The ratio of the deficit to GDP decreased compared to the second quarter of 2021 due to an increase in total revenue, a decrease in total expenditure, and an increase in GDP.
Gross income and expenditure continued to be affected by the policy response to the COVID-19 pandemic. Eurostat said in a press release that most EU member states continued to record government deficits in the third quarter of 2021.
According to Eurostat, the ratio of seasonally adjusted general government deficits to GDP in the third quarter of 2021 was 4% in the euro area and 3.7% in the EU. A significant decrease in the deficit was observed compared to the second quarter of 2021, but the deficit remained at a high level compared to the pre-pandemic period.
In the third quarter of 2021, total government revenues in the euro area reached 47% of GDP, up from 46.8% in the second quarter. Total seasonally adjusted revenues in the euro area increased by approximately € 53 billion compared to the second quarter.
Eurozone total government spending was 51% of GDP, down from 53.2% in the previous quarter. Seasonally adjusted total government spending decreased by approximately € 14 billion compared to the second quarter.
In the EU, the government’s total revenue in the third quarter of 2021 was 46.5% of GDP, which is stable compared to the second quarter. EU total government spending was 50.2% of GDP, down from 52.3% of GDP in the previous quarter.
The Eurozone consists of Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxemburg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.
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Seasonally adjusted government deficit at 4% of Eurozone GDP in the third quarter of 2021
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