Romania Posts Third Highest Budget Def In EU In ’08

In the EU, the budget deficit increased in 2008 to 2.3% of the GDP from 0.8% of the GDP in 2007.

In nominal terms, EU’s GDP was at EUR12,506.7 billion, while the deficit stood at almost EUR288 billion in 2008.

Only Ireland, with 7.1% of the GDP, and the United Kingdom, with 5.5% of the GDP, posted higher public deficits than Romania’s.

Seven Member States registered a budget surplus in 2008: Finland, with 4.2% of the GDP, Denmark, with 3.6% of the GDP, Luxembourg, with 2.6% of the GDP, Sweden, with 2.5% of the GDP, Bulgaria, with 1.5% of the GDP, the Netherlands, with 1.0% and Cyprus, with 0.9% of the GDP.

The government debt increased in the EU to 61.5% of the GDP in 2008 from 58.7% in the year before.

Romania recorded the second lowest government debt, of 13.6% of the GDP in 2008, higher only than Estonia’s public debt of 4.8% of the GDP.