In the fourth quarter of 2012 and in the second quarter of 2013, total expenditure increased slightly in both areas, influenced by interventions to support the banking sector in several Member States, notably in Spain in the fourth quarter of 2012 and in Greece in the second quarter of 2013. From the third quarter of 2010 onwards, a decreasing trend in the level of the total expenditure-to-GDP ratio was visible, reflecting an absolute decrease in total expenditure in the fourth quarter of 2010 and the first quarter of 2011 as well as the effects of renewed economic growth in the EU and the euro area (all seasonally adjusted). The stock of loan liabilities also increased substantially. Greece is second with a ratio of 214.29% while the Itlay is third at 156.92%. The Trading Economics Application Programming Interface (API) provides direct access to our data. It is a key indicator for the sustainability of government finance. Debt per citizen: € 28,805. Italy is the eighth-largest exporter in the world, conducting 59% of its trade with other European Union countries. Compared with the third quarter of 2019, all Member States registered an increase in their debt to GDP ratio at the end of the third quarter of 2020. In the third quarter of 2020, all Member States continued to record a government deficit as government finance statistics continued to be influenced by policy responses to mitigate the economic and social impact of the COVID-19 pandemic. The highest ratios of government debt to GDP at the end of the third quarter of 2020 were recorded in Greece (199.9%), Italy (154.2%), Portugal (130.8%), Cyprus (119.5%), France (116.5%), Spain (114.1%) and Belgium (113.2%). Revisions in the coming quarters are thus expected to be larger than usual. Notably, increases in deposits as well as other accounts receivables, the latter relating to the deferral of taxes and social contributions that were accrued as revenue but not yet paid, are observed. 23. However, in the third quarter seasonally adjusted government total revenue grew by EUR 99 billion compared to the second quarter of 2020. In the EU, the ratio increased from 87.7% to 89.8%. This article is based on data transmitted to Eurostat at the end of December 2020 and during January 2021, and includes data coverage of the third quarter of 2020, and follow ESA 2010 methodology. Debt per citizen: € 31,605. Total debt: € 0. Loans increased substantially during the financial crisis. This is because the underlying tax bases decrease. Lebanon trails with 151% and Italy with 135%. Australia was another outlier, but for a different reason; the country’s household debt decreased by almost 5% relative to GDP. From the research, Japan has the highest ratio at 268.21%. ; Some selected levels of Public Sector debt in different countries: Canada National debt gross debt 85% of GDP (2012) Net federal debt involves only central government. The share of IGL as percentage of GDP at the end of the third quarter of 2020 amounted to 2.0% in the euro area and to 1.7% in the EU. This data is provided on a voluntary basis by the Member States' statistical authorities. It should be noted that annualised seasonally adjusted data is not in general equal to annualised non-adjusted data. This figure is an important indicator of the overall situation of government finances. %. Some country level estimates as well as data for the EU aggregates are published on Eurobase. This page has been accessed 96,709 times. Seasonal adjustment of selected data series. … The IMF publishes a range of time series data on IMF lending, exchange rates and other economic and financial indicators. Therefore, in addition to the surplus/deficit, a strong co-movement of net acquisition of financial assets exists with the evolution of quarterly debt. Slovenia. The difference between general government total revenue and total expenditure is known in ESA 2010 terminology as general government net lending (+)/ net borrowing (-) (ESA 2010 category B.9) and is usually referred to as government deficit (or surplus). In the first and second quarters of 2020, the stock of both financial assets and liabilities increased due to the policy responses to the pandemic both in the EU and the euro area. Eurostat regularly publishes seasonally adjusted and working day adjusted quarterly data on government revenue, expenditure and surplus (+)/ deficit (-), currently for twenty-two Member States, the United Kingdom, Switzerland and the EU aggregates. Iran: 13.4%: 7. The net acquisition of financial assets explains further the debt increase. According to the IMF, Japan has a current gross government dept-to-GDP ratio in excess of 260%. Unfortunately, Italy is experiencing a relatively high unemployment rate of 9.7% and a debt at 132% of GDP. In the second quarter of 2020, all countries set up or expanded specific (expenditure) measures in order to mitigate the economic downturn caused by the COVID-19 pandemic. At the level of the EU and the euro area, a significant rise in the stocks of liabilities was observed since the fourth quarter of 2008, together with an increase in assets which was less pronounced. Loans made up 14.5% and 14.8% respectively and currency and deposits represented 3.3% of euro area and 3.1% of EU government debt. In the third quarter of 2020, net financial transactions mainly reflected the financing of the deficit. In the second quarter of 2020, large decreases in the seasonally adjusted total government revenue were observed amounting to EUR 127 billion compared to the first quarter of 2020. The third quarter of 2020 saw a sharp rebound from the highest deficit recorded in the euro area and the EU since the start of the time series in the second quarter of 2020 when the deficit stood at -11.9 % in the euro area and -11.6% in the EU. Supports for the banking sector in several Member States are also the main reason for the increase in the fourth quarter of 2015. Compared with the third quarter of 2019, the government debt to GDP ratio rose in both the euro area (from 85.8% to 97.3%) and the EU (from 79.2% to 89.8%). The figure below shows some of the most important links between the quarterly deficit and the quarterly debt for the euro area. The crisis started in 2009 when the world first realized that Greece could default on its debt. The incurrence of liabilities not covered in the Maastricht debt definition as stipulated in the excessive deficit procedure EDP (mainly 'other accounts, payable') as well as valuation differences and discrepancies play a smaller role in explaining the change in debt. The next highest ratio is from Greece, which at 177%, lags significantly behind Japan. Try the new automatic translation by clicking on the blue icon “Translate” up in the right corner of the article! Debt/GDP: 96.0%. Algeria: 18.0%: 13. Chile: 21.3%: 16. 