Romania Posts Third Highest Budget Def In EU In '08

Romania reported in 2008 the third highest budget deficit in percentage of the gross domestic product among EU member states, at 5.4% of the GDP, more that double compared with EU’s total deficit of 2.3% of the GDP, European Community's Statistical Office Eurostat said Wednesday.

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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.

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