Government finances improved across Europe in 2013
BRUSSELS - Official figures show that governments across the 28-country European Union recorded lower budget deficits in 2013 amid lower spending and an economic recovery that shored up revenues.
Eurostat, the EU's statistics agency, said Wednesday that budget deficits across the 18-nation eurozone fell from 3.7 per cent of annual gross domestic product in 2012 to 3 per cent last year.
For the entire EU, which includes members like Britain that don't use the euro currency, the agency says deficits shrunk from 3.9 per cent to 3.3 per cent.
The data show the EU's debt burden continued to rise last year, albeit slowly. Debt in the eurozone rose from 90.7 per cent to 92.6 per cent of GDP last year, or 8.9 trillion euros ($12.3 trillion).
The United States' debt amounts to about 105 per cent of GDP.