Press Release: Euro area and EU28 government deficit at 2.9% and 3.2%of GDP respectively

Budget deficits in the European Union were within the limits set out in the bloc's stability pact in 2013 thanks to changes to accounting rules, the EU's statistical agency Eurostat revealed on 21 October 2014.

Eurostat found that the average deficit across the the 18 eurozone countries was 2.9 percent in 2013, slightly below the 3.1 percent figure previously reported, and within the 3 percent limit set out in the EU's stability and growth pact.

Eurostat published for the first time deficit and debt figures for 2010 to 2013 based on the European System of Accounts 2010 (ESA 2010) methodology. The data in this News Release include revisions due both to the implementation of ESA2010 and to the incorporation of other statistical adjustments.

ESO: Background information: Questions and Answers: European System of Accounts 2010 http://www.europeansources.info/record/memo-questions-and-answers-european-system-of-accounts-2010-2/

EUObserver, 21.10.14: New accounting rules save EU deficit http://euobserver.com/news/126169

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