EU debt and deficit league tables

Mr_Mumble

Eurostat came out with the data !!!!!! today.

EU27 Deficits as a % of GDP for 2010

32.4 -- Ireland
10.5 -- Greece
10.4 -- United Kingdom
9.2 -- Spain
9.1 -- Portugal
7.9 -- Poland
7.9 -- Slovakia
7.7 -- Latvia
7.1 -- Lithuania
7.0 -- France
6.4 -- Romania
5.6 -- Slovenia
5.4 -- Netherlands
5.3 -- Cyprus
4.7 -- Czech Republic
4.6 -- Austria
4.6 -- Italy
4.2 -- Hungary
4.1 -- Belgium
3.6 -- Malta
3.3 -- Germany
3.2 -- Bulgaria
2.7 -- Denmark
2.5 -- Finland
1.7 -- Luxembourg
0.0 -- Sweden
+0.1 -- Estonia

6.4 -- EU27
6.0 -- EA17

3.0 -- Maastricht criteria

EU27 Debt as % of GDP (at the end of 2010)

142.8 -- Greece
119.0 -- Italy
96.8 -- Belgium
96.2 -- Ireland
93.0 -- Portugal
83.2 -- Germany
81.7 -- France
80.2 -- Hungary
80.0 -- United Kingdom
72.3 -- Austria
68.0 -- Malta
62.7 -- Netherlands
60.8 -- Cyprus
60.1 -- Spain
55.0 -- Poland
48.4 -- Finland
44.7 -- Latvia
43.6 -- Denmark
41.0 -- Slovakia
39.8 -- Sweden
38.5 -- Czech Republic
38.2 -- Lithuania
38.0 -- Slovenia
30.8 -- Romania
18.4 -- Luxembourg
16.2 -- Bulgaria
6.6 -- Estonia

80.0 -- EU27
85.1 -- EA17

60.0 -- Maastricht limit

FTAlphaville - Don’t mess with Eurostat

Eurostat gathers these numbers in order to test governments’ compliance with the Maastricht criteria, which limit deficits to 3 per cent of GDP. These criteria were at one time important for deciding euro membership.

On that criterion, only Luxembourg, Finland and Estonia would remain eligible to join as members today. Estonia joined in 2011.

Hopefully these tables, especially the deficit one, show the relative ill-health of the British government's financial well-being and the need to rein in proliferate politicians.

purch

Back in 1999 it was probably only Luxembourg ( and maybe our goodselves) who were "really" eligible to join the great financial experiment anyway.

Plus ça change c'est la même chose

kabayiri

It's interesting, that table.

I've just come back from Denmark, they should hang their head in shame at that 2.7 deficit figure !

Interesting contrast to our society though. Cars are expensive there, so they have a lot of bikes and and share a small car between the family.
It's dear to eat and drink when out in Copenhagen, so that becomes a special occasion. Getting rat-a**ed every Friday night isn't really a viable option.

We know much better here. We can have 2 beemers per family on 'the tick'. Our young people can go and get bladdered on a regular basis on not much money too.

Hehe, those silly Danes....when will they learn?

StevieJ

It is not all doom and gloom :beer:

1. Personal wealth
The Office for National Statistics (ONS) produces a yearly report on our personal wealth. In 2009, the ONS found that we owned assets worth £8,775 billion and owed £1,531 billion.

In other words, our total net wealth (what we own minus what we owe) was £7,244 billion

.
With around 26.2 million households in the UK, this comes to more than £276,000 per household, which puts Brits among the world's wealthiest folk. Surely that's something to be grateful for, agreed?
However, more than half of our wealth (£3,827 billion, or 53%) is in property, which explains our fixation with house prices!

2. Household earnings
As well as being richer than most of our European cousins, we also earn more, too.
In 2010, the average household income in the UK was just over £35,000, according to business consultancy CACI.

This is about two-fifths (40%) more than the European average of around £25,000 a year.

Then again, we work longer hours than most of our Continental counterparts. According to the Trades Union Congress (TUC), full-time employees in the UK work an average of 43.5 hours a week, versus 38.2 hours in France and 39.9 hours in Germany.

http://uk.finance.yahoo.com/news/Five-reasons-great-British-yahoofinanceuk-2820792506.html

purch

I think you need to start your own thread with this Stevie boy.

