According to Eurostat data, Hungary’s budget shortfall at the end of 2012 was 2% of GDP compared to the 4.3% figure in 2011, and its debt stood at 79.8% compared to the 82.1% measured in 2011, ranking the country as the 8th best on the budget deficit list, and 18th on the public deficit sequence.

Fifteen member states reduced their deficits last year compared to 2011, while 12 reported a growing deficit and one remained stable.

The largest deficit was recorded by Spain (10.6%), followed by Greece (9%), and Ireland with an alarming 8.2%, while the lowest was in Estonia and Sweden (both 0.2%). Germany scored a government surplus of 1% over last year.

At the end of 2012, the lowest ratios of government debt to GDP were seen in Estonia (9.8%), Bulgaria (18.5%), and Luxembourg (21.7%). The largest were observed in Greece (156.9%), Italy (127%), Portugal (124.1%), and Ireland (117.4%).

Fourteen member states had debt ratios higher than 60% of GDP and only six member states recorded an improvement in their government debt.

Taking only the Eurozone into consideration, the ratio of government deficit to GDP has decreased, going from 4.2% in 2011 to 3.7% in 2012.

Source: ORIGO

By Tímea Klincsek for XpatLoop.com