STAT/12/62
23 April 2012
Provision of deficit and debt data for 2011 - first notification
Euro area and EU27 government deficit at 4.1% and 4.5% of GDP respectively
Government debt at 87.2% and 82.5%
In 2011, the government deficit1 of both the euro area2 (EA17) and the EU27 decreased in absolute terms compared with 2010, while the government debt1 rose in both zones. In the euro area the government deficit to GDP ratio decreased from 6.2% in 20103 to 4.1% in 2011, and in the EU27 from 6.5% to 4.5%. In the euro area the government debt to GDP ratio increased from 85.3% at the end of 2010 to 87.2% at the end of 2011, and in the EU27 from 80.0% to 82.5%.
2008 | 2009 | 2010 | 2011 | ||
Euro area (EA17) | |||||
GDP market prices (mp) | (million euro) | 9 244 227 | 8 919 411 | 9 162 447 | 9 419 160 |
Government deficit (-) / surplus (+) | (million euro) | -196 067 | -569 501 | -571 050 | -387 617 |
(% of GDP) | -2.1 | -6.4 | -6.2 | -4.1 | |
Government expenditure | (% of GDP) | 47.1 | 51.1 | 50.9 | 49.3 |
Government revenue | (% of GDP) | 44.9 | 44.8 | 44.7 | 45.2 |
Government debt | (million euro) | 6 481 705 | 7 125 984 | 7 817 826 | 8 215 289 |
(% of GDP) | 70.1 | 79.9 | 85.3 | 87.2 | |
EU27 | |||||
GDP mp | (million euro) | 12 466 843 | 11 742 120 | 12 260 171 | 12 634 499 |
Government deficit (-) / surplus (+) | (million euro) | -302 270 | -808 644 | -802 311 | -565 117 |
(% of GDP) | -2.4 | -6.9 | -6.5 | -4.5 | |
Government expenditure | (% of GDP) | 47.1 | 51.1 | 50.6 | 49.1 |
Government revenue | (% of GDP) | 44.7 | 44.2 | 44.1 | 44.6 |
Government debt | (million euro) | 7 789 712 | 8 777 601 | 9 811 660 | 10 421 987 |
(% of GDP) | 62.5 | 74.8 | 80.0 | 82.5 |
In 2011 the largest government deficits in percentage of GDP were recorded in Ireland (-13.1%), Greece (-9.1%), Spain (-8.5%), the United Kingdom (-8.3%), Slovenia (-6.4%), Cyprus (-6.3%), Lithuania (-5.5%), France and Romania (both -5.2%) and Poland (-5.1%). The lowest deficits were recorded in Finland (-0.5%), Luxembourg
(-0.6%) and Germany (-1.0%). Hungary (+4.3%), Estonia (+1.0%) and Sweden (+0.3%) registered a government surplus in 2011. In all, 24 Member States recorded an improvement in their government balance relative to GDP in 2011 compared with 2010, two a worsening and one remained stable.
At the end of 2011, the lowest ratios of government debt to GDP were recorded in Estonia (6.0%), Bulgaria (16.3%), Luxembourg (18.2%), Romania (33.3%), Sweden (38.4%), Lithuania (38.5%), the Czech Republic (41.2%), Latvia (42.6%), Slovakia (43.3%) and Denmark (46.5%). Fourteen Member States had government debt ratios higher than 60% of GDP in 2011: Greece (165.3%), Italy (120.1%), Ireland (108.2%), Portugal (107.8%), Belgium (98.0%), France (85.8%), the United Kingdom (85.7%), Germany (81.2%), Hungary (80.6%), Austria (72.2%), Malta (72.0%), Cyprus (71.6%), Spain (68.5%) and the Netherlands (65.2%).
In 2011, government expenditure4 in the euro area was equivalent to 49.3% of GDP and government revenue4 to 45.2%. The figures for the EU27 were 49.1% and 44.6% respectively. In both zones, the government expenditure ratio decreased between 2010 and 2011, while the government revenue ratio increased.
Reservations on reported data5
Ireland: Eurostat is expressing a specific reservation on the data reported by Ireland, due to the fact that the restructuring plans of Allied Irish Banks and Irish Life & Permanent are not yet finalised. These restructuring plans have been used by the Irish statistical authorities to calculate in the reported figures a (deficit increasing) capital transfer element of 3.7% GDP arising from the July 2011 government injections into the two banks. Eurostat awaits the finalisation of the restructuring plans, including approval by the EU competition authorities, so that the amount of the capital transfer element can be confirmed.
Eurostat is also expressing a specific reservation on the data reported by Ireland, due to the statistical classification of National Asset Management Agency Investment Limited (NAMA-IL), which is currently classified outside the general government. Owing to the nationalisation of one of its previously private beneficial owners, whose interest is currently under a process of sale, NAMA-IL has been in majority public ownership since July 2011. Eurostat's decision of 15 July 2009 on public interventions during the financial crisis specifies that majority private ownership is necessary for such an entity to be classified outside the General Government sector.
Amendment by Eurostat to reported data6
United Kingdom: Eurostat has amended the deficit and debt data notified by the United Kingdom for the years 2008 to 2011 (as well as for financial years 2008/2009 to 2011/2012). This has been done to ensure compliance with the updated financial defeasance chapter of the ESA95 Manual on Government Deficit and Debt, with respect to Bradford & Bingley (B&B) and Northern Rock Asset Management (NRAM). The reported deficit figures have been increased by 360 million GBP (0.03% of GDP) in 2008 (as well as in financial year 2008/2009), by 571 mn GBP (0.04% of GDP) in 2009 (as well as in financial year 2009/2010), by 826 mn GBP (0.06% of GDP) in 2010 (as well as in financial year 2010/2011) and by 787 mn GBP (0.05% of GDP) in 2011 (as well as in financial year 2011/2012). The reported debt figures have been increased by 32 374 mn GBP (2.26% of GDP) in 2008 (as well as in financial year 2008/2009), by 19 969 mn GBP (1.43% of GDP) in 2009 (as well as in financial year 2009/2010), by 56 680 mn GBP (3.87% of GDP) in 2010 (as well as in financial year 2010/2011) and by 42 287 mn GBP (2.81% of GDP) in 2011 (as well as in financial year 2011/2012).
