In 2020, the government deficit of both the euro area and the EU increased significantly compared with 2019, as did the government debt, in the context of the measures undertaken in response to the COVID-19 pandemic. In the euro area the government deficit to GDP ratio rose from 0.6% in 2019 to 7.2% in 2020, and in the EU from 0.5% to 6.9%. In the euro area the government debt to GDP ratio increased from 83.6% at the end of 2019 to 97.3% at the end of 2020, and in the EU from 77.2% to 90.1%. In this release, Eurostat, the statistical office of the European Union, is providing government deficit and debt data for the years 2017-2020 based on figures reported by EU Member States in the second notification in 2021, for the application of the excessive deficit procedure (EDP). This notification is based on the ESA 2010 system of national accounts. This release also includes data on government expenditure and revenue. In 2020, all Member States reported a deficit. The highest deficits were recorded in Spain (-11.0%), Greece (-10.1%), Malta (-9.7%), Italy (-9.6%), Romania (-9.4%), Belgium and France (both -9.1%), Austria (-8.3%), Hungary (-8.0%), Slovenia (-7.7%), Croatia (-7.4%), Lithuania (-7.2%) and Poland (-7.1%). All Member States, except Denmark (-0.2%) and Sweden (-2.8%), had deficits higher than 3% of GDP. At the end of 2020, the lowest ratios of government debt to GDP were recorded in Estonia (19.0%), Bulgaria (24.7%), Luxembourg (24.8%), Czechia (37.7%) and Sweden (39.7%). Thirteen Member States had government debt ratios higher than 60% of GDP, with the highest registered in Greece (206.3%), Italy (155.6%), Portugal (135.2%), Spain (120.0%), Cyprus (115.3%), France (115.0%) and Belgium (112.8%). In 2020, government expenditure in the euro area was equivalent to 53.8% of GDP and government revenue to 46.6%. The figures for the EU were 53.1% and 46.3%, respectively. In both zones, the government expenditure ratio increased significantly, while the government revenue ratio increased only slightly.
The Atlantic Council will honor Romanian president Klaus Iohannis with the Distinguished International Leadership Award for his remarkable career, exemplary leadership of Romania, and his transatlantic and European leadership role. The Atlantic Council’s Distinguished Leadership Awards are often referred to by media as “the Washington Oscars.” Among the honorees are a European head of state, […]
The colorful rapeseed fields in the southern part of Romania have been photographed by NASA from a satellite and featured in an accompanying article titled “Golden Fields in Romania.” The spectacular images were taken last month above the area where the Olt River intersects with the Danube. According to the article, NASA personnel were impressed […]
UiPath, an AI-based company founded by Romanian entrepreneurs and listed on the New York Stock Exchange in 2021, has recruited Raghu Malpani as Chief Technology Officer. Malpani, who was Corporate Vice President at Microsoft for the Microsoft 365 Application and Data Platform will report to the Director of Innovation and the Executive President of UiPath, […]
Production and new orders rise after nine straight months of decline Business confidence picks up, while hiring is back on the agenda Cost inflation eases and selling prices rise only fractionally An improvement in the health of the Romanian manufacturing sector was signalled for the first time in the survey's history, according to the latest […]
Raiffeisen Bank Romania continues its growth strategy in personal financial planning, up 50% in the first quarter of the year in the segment of investment plans, voluntary pensions and life insurance with a savings component. At the same time, it continued to support SMEs and accelerated investments to launch new functionalities in the mobile banking […]
Road crews have begun snow removal on Romania’s spectacular mountain road known as Transfăgărășan. Since there is less snow than in other years, the road could be opened much earlier than the usual date of July 1, according to authorities. Transfăgărășan, Romania’s second-highest road after Transalpina, is being cleared of snow so it can be […]
