BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - The euro area budget deficit declined in 2024 but the government debt to gross domestic product rose marginally, data from Eurostat showed on Tuesday.
The government deficit as a percentage of GDP declined to 3.1 percent in 2024 from revised 3.5 percent in 2023.
In 2024, the government debt to GDP ratio slightly increased to 87.4 percent from 87.3 percent at the end of 2023.
Under the terms of the EU's Stability and Growth Pact, member states should keep their deficits and debt below certain limits.
A member state's government deficit may not exceed 3 percent of its GDP, while its debt may not exceed 60 percent of GDP.
The government deficit to GDP ratio in the EU decreased to 3.2 percent in 2024 from 3.5 percent a year ago. Meanwhile, government debt to GDP in the EU increased to 81.0 percent in 2024 from 80.8 percent in 2023.
All member states except Denmark, Ireland, Cyprus, Greece, Luxembourg and Portugal reported deficit. The highest deficits were recorded in Romania, Poland, France and Slovakia.
Twelve member states had deficits equal to or higher than 3 percent of GDP.
At the end of the fourth quarter, the general government debt in the euro area was made up of 84.0 percent debt securities, 13.5 percent loans and 2.5 percent currency and deposits.
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