Bulgaria's Public Debt Second Lowest in EU

Bulgaria's Public Debt Second Lowest in EU

Government budget deficits in the EU and in the euro area recorded a significant decrease in 2013 but the levels of government debt continued to rise, according to official EU statistics. According to Eurostat, the budget deficit in the euro area last year shrank to 3.0% of GDP from 3.7% in 2012, reaching a six-year low. However, the public debt of the 18 members of the euro zone rose to a record high 92.6% of GDP at the end of 2013, while the total government debt in the EU increased to 87.1% from 85.2%. According to Eurostat figures, Bulgaria's budget deficit in 2013 was equivalent to 1.5% of GDP, compared to a deficit of 0.8% in 2012 but remained well below the EU's limit of 3% of GDP. At the same time, Bulgaria's public debt rose to 18.9% of GDP at the end of 2013 and also remained well below the EU limit of 60% of GDP. Greece's debt stood at 175.1% of GDP and Cyprus's was 111.7% of GDP. Bulgaria's National Statistical Institute confirmed the Eurostat data, according to which the country's debt in 2013 year was equivalent to 18.9% of GDP.

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