Romania Posts 11th Biggest Budget Gap In EU In 2010

04.26.2011 By Florentina Dragu

Romania’s budget deficit stood at 6.4% of the gross domestic product in 2010, the 11th biggest gap across the European Union, official data showed Tuesday.

Romania's budget deficit stood at 6.4% of the gross domestic product in 2010, the 11th biggest gap across the European Union, official data showed Tuesday.

Ireland recorded the largest government deficit in percentage of GDP, of 32.4%, followed by Greece (-10.5%) the United Kingdom (-10.4%), Spain (-9.2%) and Portugal (-9.1%), EU's statistics office Eurostat said in its preliminary report for 2010.

The lowest deficits were recorded in Luxembourg (-1.7%), Finland (-2.5%) and Denmark (-2.7%).

Estonia (0.1%) registered a slight government surplus in 2010 and Sweden (0.0%) was in balance, Eurostat said.

The government deficit to GDP ratio is calculated under ESA95 standards.

At the end of 2010, the lowest ratios of government debt to GDP were recorded in Estonia (6.6%), Bulgaria (16.2%), Luxembourg (18.4%), Romania (30.8%), Lithuania (38.2%) and the Czech Republic (38.5%).

Fourteen Member States had government debt ratios higher than 60% of GDP in 2010, with Greece and Italy leading the top with debt ratios of 142.8% and 119% respectively.

The EU's statistics arm said it was reserved on the quality of data reported by Romania, citing "uncertainties on the impact of some public corporations on the government deficit, on the reporting of ESA95 categories "other accounts receivable and payable", on the nature and impact of some financial transactions and on the consolidation of intra-governmental flows."