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Today Eurostat released government debt and deficit estimate for Euro zone and European Union, which saw reduction in deficit and rise in government debt. Euro area deficit now stands at 2.4% of GDP and 2.9% for European Union. Government debt for Euro area as of 2014, stands at 91.9% of GDP, up from 90.9% and 86.8% for European Union, up from 85.5%.
Key highlights -
- Germany registered highest government surplus of +0.7% followed by Estonia and Luxembourg (both +0.6%).
- Nine countries in Euro zone still continue to have deficits larger than 3% target given by Brussels. Cyprus (-8.8%), Spain (-5.8%), Slovenia (-4.9%), Portugal (-4.5%), Ireland (-4.1%), France (-4%), Greece (-3.5%), Belgium and Finland (both -3.2%).
- High debt to GDP ratio is being observed in Greece (177.1%), followed by Italy (132.1%), Portugal (130.2%), Ireland (109.7%), Cyprus (107.5%) and Belgium (106.5%).
- UK's budget gap remain vulnerable with -5.7% deficit and 89.4% debt to GDP ratio.
Countries that are moving to lower deficit and surplus would enjoy better yields and stability in the long run. Investors now has higher incentives to hold German debt compared to other Euro zone partners.
Pound remains extremely vulnerable to UK's large twin deficit and upcoming election.