Other issues
i. Intergovernmental lending
For the purpose of proper consolidation of general government debt in European aggregates and to provide users with information, Eurostat is collecting and publishing data on government loans to other EU governments, including those made through the European Financial Stability Facility (EFSF). For 2011 the intergovernmental lending figures relate mainly to lending to Greece, Ireland and Portugal. This applies also to the quarterly data on government debt.
ii. Supplementary tables for the financial crisis
Annex 2 contains supplementary tables for the financial crisis for the EU and the euro area. Eurostat publishes supplementary tables by Member State on its website:
These tables contain data on the "net revenue/cost for general government (impact on ESA95 government deficit)" and "outstanding amounts of assets, actual liabilities and contingent liabilities of government" in relation to government interventions in the context of the financial crisis for the years 2007 to 2011. See also the Eurostat decision on the statistical recording of public interventions to support financial institutions and financial markets during the financial crisis (Eurostat News Release 103/2009 of 15 July 2009).
A separate note is provided on the statistical treatment of government involvement in the banking crisis in 2011, see section 2 of the Eurostat summary note (April 2012) on supplementary tables for the financial crisis at:
iii. Quarterly data on government debt
Annex 3 contains data on the structure of the outstanding debt by component of the EA17 and EU27 for the fourth quarter of 2011, and the changes in the government debt ratio as compared to the third quarter of 2011.
Background
In this News Release, Eurostat, the statistical office of the European Union, is providing7 government deficit and debt data based on figures reported in the first 2012 notification by EU Member States for the years 2008-2011, for the application of the excessive deficit procedure (EDP). This notification is based on the ESA95 system of national accounts. This News Release also includes data on government expenditure and revenue and an annex with the main revisions since the October 2011 News Release.
Eurostat will also be releasing information on the underlying government sector accounts, as well as on the contribution of deficit/surplus and other relevant factors to the variation in the debt level (stock-flow adjustment), on the government finance statistics section on its website:
http://epp.eurostat.ec.europa.eu/portal/page/portal/government_finance_statistics/introduction
According to the Protocol on the excessive deficit procedure annexed to the EC Treaty, government deficit (surplus) means the net borrowing (net lending) of the whole general government sector (central government, state government, local government and social security funds). It is calculated according to national accounts concepts (European System of Accounts, ESA95). Government debt is the consolidated gross debt of the whole general government sector outstanding at the end of the year (at nominal value).
Table of euro area and EU27 aggregates: the data are in euro. For those countries not belonging to the euro area, the rate of conversion into euro is as follows:
- for deficit / surplus and GDP data, the annual average exchange rate;
- for the stock of government debt, the end of year exchange rate.
Table of national data: these are in national currencies. For Slovakia and Estonia, data for the years prior to the adoption of the euro have been converted into euro according to the irrevocable conversion rate.
Euro area (EA17): Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland. In the attached table, the euro area is defined as including Estonia and Slovakia for the full period, although Slovakia joined the euro area on 1 January 2009 and Estonia on 1 January 2011.
In the previous provision of data for the excessive deficit procedure, the 2010 government deficits for the EA17 and the EU27 were 6.2% and 6.6% of GDP respectively. The government debt of the EA17 was 85.4% of GDP and of the EU27 80.2% of GDP. See News Release 153/2011 of 21 October 2011.
Government expenditure and revenue are reported to Eurostat under the ESA95 transmission programme. They are the sum of non-financial transactions by general government, and include both current and capital transactions. For definitions, see Council Regulation No. 2223/96, as amended. It should be noted that the government balance (i.e. the difference between total government revenue and expenditure) is not exactly the same under ESA95 as that for the purpose of the excessive deficit procedure (see Regulation (EC) No 2558/2001 on the reclassification of settlements under swaps agreements and forward rate agreements).
The term “reservations” is defined in article 15 (1) of Council Regulation 479/2009, as amended. The Commission (Eurostat) expresses reservations when it has doubts on the quality of the reported data.
