European Union leaders agreed on Thursday to establish a recovery fund to soften the economic impact of the coronavirus pandemic but failed on reaching a consensus about the form of the aid and the exact amount. German Chancellor Angela Merkel said that Europe's largest economy was ready to commit to a common package worth around €1 trillion and said any funding borrowing on the markets must be paid back. France, Italy and Spain proposed the use of grants to fund the bloc’s economy, but Netherlands and Austria want the funds to take the form of low-interest loans. French President Emmanuel Macron added real budget transfers will still be needed; while Italy’s PM Giuseppe Conte urged the recovery fund to start by the second half of the year.

Government Budget in the Euro Area averaged -2.76 percent of GDP from 1995 until 2019, reaching an all time high of -0.50 percent of GDP in 2018 and a record low of -7.30 percent of GDP in 1995. This page provides - Euro Area Government Budget - actual values, historical data, forecast, chart, statistics, economic calendar and news. Euro Area Government Budget - data, historical chart, forecasts and calendar of releases - was last updated on August of 2020. source: Eurostat

Government Budget in Euro Area is expected to reach -8.40 percent of GDP by the end of 2020, according to Trading Economics global macro models and analysts expectations. In the long-term, the Euro Area Government Budget is projected to trend around -4.00 percent of GDP in 2021 and -1.20 percent of GDP in 2022, according to our econometric models.

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Euro Area Government Budget

Actual Previous Highest Lowest Dates Unit Frequency
-0.60 -0.50 -0.50 -7.30 1995 - 2019 percent of GDP Yearly


Calendar GMT Actual Previous Consensus TEForecast
2013-04-22 10:00 AM General government budget 2012 -3.7% -4.2% -3.5%
2018-04-23 09:00 AM Government Budget to GDP 2017 -0.9% -1.5%
2019-04-23 09:00 AM Government Budget to GDP 2018 -0.5% -1% -0.8%
2020-04-22 09:00 AM Government Budget to GDP 2019 -0.6% -0.5% -0.8%


News Stream
EU Agrees on Recovery Fund
European Union leaders agreed on Thursday to establish a recovery fund to soften the economic impact of the coronavirus pandemic but failed on reaching a consensus about the form of the aid and the exact amount. German Chancellor Angela Merkel said that Europe's largest economy was ready to commit to a common package worth around €1 trillion and said any funding borrowing on the markets must be paid back. France, Italy and Spain proposed the use of grants to fund the bloc’s economy, but Netherlands and Austria want the funds to take the form of low-interest loans. French President Emmanuel Macron added real budget transfers will still be needed; while Italy’s PM Giuseppe Conte urged the recovery fund to start by the second half of the year.
2020-04-24
Eurozone Budget Deficit at 18-Year Low in 2018
The government deficit to GDP ratio in the Euro Area fell to 0.5 percent in 2018, the same as early estimates, from a downwardly revised 0.9 percent in 2017, the second 2019 notification by EU Member States for the application of the excessive deficit procedure (EDP) showed. It was the lowest government budget deficit ratio since 2000. Among Eurozone's largest economies, Germany recorded a surplus of 1.9 percent of GDP (revised up from 1.7% in April), while government deficits were seen for Spain (2.5 percent of GDP, the same as early estimates), France (2.5 percent, also unchanged from preliminary estimates) and Italy (2.2 percent, up from 2.1 percent in April). The government debt to GDP ratio also declined to 85.9 percent at the end of 2018 from 87.8 percent in the previous year. Considering the European Union as a whole, the government deficit to GDP dropped to 0.7 percent (vs 1 percent in 2017) and the government debt to 80.4 percent (vs 82.1 percent in 2017).
2019-10-21

Euro Area Government Budget
Government Budget is an itemized accounting of the payments received by government (taxes and other fees) and the payments made by government (purchases and transfer payments). A budget deficit occurs when an government spends more money than it takes in. The opposite of a budget deficit is a budget surplus.