Eurostat have published the first notification of government deficit and debt data in the EU for 2012. The euroarea had an aggregate budget deficit of 3.7% of GDP and an aggregate gross debt of 90.6% of GDP and “Eurostat has no reservations on the data reported by Member States.”
The 2012 deficit is estimated to have been 7.6% of GDP with the gross debt at year end equivalent to 117.6% of GDP. For 2013, the projections are a deficit of 7.4% of GDP and a year-end debt of 123% of GDP.
The 2012 deficit benefitted from some once-off revenue factors while, in comparison, the 2013 deficit is negatively effected by the end of the ELG, reduced income from assets sold (BOI CoCo notes) and the deficit impact of the ongoing IBRC liquidation.