According to Article 15 (2) of Council Regulation 479/2009, as amended, the Commission (Eurostat) may amend actual data reported by Member States and provide the amended data and a justification of the amendment where there is evidence that actual data reported by Member States do not comply with the quality requirements (compliance with accounting rules, completeness, reliability, timeliness and consistency of statistical data).
According to Article 14 (1) of Council Regulation 479/2009, as amended, Eurostat provides the actual government deficit and debt data for the application of the Protocol on the excessive deficit procedure, within three weeks after the reporting deadlines. This provision of data shall be effected through publication.
For further information on the methodology of statistics reported under the excessive deficit procedure, please see Council Regulation 479/2009, as amended by Council Regulation 679/2010 (consolidated version available at http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CONSLEG:2009R0479:20100819:EN:PDF), Council Regulation 2223/96, as amended (consolidated version available at http://eur-lex.europa.eu/LexUriServ/site/en/consleg/1996/R/01996R2223-20030807-en.pdf) and the Eurostat publication "ESA95 manual on government deficit and debt", fourth edition, 2012, http://epp.eurostat.ec.europa.eu/portal/page/portal/product_details/publication?p_product_code=KS-RA-12-003
Issued by: Eurostat Press Office Tim ALLEN Tel: +352-4301-33 444 |
Eurostat news releases on the internet: http://ec.europa.eu/eurostat
Selected Principal European Economic Indicators: http://ec.europa.eu/eurostat/euroindicators
GDP, government deficit/surplus and debt in the EU (in national currencies)
2008 | 2009 | 2010 | 2011 | ||
Belgium | |||||
GDP mp | (million euro) | 346 130 | 340 398 | 354 378 | 368 976 |
Government deficit (-) / surplus (+) | (million euro) | -3 409 | -19 008 | -13 492 | -13 709 |
(% of GDP) | -1.0 | -5.6 | -3.8 | -3.7 | |
Government expenditure | (% of GDP) | 49.8 | 53.8 | 52.8 | 53.3 |
Government revenue | (% of GDP) | 48.8 | 48.1 | 48.9 | 49.4 |
Government debt | (million euro) | 309 198 | 326 186 | 340 302 | 361 735 |
| (% of GDP) | 89.3 | 95.8 | 96.0 | 98.0 |
memo: intergovernmental lending in the context of the financial crisis | (million euro) | 130 | 830 | 2 586 | |
| (% of GDP) | 0.0 | 0.2 | 0.7 | |
Bulgaria | |||||
GDP mp | (million BGN) | 69 295 | 68 322 | 70 511 | 75 265 |
Government deficit (-) / surplus (+) | (million BGN) | 1 157 | -2 959 | -2 198 | -1 576 |
(% of GDP) | 1.7 | -4.3 | -3.1 | -2.1 | |
Government expenditure | (% of GDP) | 38.3 | 40.7 | 37.4 | 35.2 |
Government revenue | (% of GDP) | 40.0 | 36.3 | 34.3 | 33.1 |
Government debt | (million BGN) | 9 484 | 10 000 | 11 459 | 12 293 |
| (% of GDP) | 13.7 | 14.6 | 16.3 | 16.3 |
memo: intergovernmental lending in the context of the financial crisis | (million BGN) | 0 | 0 | 0 | |
| (% of GDP) | 0.0 | 0.0 | 0.0 | |
Czech Republic | |||||
GDP mp | (million CZK) | 3 848 411 | 3 739 225 | 3 775 237 | 3 809 311 |
Government deficit (-) / surplus (+) | (million CZK) | -85 947 | -218 331 | -182 711 | -117 856 |
(% of GDP) | -2.2 | -5.8 | -4.8 | -3.1 | |
Government expenditure | (% of GDP) | 41.1 | 44.9 | 44.1 | 43.4 |
Government revenue | (% of GDP) | 38.9 | 39.1 | 39.3 | 40.3 |
Government debt | (million CZK) | 1 104 338 | 1 285 563 | 1 436 552 | 1 567 799 |
| (% of GDP) | 28.7 | 34.4 | 38.1 | 41.2 |
memo: intergovernmental lending in the context of the financial crisis | (million CZK) | 0 | 0 | 0 | |
| (% of GDP) | 0.0 | 0.0 | 0.0 | |
Denmark | |||||
GDP mp | (million DKK) | 1 753 152 | 1 667 839 | 1 754 648 | 1 786 477 |
Government deficit (-) / surplus (+) | (million DKK) | 56 779 | -44 227 | -44 020 | -32 822 |
(% of GDP) | 3.2 | -2.7 | -2.5 | -1.8 | |
Government expenditure | (% of GDP) | 51.5 | 58.0 | 57.8 | 57.9 |
Government revenue | (% of GDP) | 54.8 | 55.2 | 55.1 | 56.0 |
Government debt | (million DKK) | 585 137 | 677 175 | 752 820 | 830 891 |
| (% of GDP) | 33.4 | 40.6 | 42.9 | 46.5 |
memo: intergovernmental lending in the context of the financial crisis | (million DKK) | 0 | 0 | 0 | |
| (% of GDP) | 0.0 | 0.0 | 0.0 | |
Germany | |||||
GDP mp | (million euro) | 2 473 800 | 2 374 500 | 2 476 800 | 2 570 800 |
Government deficit (-) / surplus (+) | (million euro) | -1 410 | -76 260 | -105 860 | -25 800 |
(% of GDP) | -0.1 | -3.2 | -4.3 | -1.0 | |
Government expenditure | (% of GDP) | 44.0 | 48.1 | 47.9 | 45.6 |
Government revenue | (% of GDP) | 44.0 | 44.9 | 43.6 | 44.7 |
Government debt | (million euro) | 1 649 271 | 1 766 943 | 2 056 711 | 2 088 472 |
| (% of GDP) | 66.7 | 74.4 | 83.0 | 81.2 |
memo: intergovernmental lending in the context of the financial crisis | (million euro) | 784 | 6 049 | 19 994 | |
| (% of GDP) | 0.0 | 0.2 | 0.8 |
GDP, government deficit/surplus and debt in the EU (in national currencies)
2008 | 2009 | 2010 | 2011 | ||
Estonia | |||||
GDP mp | (million euro) | 16 304 | 13 840 | 14 305 | 15 973 |
Government deficit (-) / surplus (+) | (million euro) | -480 | -280 | 35 | 164 |
(% of GDP) | -2.9 | -2.0 | 0.2 | 1.0 | |
Government expenditure | (% of GDP) | 39.5 | 45.2 | 40.6 | 38.2 |
Government revenue | (% of GDP) | 36.5 | 43.2 | 40.9 | 39.2 |
