Fiscal Balance in Euro Area
The Euro area's fiscal deficit varied across member countries from 2013 to 2022. Initially, many countries focused on austerity measures to reduce deficits following the Eurozone crisis. However, the COVID-19 pandemic led to a relaxation of fiscal rules, allowing for increased spending to support economies. By 2022, while the fiscal outlook improved with economic recovery, challenges remained in balancing fiscal consolidation with growth and investment needs across the diverse economies of the Euro area.
The fiscal balance was -2.7% of GDP for the Euro Area in the decade up to 2022, above the average for Major Economies of -4.5% of GDP. The fiscal balance in 2022 was -3.6% of GDP. For more fiscal balance information, visit our dedicated page.
Euro Area Fiscal Balance Chart
Euro Area Fiscal Balance Data
|Fiscal Balance (% of GDP)||-0.4||-0.6||-7.1||-5.2||-3.6|
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