It'll only get lost amongst the arguments if you leave it on this thread :eek:

Rochdale_Pioneers

So after all the bigger-in-the-UK bailouts, the QE, and a deficit big enough to destroy mankind, we still have less debt than France, Germany, Italy. As we had before all this started. And before anyone starts whining about off-books debt, Eurostat has always included it. These figures are real world like for like comparisons, not the fag-packet Daily Mail numbers used by some.

Anyone looked at the deficit interest payments as a percentage of GDP figures? Interesting that as a percentage of our now shrunken economy, we're paying out less of our economy per year than Major did....

leveller2911

Rochdale_Pioneers wrote: »

Anyone looked at the deficit interest payments as a percentage of GDP figures? Interesting that as a percentage of our now shrunken economy, we're paying out less of our economy per year than Major did....

Still enough to build a brand new school every minute......But hay ,like you say its small fry ,I mean who needs a brand new school?........;)

Just a thought but once we had enough bright shiny new schools what should we build next? Hospitals?,renewable energies, invest in the rail system???

Nah lets do it the Labour way , massive borrowing to fund their ever increasing benefit system, PFI's and public sector.....Nothing but debt junkies the lot of em..........Oh and BTW most people if asked don't give a flying fig about Germany,France or Italy so why use them as an example? Its the UK we care about

chewmylegoff

Mr_Mumble wrote: »

Eurostat came out with the data !!!!!! today.

EU27 Deficits as a % of GDP for 2010

32.4 -- Ireland
10.5 -- Greece
10.4 -- United Kingdom
9.2 -- Spain
9.1 -- Portugal
.....

EU27 Debt as % of GDP (at the end of 2010)

142.8 -- Greece
119.0 -- Italy
96.8 -- Belgium
96.2 -- Ireland
93.0 -- Portugal
83.2 -- Germany
81.7 -- France
80.2 -- Hungary
80.0 -- United Kingdom
72.3 -- Austria
....
Hopefully these tables, especially the deficit one, show the relative ill-health of the British government's financial well-being and the need to rein in proliferate politicians.

3rd in the deficit league but only 9th in the total debt league.

well, it's obvious - we can just borrow more to pay the deficit back.

blueboy43

Rochdale_Pioneers wrote: »

So after all the bigger-in-the-UK bailouts, the QE, and a deficit big enough to destroy mankind, we still have less debt than France, Germany, Italy. As we had before all this started. And before anyone starts whining about off-books debt, Eurostat has always included it. These figures are real world like for like comparisons, not the fag-packet Daily Mail numbers used by some.

Anyone looked at the deficit interest payments as a percentage of GDP figures? Interesting that as a percentage of our now shrunken economy, we're paying out less of our economy per year than Major did....

I don't think QE has any impact on the deficit at all.
It is money created by the BoE not money spent by the Government.

Once it is unwound, the programme will no doubt show a loss - doesn't it always (any losses on gilts purchased that are eventually re-sold are under written by the taxpayer).

I don't believe this is accounted for yet in Eurostat (the notional profit was in Feb something like £10 billion)

Loughton_Monkey

I think I'll emigrate to Estonia.

Where's everyone else going?

Mr_Mumble

StevieJ wrote: »

It is not all doom and gloom :beer:

http://uk.finance.yahoo.com/news/Five-reasons-great-British-yahoofinanceuk-2820792506.html

A nice optimistic fact-based article (though the comparison with "Europe" is silly as they're including many countries that lived under Soviet rule until 1989 and most of the wealth is in residential property and if you calculated for trade-weighted sterling wealth has fallen quite dramatically over the past five years and... no I'll stop).

Rochdale_Pioneers wrote:

So after all the bigger-in-the-UK bailouts, the QE, and a deficit

Past tense? You've got way more faith in Osborne/Cleggeron to reduce that double digit deficit than I!

Anyone looked at the deficit interest payments as a percentage of GDP figures? Interesting that as a percentage of our now shrunken economy, we're paying out less of our economy per year than Major did....

That's all down to nominal interest rates and the payments are increasing at an alarming rate, thanks to the increased debt and continued crisis level deficit.