Government debt | (million euro) | 737 | 991 | 957 | 965 |
| (% of GDP) | 4.5 | 7.2 | 6.7 | 6.0 |
memo: intergovernmental lending in the context of the financial crisis | (million euro) | 0 | 0 | 14 | |
| (% of GDP) | 0.0 | 0.0 | 0.1 | |
Ireland | |||||
GDP mp | (million euro) | 179 990 | 160 596 | 155 992 | 156 438 |
Government deficit (-) / surplus (+) | (million euro) | -13 219 | -22 519 | -48 607 | -20 515 |
(% of GDP) | -7.3 | -14.0 | -31.2 | -13.1 | |
Government expenditure | (% of GDP) | 42.8 | 48.8 | 66.8 | 48.7 |
Government revenue | (% of GDP) | 35.5 | 34.8 | 35.6 | 35.7 |
Government debt | (million euro) | 79 582 | 104 602 | 144 241 | 169 264 |
| (% of GDP) | 44.2 | 65.1 | 92.5 | 108.2 |
memo: intergovernmental lending in the context of the financial crisis | (million euro) | 0 | 347 | 347 | |
| (% of GDP) | 0.0 | 0.2 | 0.2 | |
Greece | |||||
GDP mp | (million euro) | 232 920 | 231 642 | 227 318 | 215 088 |
Government deficit (-) / surplus (+) | (million euro) | -22 866 | -36 103 | -23 521 | -19 565 |
(% of GDP) | -9.8 | -15.6 | -10.3 | -9.1 | |
Government expenditure | (% of GDP) | 50.6 | 53.8 | 50.2 | 50.1 |
Government revenue | (% of GDP) | 40.7 | 38.2 | 39.7 | 40.9 |
Government debt | (million euro) | 263 284 | 299 685 | 329 535 | 355 617 |
| (% of GDP) | 113.0 | 129.4 | 145.0 | 165.3 |
memo: intergovernmental lending in the context of the financial crisis | (million euro) | 0 | 0 | 0 | |
| (% of GDP) | 0.0 | 0.0 | 0.0 | |
Spain | |||||
GDP mp | (million euro) | 1 087 749 | 1 047 831 | 1 051 342 | 1 073 383 |
Government deficit (-) / surplus (+) | (million euro) | -48 897 | -117 143 | -98 166 | -91 344 |
(% of GDP) | -4.5 | -11.2 | -9.3 | -8.5 | |
Government expenditure | (% of GDP) | 41.5 | 46.3 | 45.6 | 43.6 |
Government revenue | (% of GDP) | 37.0 | 35.1 | 36.3 | 35.1 |
Government debt | (million euro) | 436 984 | 565 082 | 643 136 | 734 961 |
| (% of GDP) | 40.2 | 53.9 | 61.2 | 68.5 |
memo: intergovernmental lending in the context of the financial crisis | (million euro) | 0 | 2 598 | 8 717 | |
| (% of GDP) | 0.0 | 0.2 | 0.8 | |
France | |||||
GDP mp | (million euro) | 1 933 195 | 1 885 762 | 1 937 261 | 2 000 609 |
Government deficit (-) / surplus (+) | (million euro) | -64 299 | -142 223 | -136 966 | -103 074 |
(% of GDP) | -3.3 | -7.5 | -7.1 | -5.2 | |
Government expenditure | (% of GDP) | 53.3 | 56.8 | 56.6 | 55.9 |
Government revenue | (% of GDP) | 49.9 | 49.2 | 49.5 | 50.7 |
Government debt | (million euro) | 1 318 601 | 1 493 444 | 1 595 172 | 1 717 256 |
| (% of GDP) | 68.2 | 79.2 | 82.3 | 85.8 |
memo: intergovernmental lending in the context of the financial crisis | (million euro) | 0 | 4 448 | 14 940 | |
| (% of GDP) | 0.0 | 0.2 | 0.7 |
GDP, government deficit/surplus and debt in the EU (in national currencies)
2008 | 2009 | 2010 | 2011 | ||
Italy | |||||
GDP mp | (million euro) | 1 575 144 | 1 519 695 | 1 553 166 | 1 580 220 |
Government deficit (-) / surplus (+) | (million euro) | -42 700 | -82 746 | -71 457 | -62 363 |
(% of GDP) | -2.7 | -5.4 | -4.6 | -3.9 | |
Government expenditure | (% of GDP) | 48.6 | 51.9 | 50.5 | 49.9 |
Government revenue | (% of GDP) | 45.9 | 46.5 | 46.0 | 46.1 |
Government debt | (million euro) | 1 665 705 | 1 762 724 | 1 841 912 | 1 897 179 |
| (% of GDP) | 105.7 | 116.0 | 118.6 | 120.1 |
memo: intergovernmental lending in the context of the financial crisis | (million euro) | 0 | 3 909 | 13 118 | |
| (% of GDP) | 0.0 | 0.3 | 0.8 | |
Cyprus | |||||
GDP mp | (million euro) | 17 157 | 16 854 | 17 334 | 17 761 |
Government deficit (-) / surplus (+) | (million euro) | 161 | -1 031 | -920 | -1 119 |
(% of GDP) | 0.9 | -6.1 | -5.3 | -6.3 | |
Government expenditure | (% of GDP) | 42.1 | 46.2 | 46.4 | 47.3 |
Government revenue | (% of GDP) | 43.1 | 40.1 | 41.1 | 41.0 |
Government debt | (million euro) | 8 388 | 9 865 | 10 653 | 12 720 |
| (% of GDP) | 48.9 | 58.5 | 61.5 | 71.6 |
memo: intergovernmental lending in the context of the financial crisis | (million euro) | 0 | 43 | 144 | |
| (% of GDP) | 0.0 | 0.2 | 0.8 | |
Latvia | |||||
GDP mp | (million LVL) | 16 085 | 13 070 | 12 739 | 14 161 |
Government deficit (-) / surplus (+) | (million LVL) | -682 | -1 277 | -1 040 | -494 |
(% of GDP) | -4.2 | -9.8 | -8.2 | -3.5 | |
Government expenditure | (% of GDP) | 39.1 | 44.4 | 43.9 | 39.1 |
Government revenue | (% of GDP) | 34.9 | 34.7 | 35.7 | 35.6 |
Government debt | (million LVL) | 3 182 | 4 803 | 5 695 | 6 028 |
| (% of GDP) | 19.8 | 36.7 | 44.7 | 42.6 |
memo: intergovernmental lending in the context of the financial crisis | (million LVL) | 0 | 0 | 0 | |
| (% of GDP) | 0.0 | 0.0 | 0.0 | |
Lithuania | |||||
GDP mp | (million LTL) | 112 084 | 91 914 | 95 074 | 106 006 |
Government deficit (-) / surplus (+) | (million LTL) | -3 686 | -8 681 | -6 867 | -5 823 |
(% of GDP) | -3.3 | -9.4 | -7.2 | -5.5 | |
Government expenditure | (% of GDP) | 37.2 | 43.8 | 40.9 | 37.5 |
Government revenue | (% of GDP) | 33.9 | 34.3 | 33.7 | 32.0 |
Government debt | (million LTL) | 17 375 | 26 983 | 36 132 | 40 837 |
| (% of GDP) | 15.5 | 29.4 | 38.0 | 38.5 |
memo: intergovernmental lending in the context of the financial crisis | (million LTL) | 0 | 0 | 0 | |
