In the euro zone, according to the European statistical service, between July and September 2022, the general government balance was -3.3% of the Gross Domestic Product (GDP), a value that compares with the -2.0% of the previous quarter and with the -4.1% of the third quarter of 2021.
In the EU, the public accounts deficit increased to 3.2% in the quarterly comparison, compared to 1.8% of GDP recorded between April and June 2022, and retreated in the year-on-year variation (-3.6%).
According to Eurostat, the deficit/GDP ratio increased in both zones, mainly due to a considerable rise in total expenditure.
Most Member States continued to record a budget deficit, with emphasis on Romania (-6.3%), Hungary (-6.1%) and Belgium (-5.1%).
Six of the Member States for which data are available showed budgetary surpluses, with emphasis on Ireland (3.1%), Portugal (1.3%) and Lithuania (1.0%).
Total revenues and expenses continued to be influenced by government policies in response to the Covid-19 pandemic, but to a lesser extent than in previous quarters, according to the bulletin.
That's the result of a government not paying attention to any social issues even though it politically belongs to European socialism.
By Diogo F. from Lisbon on 23 Jan 2023, 22:49