(MENAFN) The government deficit of both the euro zone and the 28-nation European Union (EU) decreased in 2014, compared with the previous year, while government debt rose in both zones, Xinhua reported.
In the euro area, the government deficit to GDP ratio decreased from 2.9 percent in 2013 to 2.4 percent in 2014, while it fell from 3.2 percent to 2.9 percent in the EU, the EU Eurostat said.
Among EU member states, Denmark, Germany, Estonia and Luxembourg registered a government surplus in 2014, and the lowest government deficits were recorded in Lithuania, Latvia and Romania.
According to European rules, euro zone government deficits must remain below 3 percent of GDP, and public debt must be maintained below 60 percent of the gross domestic product (GDP).
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