| (% of GDP) | 0.0 | 0.0 | 0.0 | |
Luxembourg | |||||
GDP mp | (million euro) | 39 436 | 37 393 | 40 267 | 42 822 |
Government deficit (-) / surplus (+) | (million euro) | 1 183 | -304 | -344 | -253 |
(% of GDP) | 3.0 | -0.8 | -0.9 | -0.6 | |
Government expenditure | (% of GDP) | 37.1 | 43.0 | 42.4 | 42.0 |
Government revenue | (% of GDP) | 40.1 | 42.2 | 41.6 | 41.4 |
Government debt | (million euro) | 5 395 | 5 527 | 7 672 | 7 786 |
| (% of GDP) | 13.7 | 14.8 | 19.1 | 18.2 |
memo: intergovernmental lending in the context of the financial crisis | (million euro) | 0 | 55 | 183 | |
| (% of GDP) | 0.0 | 0.1 | 0.4 |
GDP, government deficit/surplus and debt in the EU (in national currencies)
2008 | 2009 | 2010 | 2011 | ||
Hungary | |||||
GDP mp | (million HUF) | 26 545 649 | 25 622 866 | 26 747 662 | 28 154 305 |
Government deficit (-) / surplus (+) | (million HUF) | -987 340 | -1 170 682 | -1 125 215 | 1 204 614 |
(% of GDP) | -3.7 | -4.6 | -4.2 | 4.3 | |
Government expenditure | (% of GDP) | 49.2 | 51.4 | 49.5 | 48.7 |
Government revenue | (% of GDP) | 45.5 | 46.9 | 45.2 | 52.9 |
Government debt | (million HUF) | 19 374 151 | 20 449 703 | 21 777 341 | 22 691 955 |
| (% of GDP) | 73.0 | 79.8 | 81.4 | 80.6 |
memo: intergovernmental lending in the context of the financial crisis | (million HUF) | 0 | 0 | 0 | |
| (% of GDP) | 0.0 | 0.0 | 0.0 | |
Malta | |||||
GDP mp | (million euro) | 5 828 | 5 811 | 6 123 | 6 393 |
Government deficit (-) / surplus (+) | (million euro) | -268 | -219 | -228 | -174 |
(% of GDP) | -4.6 | -3.8 | -3.7 | -2.7 | |
Government expenditure | (% of GDP) | 44.1 | 43.5 | 43.3 | 43.0 |
Government revenue | (% of GDP) | 39.5 | 39.7 | 39.5 | 40.2 |
Government debt | (million euro) | 3 632 | 3 955 | 4 251 | 4 600 |
| (% of GDP) | 62.3 | 68.1 | 69.4 | 72.0 |
memo: intergovernmental lending in the context of the financial crisis | (million euro) | 0 | 20 | 66 | |
| (% of GDP) | 0.0 | 0.3 | 1.0 | |
Netherlands | |||||
GDP mp | (million euro) | 594 481 | 571 145 | 588 414 | 602 105 |
Government deficit (-) / surplus (+) | (million euro) | 3 073 | -31 775 | -29 983 | -28 107 |
(% of GDP) | 0.5 | -5.6 | -5.1 | -4.7 | |
Government expenditure | (% of GDP) | 46.2 | 51.5 | 51.2 | 50.1 |
Government revenue | (% of GDP) | 46.7 | 46.0 | 46.2 | 45.5 |
Government debt | (million euro) | 347 525 | 347 102 | 369 894 | 392 506 |
| (% of GDP) | 58.5 | 60.8 | 62.9 | 65.2 |
memo: intergovernmental lending in the context of the financial crisis | (million euro) | 0 | 1 247 | 4 187 | |
| (% of GDP) | 0.0 | 0.2 | 0.7 | |
Austria | |||||
GDP mp | (million euro) | 282 746 | 274 818 | 286 197 | 301 308 |
Government deficit (-) / surplus (+) | (million euro) | -2 635 | -11 331 | -12 855 | -7 830 |
(% of GDP) | -0.9 | -4.1 | -4.5 | -2.6 | |
Government expenditure | (% of GDP) | 49.3 | 52.9 | 52.6 | 50.5 |
Government revenue | (% of GDP) | 48.3 | 48.7 | 48.1 | 47.9 |
Government debt | (million euro) | 180 475 | 191 069 | 205 741 | 217 399 |
| (% of GDP) | 63.8 | 69.5 | 71.9 | 72.2 |
memo: intergovernmental lending in the context of the financial crisis | (million euro) | 0 | 607 | 2 037 | |
| (% of GDP) | 0.0 | 0.2 | 0.7 | |
Poland | |||||
GDP mp | (million PLN) | 1 275 432 | 1 344 383 | 1 416 392 | 1 524 659 |
Government deficit (-) / surplus (+) | (million PLN) | -46 890 | -99 100 | -111 181 | -77 959 |
(% of GDP) | -3.7 | -7.4 | -7.8 | -5.1 | |
Government expenditure | (% of GDP) | 43.2 | 44.5 | 45.4 | 43.6 |
Government revenue | (% of GDP) | 39.5 | 37.2 | 37.5 | 38.5 |
Government debt | (million PLN) | 600 829 | 684 073 | 776 816 | 858 931 |
| (% of GDP) | 47.1 | 50.9 | 54.8 | 56.3 |
memo: intergovernmental lending in the context of the financial crisis | (million PLN) | 0 | 0 | 0 | |
| (% of GDP) | 0.0 | 0.0 | 0.0 |
GDP, government deficit/surplus and debt in the EU (in national currencies)
2008 | 2009 | 2010 | 2011 | ||
Portugal | |||||
GDP mp | (million euro) | 171 983 | 168 504 | 172 670 | 171 015 |
Government deficit (-) / surplus (+) | (million euro) | -6 236 | -17 103 | -16 950 | -7 262 |
(% of GDP) | -3.6 | -10.2 | -9.8 | -4.2 | |
Government expenditure | (% of GDP) | 44.8 | 49.8 | 51.3 | 48.9 |
Government revenue | (% of GDP) | 41.1 | 39.6 | 41.4 | 44.7 |
Government debt | (million euro) | 123 108 | 139 945 | 161 135 | 184 291 |
| (% of GDP) | 71.6 | 83.1 | 93.3 | 107.8 |
memo: intergovernmental lending in the context of the financial crisis | (million euro) | 0 | 548 | 1 212 | |
| (% of GDP) | 0.0 | 0.3 | 0.7 | |
Romania | |||||
GDP mp | (million RON) | 514 700 | 501 139 | 522 561 | 578 552 |
Government deficit (-) / surplus (+) | (million RON) | -29 238 | -45 139 | -35 675 | -30 336 |
(% of GDP) | -5.7 | -9.0 | -6.8 | -5.2 | |
Government expenditure | (% of GDP) | 39.3 | 41.1 | 40.2 | 37.7 |
Government revenue | (% of GDP) | 33.6 | 32.1 | 33.4 | 32.5 |
Government debt | (million RON) | 69 020 | 118 428 | 159 439 | 192 851 |
| (% of GDP) | 13.4 | 23.6 | 30.5 | 33.3 |
memo: intergovernmental lending in the context of the financial crisis | (million RON) | 0 | 0 | 0 | |
| (% of GDP) | 0.0 | 0.0 | 0.0 | |
Slovenia | |||||
