributed to government liabilities (included in government debt) and activities which may potentially contribute to government liabilities in the future, but which are currently recorded as contingent on future events (not included for the moment in government debt). In particular, line C in table 1 shows the net impact in terms of government surplus/deficit for government due to direct government interventions in the financial crisis. It can be seen that government interventions in the context of the financial crisis increased the government deficit in the EU27 by 53.4 bn euro (0.4% of GDP) in 2012. For the euro area, the net impact amounted to 53.8 bn (0.6% of GDP) in 2012. Table 2 shows that the impact on government debt in 2012 (closing balance sheet for liabilities) for the EU27 was 669.7 bn euro (5.2% of GDP), while for the euro area the figure was 523.6 bn (5.5% of GDP). As far as contingent liabilities are concerned (with a potential impact on debt and possibly on deficit), they amounted to 600.1 bn (4.7% of GDP) for the EU27 and to 577.5 bn (6.1% of GDP) for the euro area. Further tables on actual and potential impact on government deficit and debt, by Member State, can be found on Eurostat's website at: http://epp.eurostat.ec.europa.eu/portal/page/portal/government_finance_statistics/excessive_deficit/supplementary _tables_financial_turmoil

1. These tables relate to activities undertaken to support financial institutions. They do not include wider economic stimulus packages. 2. Interest payable includes actual interest where relevant, and otherwise imputed interest on financing. 3. The appropriate valuation for all entries in Table 2 is nominal value, except for ordinary quoted shares held as assets (which are recorded at market value). 4. By convention, for the liabilities entry under "general government" (which is the impact on Maastricht Debt from activities to support financial institutions), there is assumed to be a direct impact on government debt from activities which imply a transfer of cash from government (e.g. transfer of cash relating to capital injections, loans granted, purchase of financial assets), except for the impact from direct borrowing. In addition, imputations relating to the financing costs should be included. 5. Guarantees covered are those granted by general government to non-general government financial institutions. It does not include guarantees on bank deposits, or guarantees on the liabilities of special purpose entities included in (h). It is only the value of active guarantees, not announced ceilings for schemes. It also includes guarantees on assets, which would imply incurrence of government liability in case of a call. 6. Liquidity schemes included here are those where the government securities used are not recorded in government debt (see the Eurostat Decision and accompanying guidance note for details). By convention, they are recorded as "contingent liabilities outside the general government", as for guarantees, though it should be noted that the exposure of government is likely to be limited. 7. Special purpose entities included here are those where government has a significant role, including a guarantee, but which are classified outside the general government sector (see the Eurostat Decision and accompanying guidance note for details). Their liabilities are recorded outside the general government sector (as contingent liabilities of general government).

Annex 3
Quarterly government debt
From the end of the third quarter to the end of the fourth quarter of 2012, the government debt to GDP ratio in the euro area (EA17) increased from 90.0% to 90.6% of GDP. In the EU27 the ratio increased from 85.2% to 85.3%.

Table 1: Quarterly government debt structure, 2012Q4 compared with 2012Q3

2012Q3 EA17 Government debt Of which: Currency and deposits Securities other than shares Loans (million euro) (% of GDP) (million euro) (% of total debt) (million euro) (% of total debt) (million euro) (% of total debt)
Memo: Intergovernmental lending in the context of the financial crisis

2012Q4 8 600 983 90.6 243 114 2.8 6 708 574 78.0 1 649 295 19.2 193 576 2.0 11 011 797 85.3 418 562 3.8 8 778 752 79.7 1 814 484 16.5 196 547 1.5

8 527 556 90.0 241 193 2.8 6 717 749 78.8 1 568 615 18.4 158 484 1.7 10 932 706 85.2 419 943 3.8 8 778 836 80.3 1 733 927 15.9 160 856 1.3

(million euro) (% of GDP) (million euro) (% of GDP) (million euro) (% of total debt) (million euro) (% of total debt) (million euro) (% of total debt) (million euro) (% of GDP)

EU27 Government debt Of which: Currency and deposits Securities other than shares Loans

Memo: Intergovernmental lending in the context of the financial crisis

Compared with the third quarter of 2012, seventeen Member States registered an increase in their debt to GDP ratio at the end of the fourth quarter of 2012, nine a decrease and one remained stable. The highest increases in the ratio were recorded in Spain (+6.8 percentage points - pp), Slovenia (+5.9 pp) and Greece (+5.0 pp), and the largest decreases in Belgium (-2.0 pp), Denmark (-1.6 pp) and Malta (-1.0 pp).

Figure 1: Changes in government debt to GDP ratio, 2012Q4 compared with 2012Q3,
in percentage points
7 6 5 4 ES SI EL

PT
3 CY 2 1 FI

UK NL

RO CZ SK SE HU EA17 LV FR EE DE EU27 LT IE BG IT LU PL AT MT DK BE

0
-1 -2 -3

Table 2: Quarterly government debt by Member State

Quarterly government debt Millions of national currency Q3/2012 Belgium Bulgaria Czech Republic Denmark Germany Estonia Ireland Greece Spain France Italy Cyprus Latvia Lithuania Luxembourg Hungary Malta Netherlands Austria Poland Portugal Romania Slovenia Slovakia Finland Sweden United Kingdom euro BGN CZK DKK euro euro euro euro euro euro euro euro LVL LTL euro HUF euro euro euro PLN euro RON euro euro euro SEK GBP 381 104 14 199 1 726 155 859 357 2 152 786 1 633 191 791 300 144 817 170 1 817 965 1 995 668 15 043 6 085 45 123 9 207 22 205 034 4 900 417 688 226 778 883 734 201 444 211 566 17 217 36 420 99 084 1 324 620 1 354 977 Q4/2012 375 389 14 390 1 758 872 832 455 2 166 278 1 724 192 461 303 918 883 873 1 833 810 1 988 658 15 350 6 309 46 037 9 232 22 380 937 4 871 427 515 227 431 886 779 204 485 222 212 19 189 37 245 103 131 1 357 939 1 387 436 % of GDP Q3/2012 101.6 18.7 44.8 47.5 81.7 9.8 117.7 151.9 77.4 89.7 127.2 83.6 40.1 40.7 21.0 78.4 73.1 69.5 73.8 55.9 120.5 36.4 48.2 51.2 51.1 37.4 88.2
*

Q4/2012 99.6 18.5 45.8 45.8 81.9 10.1 117.6 156.9 84.2 90.2 127.0 85.8 40.7 40.7 20.8 79.2 72.1 71.2 73.4 55.6 123.6 37.8 54.1 52.1 53.0 38.2 90.0

Difference in pp of GDP, Q4/2012 compared with Q3/2012 -2.0 -0.1 0.9 -1.6 0.2 0.4 -0.1 5.0 6.8 0.4 -0.2 2.2 0.6 0.0 -0.2 0.7 -1.0 1.7 -0.4 -0.3 3.1 1.4 5.9 0.9 1.9 0.8 1.8

* Quarterly GDP figures for France and Spain have been benchmarked to their most up-to-date annual GDP figures by Eurostat.

Further data are available in the publication on quarterly government finance statistics: http://epp.eurostat.ec.europa.eu/portal/page/portal/government_finance_statistics/data