Malta with third highest deficit in EU in 2020

Eurostat figures show that during the past year Malta registered the third highest increase in the deficit among all European Union countries.

Eurostat statistics show that during 2020 every member state of the European Union registered a deficit, with the statistics office attributing this to the pandemic.

It further stated that debt in the Euro Zone countries went up from 0.6%in 2019 to 7.2% in 2020, and that in UE member states went up from 0.5% to 6.9%.

Spain registered the highest deficit with 11%, followed by Greece with 10.1% and Malta with 9.7%.

The lowest rate of debt was that registered by Estonia with 19%, followed by Bulgaria and Luxembourg with 24.7% and 24.8% respectively.

The statistics also show that 13 of the 27 member states had debts in excess of 60% of the Gross Domestic Product. Except for Denmark and Sweden, EU countries had debts higher than 3% of GDP.

In separate statistics, the National Statistics Office said Malta’s debt amounted to 53.4% of the Gross Domestic Product. This increase in debt was attributed to various factors, including Government assistance to families and businesses during the pandemic year. It further stated that this left an impact on the country’s finances.