GDP mp | (million euro) | 37 280 | 35 311 | 35 416 | 35 639 |
Government deficit (-) / surplus (+) | (million euro) | -695 | -2 146 | -2 127 | -2 289 |
(% of GDP) | -1.9 | -6.1 | -6.0 | -6.4 | |
Government expenditure | (% of GDP) | 44.2 | 49.3 | 50.3 | 50.9 |
Government revenue | (% of GDP) | 42.4 | 43.2 | 44.2 | 44.5 |
Government debt | (million euro) | 8 180 | 12 449 | 13 737 | 16 954 |
| (% of GDP) | 21.9 | 35.3 | 38.8 | 47.6 |
memo: intergovernmental lending in the context of the financial crisis | (million euro) | 0 | 103 | 325 | |
| (% of GDP) | 0.0 | 0.3 | 0.9 | |
Slovakia | |||||
GDP mp | (million euro) | 66 842 | 62 795 | 65 744 | 69 058 |
Government deficit (-) / surplus (+) | (million euro) | -1 397 | -5 022 | -5 047 | -3 327 |
(% of GDP) | -2.1 | -8.0 | -7.7 | -4.8 | |
Government expenditure | (% of GDP) | 34.9 | 41.5 | 40.0 | 37.4 |
Government revenue | (% of GDP) | 32.8 | 33.5 | 32.4 | 32.6 |
Government debt | (million euro) | 18 624 | 22 331 | 26 998 | 29 911 |
| (% of GDP) | 27.9 | 35.6 | 41.1 | 43.3 |
memo: intergovernmental lending in the context of the financial crisis | (million euro) | 0 | 0 | 173 | |
| (% of GDP) | 0.0 | 0.0 | 0.2 | |
Finland | |||||
GDP mp | (million euro) | 185 670 | 172 518 | 179 721 | 191 571 |
Government deficit (-) / surplus (+) | (million euro) | 7 976 | -4 289 | -4 564 | -1 050 |
(% of GDP) | 4.3 | -2.5 | -2.5 | -0.5 | |
Government expenditure | (% of GDP) | 49.3 | 56.1 | 55.5 | 54.0 |
Government revenue | (% of GDP) | 53.6 | 53.4 | 52.7 | 53.2 |
Government debt | (million euro) | 63 015 | 74 997 | 86 974 | 93 030 |
| (% of GDP) | 33.9 | 43.5 | 48.4 | 48.6 |
memo: intergovernmental lending in the context of the financial crisis | (million euro) | 0 | 392 | 1 316 | |
| (% of GDP) | 0.0 | 0.2 | 0.7 |
GDP, government deficit/surplus and debt in the EU (in national currencies)
2008 | 2009 | 2010 | 2011 | ||
Sweden | |||||
GDP mp | (million SEK) | 3 204 320 | 3 105 790 | 3 330 581 | 3 495 066 |
Government deficit (-) / surplus (+) | (million SEK) | 69 454 | -22 216 | 8 345 | 10 003 |
(% of GDP) | 2.2 | -0.7 | 0.3 | 0.3 | |
Government expenditure | (% of GDP) | 51.7 | 54.9 | 52.5 | 51.3 |
Government revenue | (% of GDP) | 53.9 | 54.0 | 52.4 | 51.4 |
Government debt | (million SEK) | 1 243 295 | 1 322 285 | 1 313 150 | 1 341 110 |
| (% of GDP) | 38.8 | 42.6 | 39.4 | 38.4 |
memo: intergovernmental lending in the context of the financial crisis | (million SEK) | 0 | 0 | 0 | |
| (% of GDP) | 0.0 | 0.0 | 0.0 | |
United Kingdom* | |||||
GDP mp | (million GBP) | 1 433 870 | 1 393 854 | 1 463 734 | 1 507 585 |
Government deficit (-) / surplus (+) | (million GBP) | -72 408 | -159 740 | -149 291 | -125 369 |
(% of GDP) | -5.0 | -11.5 | -10.2 | -8.3 | |
Government expenditure | (% of GDP) | 47.8 | 51.5 | 50.3 | 49.0 |
Government revenue | (% of GDP) | 42.9 | 40.1 | 40.2 | 40.8 |
Government debt | (million GBP) | 785 973 | 970 818 | 1 165 031 | 1 292 632 |
| (% of GDP) | 54.8 | 69.6 | 79.6 | 85.7 |
memo: intergovernmental lending in the context of the financial crisis | (million GBP) | 0 | 0 | 0 | |
| (% of GDP) | 0.0 | 0.0 | 0.0 | |
Financial year (fy) | 2008/2009 | 2009/2010 | 2010/2011 | 2011/2012 | |
GDP mp | (million GBP) | 1 416 892 | 1 408 101 | 1 477 477 | 1 520 981 |
Government deficit (-) / surplus (+) | (million GBP) | -98 718 | -163 675 | -140 623 | -127 637 |
(% of GDP) | -7.0 | -11.6 | -9.5 | -8.4 | |
Government debt | (million GBP) | 832 300 | 1 021 630 | 1 186 651 | 1 320 379 |
| (% of GDP) | 58.7 | 72.6 | 80.3 | 86.8 |
memo: intergovernmental lending in the context of the financial crisis | (million GBP) | 0 | 0 | 0 | |
| (% of GDP) | 0.0 | 0.0 | 0.0 |
* Data refer to calendar years. Data referring to the financial year (1 April to 31 March), are shown in italics. For the United Kingdom, the relevant data for implementation of the excessive deficit procedure are financial year data.
Annex 1
Main revisions between the October 2011 and the April 2012 notifications
Below are shown country specific explanations for the largest revisions in deficit and debt for 2008-2010 between the October 2011 and the April 2012 notifications, as well as in GDP.
Since the October 2011 notification, there have been revisions of the 2010 government deficit of -0.3% of GDP in two Member States and of between +0.2% and -0.2% in 25 Member States.
Deficit
Belgium: The decrease in the deficit for 2008 and 2010 is mainly due to a new compilation method for local government data.
Greece: The decrease in the deficit for 2009 and 2010 is mainly due to recording on an accrual basis of transactions related to financial support to banks, previously recorded on a cash basis.
Lithuania: The increase in the deficit for 2010 is mainly due to the reclassification of Central bank dividends into financial transactions.
Luxembourg: The decrease in the deficit for 2010 is mainly due to updated results of social security funds.
Slovenia: The increase in the deficit for 2010 is mainly due to the recognition of claims of the Slovenian Railways company towards government.
Debt
Czech Republic: The increase in the debt for 2010 is mainly due to correction of the valuation of debt instruments.
