Low deficit in the euro area. Portugal with the largest surplus – the economy

The deficit in the euro area declined, in the second quarter, to 2.1% of GDP in the euro area and 1.8% in the European Union (EU), and Portugal achieved the largest surplus (3.0%), according to Eurostat.

In both areas, the public deficit has maintained a downward trend since the first quarter of 2021 and compares it between April and June of 6.8% in the eurozone and 6.2% in the European Union compared to the same period.

Also in the series comparison, the deficit decreased from 2.5% of GDP in the single currency countries to 2.3% in the 27 member states as a whole. According to the European Union Statistical Services, the deficit-to-GDP ratio decreased in the euro area, due to a greater increase in total revenue in relation to total expenditure, as well as higher GDP, compared to the first quarter of 2022.

Total revenue and expenditures continued to be affected by public policies in response to the COVID-19 pandemic, but to a lesser extent than in previous quarters, Eurostat highlights.

Among the countries for which data are available, Portugal (3.0%), the Netherlands (2.4%), Lithuania (1.9%), Estonia (1.8%), Denmark (1.2%), Austria (1.0%), Luxembourg (0.6%) Submit surpluses in general accounts.

Malta (-6.6%), Spain (-4.2%) and Belgium (-4.0%) posted the highest public deficits in the second quarter.

Low public debt in the euro area. Portugal holds the third largest

The weight of debt relative to GDP, in the second quarter, fell to 94.2% in the eurozone and 87.5% in the European Union (EU), placing Portugal in third place (123, 4%), Eurostat reveals.

According to data from the European Statistics Service, public debt in the eurozone has fallen to 94.2% of GDP, compared to 97.9% in the same period last year and 95.2% in the first three months of the year.

In the European Union, the public debt ratio compares to 90.5% of GDP in the second quarter of 2021 and 87.5% recorded between January and March of this year.

Greece (182.1%), Italy (150.2%), Portugal (123.4%), Spain (116.1%), France (113.1%) and Belgium (108.3%), showed, between April and June, the highest weights of public debt in relation to GDP and the lowest ratio in Estonia (16.7%), Bulgaria (21.3%) and Luxembourg (25.4%).