Eurozone, EU gov`t deficit falls in 2014
The government deficit of both the euro zone and the 28-nation European Union (EU) decreased in 2014, compared with the previous year, while government debt rose in both zones, the statistical office of the EU Eurostat said Tuesday.
In the euro area, the government deficit to GDP ratio decreased from 2.9 percent in 2013 to 2.4 percent in 2014, while it fell from 3.2 percent to 2.9 percent in the EU.
Among EU member states, Denmark, Germany, Estonia and Luxembourg registered a government surplus in 2014, and the lowest government deficits in percentage of GDP were recorded in Lithuania, Latvia and Romania.
Twelve member states had deficits higher than 3 percent of GDP, including Cyprus, Spain, Croatia and Britain.
According to European rules, euro zone government deficits must remain below 3 percent of GDP, and public debt must be maintained below 60 percent of the GDP.