Denmark: The decrease in the debt for 2008 to 2010 is mainly due to the correction of double counted long-term loans of central government.
GDP
The GDP for 2010 notified in April 2012 for EDP purposes was revised by a number of Member States compared to that notified in October 2011 by small amounts. An increase of more than 1% of GDP has been notified for Romania. Changes in GDP affect deficit and debt ratios due to the denominator effect.
Revisions in government deficit/surplus and government debt ratios
from the October 2011 to the April 2012 notification
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Belgium |
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Bulgaria |
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Czech Republic |
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Denmark |
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Germany |
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Estonia |
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Ireland |
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Greece |
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Spain |
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France |
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Italy |
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Cyprus |
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Latvia |
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Lithuania |
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Luxembourg |
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* Revisions to deficit/surplus ratios: a positive sign means an improved government balance relative to GDP, and a negative sign a worsening.
Revisions in government deficit/surplus and government debt ratios
from the October 2011 to the April 2012 notification
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Hungary |
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Malta |
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Netherlands |
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Austria |
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Poland |
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Portugal |
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Romania |
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Slovenia |
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Slovakia |
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Finland |
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Sweden |
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United Kingdom |
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EU27 |
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EA17 |
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* Revisions to deficit/surplus ratios: a positive sign means an improved government balance relative to GDP, and a negative sign a worsening.
Annex 2
Supplementary tables for the financial crisis
Activities undertaken by government to support financial institutions1
Table 1: Net revenue/cost for general government recorded in ESA95 government deficit
Millions of euro
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A | Revenue (a+b+c+d) | 1 815 | 9 736 | 14 404 | 19 531 | 30 299 | 21 322 | 19 511 | 24 734 | ||||||||||||||||
a) | Guarantee fees receivable | 243 | 3 360 | 6 151 | 5 624 | 742 | 6 553 | 9 240 | 8 597 | ||||||||||||||||
b) | Interest receivable | 1 131 | 5 045 | 6 584 | 10 912 | 2 298 | 6 475 | 8 014 | 12 399 | ||||||||||||||||
c) | Dividends receivable | 69 | 1 237 | 1 436 | 2 608 | 69 | 1 237 | 1 508 | 3 307 | ||||||||||||||||
d) | Other | 371 | 93 | 233 | 387 | 27 190 | 7 056 | 749 | 431 | ||||||||||||||||
B | Expenditure (e+f+g+h) | 5 242 | 16 910 | 80 481 | 23 381 | 39 287 | 36 469 | 85 679 | 29 440 | ||||||||||||||||
e) | Interest payable (2) | 1 528 | 6 519 | 9 430 | 13 213 | 2 264 | 10 050 | 13 982 | 17 518 | ||||||||||||||||
f) | Capital injections recorded as deficit-increasing (capital transfer) | 1 100 | 10 097 | 35 578 | 8 841 | 4 185 | 23 039 | 35 784 | 9 230 | ||||||||||||||||
g) | Calls on guarantees | 0 | 0 | 450 | 500 | 0 | 0 | 450 | 1 606 | ||||||||||||||||
h) | Other | 2 614 | 293 | 35 023 | 828 | 32 838 | 3 380 | 35 464 | 1 086 | ||||||||||||||||
C | Net revenue/cost for general government (A-B) | -3 428 | -7 174 | -66 077 | -3 850 | -8 988 | -15 147 | -66 134 | -4 689 | ||||||||||||||||
C | Net revenue/cost for general government (A-B) (% of GDP) | -0.04 | -0.08 | -0.72 | -0.04 | -0.07 | -0.13 | -0.54 | -0.04 | ||||||||||||||||
Source: Eurostat
Table 2: Outstanding amount of assets, actual liabilities4 and contingent liabilities of general government
Millions of euro3
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General government |
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Outside general government | Contingent liabilities |
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(% of GDP) |
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Source: Eurostat
The supplementary tables for the financial crisis aim to give a complete picture of the actual and potential impact on government deficit and debt due to government interventions directly related to the support of financial institutions. Support measures for non financial institutions or general economic support measures are not included in the tables.
The first table relates to data on transactions which are recorded in government accounts and have an actual impact on the EDP deficit/surplus. The second table relates to data on stocks of financial assets and liabilities arising from interventions relating to support of financial institutions. It distinguishes between activities which have contributed to government liabilities (included in government debt) and activities which may potentially contribute to government liabilities in the future, but which are currently recorded as contingent on future events (not included for the moment in government debt).
In particular, line C in table 1 shows the net impact in terms of government surplus/deficit for government due to direct government interventions in the financial crisis. It can be seen that government interventions in the context of the financial crisis increased the government deficit in the EU27 by 4.69 bn (0.04% of GDP) in 2011. For the euro area, the net impact amounted to 3.85 bn euro (0.04% of GDP) in 2011.
Table 2 shows that the impact on government debt in 2011 (closing balance sheet for liabilities) for the EU27 was 603.47 bn euro (4.8% of GDP), while for the euro area the figure was 457.11 bn (4.9% of GDP). As far as contingent liabilities are concerned (with a potential impact on debt and possibly on deficit), they amounted to 969.68 bn (7.7% of GDP) for the EU27 and to 570.34 bn (6.1% of GDP) for the euro area.
Further tables on actual and potential impact on government deficit and debt, by Member State, can be found on Eurostat's website at:
These tables relate to activities undertaken to support financial institutions. It does not include wider economic stimulus packages.
Interest payable includes actual interest where relevant, and otherwise imputed interest on financing.
The appropriate valuation for all entries in Table 2 is nominal value, except for ordinary quoted shares held as assets (which are recorded at market value).
By convention, for the liabilities entry under "general government" (which is the impact on Maastricht Debt from activities to support financial institutions), there is assumed to be a direct impact on government debt from activities which imply a transfer of cash from government (e.g. transfer of cash relating to capital injections, loans granted, purchase of financial assets), except for the impact from direct borrowing. In addition, imputations relating to the financing costs should be included.
Guarantees covered are those granted by general government to non-general government financial institutions. It does not include guarantees on bank deposits, or guarantees on the liabilities of special purpose entities included in (h). It is only the value of active guarantees, not announced ceilings for schemes. It also includes guarantees on assets, which would imply incurrence of government liability in case of a call.
Liquidity schemes included here are those where the government securities used are not recorded in government debt (see the Eurostat Decision and accompanying guidance note for details). By convention, they are recorded as "contingent liabilities outside the general government", as for guarantees, though it should be noted that the exposure of government is likely to be limited.
