Glossary:Budget deficit

From Statistics Explained

A budget deficit occurs when a government's spending is greater than its revenues.

In the European Union, Member States which are part of the euro area are required to keep their budget deficits below 3 % of gross domestic product to promote economic stability and sustainable public finances.

Related concepts

• Deficit
• Public balance
• Government

Statistical data

• Structure of government debt

Source

• European Commission - Economic and Financial Affairs