This document is an excerpt from the EUR-Lex website
Reporting of EU countries' actual and planned deficits
Reporting of EU countries' actual and planned deficits
Reporting of EU countries' actual and planned deficits
- Date of last review:
- 04/07/2016
- Author:
- Publications Office of the European Union
- Responsible entity(ies):
- Publications Office of the European Union
- Summarised document(s):
- Summary code:
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14.06.01.00 Stability and Growth Pact
- 14.98.02.00 Other statistics
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14.06.01.00 Stability and Growth Pact
- EUROVOC descriptor:
- Directory code:
Reporting of EU countries' actual and planned deficits
SUMMARY OF:
WHAT IS THE AIM OF THIS REGULATION?
It sets out the procedures under which EU governments1 provide the European Commission with information on their national deficit2 and debt3.
KEY POINTS
- EU countries report to Eurostat, the Commission’s statistical department, their actual4 and planned5 government deficits and debts twice a year.
- By 1 April of the current year (known as ‘year n’), the data include:
- an up-to-date estimate for the previous year (n-1), actual deficits for the 3 earlier years (n-2, n-3, n-4) and planned government deficit for the current year
- actual debt for the 4 previous years (n-1, n-2, n-3, n-4) and planned government debt at the end of the current year.
- By 1 October, the data include:
- actual deficits for the 4 previous years (n-1, n-2, -3, n-4) and updated planned government deficit and debt for the current year.
- EU countries also provide Eurostat with:
- data from national accounts;
- data on their investment6 expenditure;
- actual GDP for the 4 previous years and expected GDP for the current year;
- additional questionnaires and clarification related to the notifications of deficit and debt that they have reported;
- a detailed inventory of the methods, procedures and sources used to compile actual deficit and debt data and the underlying government accounts;
- assistance of national experts, if requested.
- Where a budget year differs from a calendar year, EU countries provide data for the 2 budget years preceding the current year.
- Eurostat:
- regularly assesses the quality of the national data and the underlying government sector accounts;
- reports regularly to the European Parliament and the Council on the quality of the national data;
- has permanent contacts with national statistical authorities;
- conducts regular dialogue and methodological visits to EU countries to review data, monitor procedures and verify accounts;
- provides actual national deficit and debt data within 3 weeks of the April and October deadlines in the form of press releases.
In 2014, Commission Regulation (EU) No 220/2014 amended Regulation (EC) No 479/2009 replacing the earlier European system of national and regional accounts (ESA 95) with ESA 2010.
FROM WHEN DOES THE REGULATION APPLY?
It applies from .
BACKGROUND
For more information, see:
- ‘The corrective arm’ on the European Commission’s website
- ‘Excessive deficit procedure’ on Eurostat’s website
KEY TERMS
- Government: in this context, refers to general, central, state and local government and social security funds.
- Government deficit (surplus): central government’s net borrowing (net lending).
- Government debt: general government’s total gross debt at the end of the year.
- Actual government deficit and debt: estimated, provisional, half-finalised or final results for the past year.
- Planned government deficit and debt: most recent official forecasts, taking account of budgetary decisions and economic developments and prospects.
- Government investment: general government’s gross fixed capital formation.
ACT
Council Regulation (EC) No 479/2009 of on the application of the Protocol on the excessive deficit procedure annexed to the Treaty establishing the European Community (Codified version) (OJ L 145, , pp. 1-9)
Successive amendments to Council Regulation (EC) No 479/2009 have been incorporated into the original text. This consolidated version is of documentary value only.
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