Special purpose entities included here are those where government has a significant role, including a guarantee, but which are classified outside the general government sector (see the Eurostat Decision and accompanying guidance note for details). Their liabilities are recorded outside the general government sector (as contingent liabilities of general government).
Annex 3
Quarterly data on government debt1
From the end of the third quarter to the end of the fourth quarter of 2011, the government debt to GDP ratio in the euro area (EA17) increased from 86.7% to 87.2% of GDP. In the EU27 the ratio increased from 81.5% to 82.5%.
Table 1: Government debt structure, 2011Q4 compared with 2011Q3
2011Q3 | 2011Q4 | ||||||||
EA17 | |||||||||
Government debt | (million euro) | 8 129 825 | 8 215 289 | ||||||
(% of GDP) | 86.7 | 87.2 | |||||||
Of which: Currency and deposits | (million euro) | 225 753 | 225 648 | ||||||
(% of total debt) | 2.8 | 2.7 | |||||||
Securities other than shares | (million euro) | 6 493 351 | 6 537 618 | ||||||
(% of total debt) | 79.9 | 79.6 | |||||||
Loans | (million euro) | 1 410 719 | 1 452 020 | ||||||
(% of total debt) | 17.4 | 17.7 | |||||||
Memo: Intergovernmental lending in the context of the financial crisis |
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EU27 | |||||||||
Government debt2 | (million euro) | 10 240 664 | 10 421 987 | ||||||
(% of GDP) | 81.5 | 82.5 | |||||||
Of which: Currency and deposits | (million euro) | 389 644 | 394 239 | ||||||
(% of total debt) | 3.8 | 3.8 | |||||||
Securities other than shares | (million euro) | 8 227 865 | 8 356 578 | ||||||
(% of total debt) | 80.3 | 80.2 | |||||||
Loans | (million euro) | 1 569 601 | 1 620 543 | ||||||
(% of total debt) | 15.3 | 15.5 | |||||||
Memo: Intergovernmental lending in the context of the financial crisis |
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Compared with the third quarter of 2011, eighteen Member States registered an increase in their debt to GDP ratio at the end of the fourth quarter of 2011, seven a decrease and two Member States recorded no change. The highest increases in the ratio were recorded in Greece (+6.5 percentage points - pp), Cyprus (+4.7 pp) and Ireland (+3.7 pp), and the largest decreases in Denmark (-2.7 pp), Portugal (-2.4 pp) and Hungary (-2.2 pp).
Figure 1: Changes in government debt to GDP ratio, 2011Q4 compared with 2011Q3
(percentage points)
Table 2: Government debt by Member State
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Belgium | euro | 361 139 | 361 735 | 98.6 | 98.0 | -0.5 | ||||||||||||
Bulgaria | BGN | 11 377 | 12 293 | 15.0 | 16.3 | 1.3 | ||||||||||||
Czech Republic | CZK | 1 522 463 | 1 567 799 | 40.1 | 41.2 | 1.1 | ||||||||||||
Denmark | DKK | 877 336 | 830 891 | 49.2 | 46.5 | -2.7 | ||||||||||||
Germany | euro | 2 084 035 | 2 088 472 | 81.6 | 81.2 | -0.4 | ||||||||||||
Estonia | euro | 942 | 965 | 6.0 | 6.0 | 0.0 | ||||||||||||
Ireland | euro | 162 324 | 169 264 | 104.5 | 108.2 | 3.7 | ||||||||||||
Greece | euro | 347 215 | 355 617 | 158.8 | 165.3 | 6.5 | ||||||||||||
Spain | euro | 707 069 | 734 961 | 66.0 | 68.5 | 2.4 | ||||||||||||
France | euro | 1 692 472 | 1 717 256 | 85.4 | 85.8 | 0.4 | ||||||||||||
Italy | euro | 1 882 759 | 1 897 179 | 119.3 | 120.1 | 0.8 | ||||||||||||
Cyprus | euro | 11 862 | 12 720 | 66.9 | 71.6 | 4.7 | ||||||||||||
Latvia | LVL | 6 059 | 6 028 | 44.2 | 42.6 | -1.6 | ||||||||||||
Lithuania | LTL | 38 725 | 40 837 | 37.5 | 38.5 | 1.0 | ||||||||||||
Luxembourg | euro | 7 839 | 7 786 | 18.5 | 18.2 | -0.3 | ||||||||||||
Hungary | HUF | 22 957 841 | 22 691 955 | 82.8 | 80.6 | -2.2 | ||||||||||||
Malta | euro | 4 471 | 4 600 | 70.2 | 72.0 | 1.7 | ||||||||||||
Netherlands | euro | 387 830 | 392 506 | 64.5 | 65.2 | 0.7 | ||||||||||||
Austria | euro | 214 236 | 217 399 | 71.6 | 72.2 | 0.6 | ||||||||||||
Poland | PLN | 839 121 | 858 931 | 56.3 | 56.3 | 0.0 | ||||||||||||
Portugal | euro | 189 612 | 184 291 | 110.2 | 107.8 | -2.4 | ||||||||||||
Romania | RON | 182 822 | 192 851 | 32.7 | 33.3 | 0.7 | ||||||||||||
Slovenia | euro | 16 060 | 16 954 | 44.9 | 47.6 | 2.6 | ||||||||||||
Slovakia | euro | 28 784 | 29 911 | 42.2 | 43.3 | 1.1 | ||||||||||||
Finland | euro | 89 760 | 93 030 | 47.4 | 48.6 | 1.2 | ||||||||||||
Sweden | SEK | 1 274 260 | 1 341 110 | 36.6 | 38.4 | 1.8 | ||||||||||||
United Kingdom* | GBP | 1 262 973 | 1 292 632 | 84.4 | 85.7 | 1.3 | ||||||||||||
* data amended by Eurostat.
Provisional release dates during 2012 and 2013 are:
Data for first quarter 2012 – 23 July 2012
Data for second quarter 2012 – 24 October 2012
Data for third quarter 2012 – 23 January 2013
The sum of debt components for the EU27 is not equal to total government debt, due to the amendments for the United Kingdom being applied only for total debt.
Further data are available in the integrated publication on quarterly government finance statistics:
http://epp.eurostat.ec.europa.eu/portal/page/portal/government_finance_statistics/data
