On 22nd April, EUROSTAT published its analysis on public finances of the EU Member States. Although the financial crisis only reached the real economy during the fourth quarter of 2008, its impact on the public finances of the EU Member States is already clearly noticeable. In the Eurozone, the public deficits in percent of the GDP rose from 0.6 % in 2007 to 1.9 % in 2008 and within the EU27 from 0.8 % to 2.3 %.
Ireland, which has been particularly affected by the financial crisis, in 2008 also shows the highest public deficit (7.1%) in the EU, whereby in 2007 the country was still able to produce a surplus of 0.2 %. Also on the up was the debt position in relation to the GDP in the Eurozone, which increased from 66 % in 2007 to 69.3 % in 2008 and from 58.7 % to 61.5 % in the EU27. Austria has been able to reduce the public deficit from 0.5 % (2007) to 0.4 % (2008), however, the debt position of the Austrian State increased from 59.4 % to 62.5 % during the same period.

Further information

Press release EUROSTAT