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 European Commission > Eurostat > Government finance statistics > Introduction

Introduction

Government finance statistics (GFS) show the economic activities of government, including:
  • government revenue
  • government expenditure
  • government deficit
  • transactions in assets
  • transactions in liabilities
  • other economic flows
  • balance sheets
Presentation

The GFS presentation is similar to that of business accounting where the profit and loss accounts and the balance sheet are presented together, in a linked manner.

The emphasis is on the economic substance over the legal form of the event. Hence GFS differ noticeably from the budget or public accounting presentations that are nationally specific as far as scope of units and recording of transactions are concerned.

European GFS are produced in accordance with the European System of Accounts 1995 (ESA 95), the EU manual for national accounts, supplemented by further interpretation and guidance from Eurostat.

Use

GFS form the basis for fiscal monitoring in Europe, most notably for the statistics related to the Excessive Deficit Procedure (EDP).

News
Euro area and EU28 government deficit at 3.0% and 3.3% of GDP respectively Euro area and EU28 government deficit at 3.0% and 3.3% of GDP respectively

In 2013, the government deficit of both the euro area (EA18) and the EU28 decreased in absolute terms compared with 2012, while the government debt rose in both zones. In the euro area the government deficit to GDP ratio decreased from 3.7% in 2012 to 3.0% in 2013, and in the EU28 from 3.9% to 3.3%. In the euro area the government debt to GDP ratio increased from 90.7% at the end of 2012 to 92.6% at the end of 2013, and in the EU28 from 85.2% to 87.1%.
Seasonally adjusted government deficit down to 3.1% of GDP in the euro area Seasonally adjusted government deficit down to 3.1% of GDP in the euro area

In the third quarter of 2013, the seasonally adjusted general government deficit to GDP ratio stood at 3.1% in the euro area (EA17), down from 3.3% in the second quarter of 2013. In the EU28 the deficit to GDP ratio remained nearly stable at 3.5%.
Euro area government debt down to 92.7% of GDP, EU28 up to 86.8% of GDP Euro area government debt down to 92.7% of GDP, EU28 up to 86.8% of GDP

At the end of the third quarter of 2013, the government debt to GDP ratio in the euro area (EA17) stood at 92.7%, compared with 93.4% at the end of the second quarter of 2013, the first fall in absolute terms since the fourth quarter of 2007. In the EU28 the ratio increased from 86.7% to 86.8%, mainly due to exchange rate effects. Compared with the third quarter of 2012, the government debt to GDP ratio rose in both the euro area (from 90.0% to 92.7%) and the EU28 (from 84.9% to 86.8%).
See also
Quarterly Sector Accounts
PEEI's
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Last update 28.01.2014