In 2012, the government deficit of both the euro area (EA17) and the EU28 decreased in absolute terms compared with 2011, while the government debt rose in both zones. In the euro area the government deficit to GDP ratio decreased from 4.2% in 2011 to 3.7% in 2012 and in the EU28 from 4.4% to 3.9%. In the euro area the government debt to GDP ratio increased from 87.3% at the end of 2011 to 90.6% at the end of 2012 and in the EU28 from 82.3% to 85.1%.
In 2012 the lowest government deficits in percentage of GDP were recorded in Estonia and Sweden (both -0.2%), Luxembourg (-0.6%) and Bulgaria (-0.8%), while Germany (+0.1%) registered a government surplus.
At the end of 2012, the lowest ratios of government debt to GDP were recorded in Estonia (9.8%), Bulgaria (18.5%), Luxembourg (21.7%) and Romania (37.9%). Fourteen Member States had government debt ratios higher than 60% of GDP, with the largest observed in Greece (156.9%), Italy (127.0%), Portugal (124.1%) and Ireland (117.4%). In all, six Member States recorded an improvement in their government debt relative to GDP in 2012 compared to 2011 and twenty-two – a worsening.