Greece has the highest debt in the Eurozone, with 156% of GDP for 2012, while its deficit was the second highest both in Eurozone and the EU, at 9%.
More specifically, according to the data published by the Statistical Office of the European Communities (Eurostat), Greece’s debt in the end of 2012 reached 156.9% of the GDP, followed by Italy with a debt at 127% of GDP, Portugal with 124.1% and Ireland with 117.4%.
In parallel, Greece’s deficit stood at 9%, revised from the previous rate of 10%, which had been announced by Eurostat, but also lower than the deficit of 2011, which was 9.5%. Spain shows the worst performance with a 10.6% deficit, while Ireland ranks third with 8.2%, followed by Portugal and Cyprus with 6.4% each.
At the same time, the deficit in the Eurozone dropped by 4.2% in 2011 to 3.7% in 2012 and in the EU from 4.4% to 3.9%, while Eurozone’s debt increased from 87.3% of the GDP in the end of 2011 to 90.6% and in the EU from 82.3% to 85.1%.
In total, 15 states reduced their deficit in 2012, in comparison to the previous year, 12 states increased it, while in one member-state the deficit remained unchanged.