2019 Nominal GDP in Current U.S. QNFAGG and QFAGG and QDEBT statistics cover data for general government as defined in ESA2010, paragraph 2.111. Debt (Billions): $38.39 Debt Per Person ($): $10,912.00 2019 Gross Debt/GDP … Net financial transactions continued to deteriorate steadily from the second quarter of 2008 to the first quarter of 2010 for the euro area and the EU. 125. World's GDP is $80,934,771,028,340 (nominal, 2017).. See also: GDP per Capita Due to the economic and financial crisis, which started in 2008, government's deficits steadily deteriorated and reached 7.1 % of GDP (seasonally adjusted) and 6.6 % of GDP in the third quarter of 2010 for the euro area and the EU respectively. These estimates are supplemented by Eurostat's own estimates for those countries, which do not yet supply their own estimate. Estonia: 9.5%: 5. Dollars: $21.43 trillion 2019 PPP Adjusted … European Union Consumer Confidence Major Purchases Expectations at -14.60, European Union Consumer Confidence Current Conditions at -8.50, European Union Consumer Confidence Price Trends at 18.30, European Union Consumer Confidence Savings Expectations at -0.40, European Union Consumer Confidence Unemployment Expectations at 3.50, European Union Consumer Confidence Economic Expectations at -5.00, European Union Consumer Confidence Financial Expectations at 0.20, European Union Asylum Applications at 7090.00 persons, European Union Home Ownership Rate at 69.80 percent, European Union Balance of Trade at 30107.60 EUR Million, US Job Openings Rise Unexpectedly in January, Brazilian Equities Trade Higher on Stimulus, US Stocks Rally amid Stimulus, Falling Claims, Baltic Exchange Dry Index Hovers Around 5-Month High, US Initial Jobless Claims Lower than Forecasts, German 10-Year Bund Yield Falls to 1-Week Low, Spanish Stocks Extend Gains to Over 1-Year High. In the third quarter of 2020, the seasonally adjusted general government deficit to GDP ratio stood at -5.8 % in the euro area and -5.6% in the EU. This change in trend was accelerated in the second quarter of 2020 when the measures fully came into effect in most Member States. Strong decreases in total revenue mainly due to declines in economic activity and increases in total expenditure are observed. Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. In order to interpret trends for the most recent quarters, seasonally adjusted data is presented in addition to the non-seasonally adjusted data transmitted by EU Member States (see explanation below). Italy- Total debt: $ 2,285,740,000,000. An integrated publication combining data from all three tables is released quarterly on the dedicated Government Finance Statistics (GFS) section of the Eurostat web site. Data are non-seasonally adjusted. The decreases were recorded in Austria (-3.4 pp), Finland (-1.7 pp), Czechia (-1.5 pp), Belgium (-0.9 pp) and Ireland (-0.7 pp). It is supplemented by non-financial seasonally adjusted data estimated provided on a voluntary basis by EU and EFTA countries' National Statistical Institutes. The stock of liabilities increased mainly due to the issuance of debt securities. From the fourth quarter of 2010 onwards, the seasonally adjusted general government deficit no longer exceeded 5 % of GDP, and remained below 3 % since the fourth quarter of 2013, in both the euro area and EU until the second quarter of 2020. As a consequence, Eurostat has flagged all 2020 quarterly data as provisional. The seasonal adjustment aims to remove the seasonality linked to this quarterly data. In recent quarters, government debt securities (liabilities) have notably increased in value in many EU countries, driven by declining interest rates. The stock of financial assets and liabilities changes due to financial transactions as well to 'other flows' such as revaluations. The European debt crisis is an ongoing financial crisis that has made it difficult or impossible for some countries in the euro area to repay or re-finance their government debt without the assistance of third parties.. Due to the involvement of EU Member States' governments in financial assistance to certain Member States, quarterly data on intergovernmental lending (IGL) are also published. (38% of GDP). The seasonal adjustment for total revenue and total expenditure is done using an indirect procedure (at country level) using Tramo-Seats on Demetra+). In the second and third quarters of 2020, the value of debt securities increased substantially due to transactions (increased financing needs of governments) as well as due to positive revaluations. Both total revenue and expenditure exhibit a clear seasonality. Eurostat publishes quarterly government finance statistics figures based on the European System of Accounts 2010 (ESA 2010) methodology. Variations in stocks are explained both by the transactions and by other factors such as holding gains and losses and other changes in volume. The policy responses to the containment measures increased the financing needs for governments. Eurostat releases quarterly flow and stock data for the general government sector, using an integrated structure which combines the data from quarterly non-financial accounts for general government (QNFAGG), quarterly financial accounts for general government (QFAGG) and quarterly government debt (QGD). At the end of the third quarter of 2020, debt securities accounted for 82.3% of euro area and for 82.1% of EU general government debt. Notably, increases in deposits as well as other accounts receivables, the latter relating to the deferral of taxes and social contributions that were accrued as revenue but not yet paid, are observed.
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