OREANDA-NEWS. April 21, 2008. Latvia's government deficit last year was at 0,04 percent of the Gross Domestic Product (GDP), which is the 12th lowest government deficit in the European Union (EU), but government debt was at 9,7 percent of the GDP, being the third lowest in the EU.

This is the data, published on Friday, by the EU statistical office's "Eurostat", based on the European account system 95 (ESA 95).

Ten EU countries recorded budget surplus in 2007: 5,3 percent in Finland, 4,4 percent in Denmark, 3,5 percent in Sweden, 3,4 percent in Bulgaria, 3,3 percent in Cyprus, 2,9 percent in Luxembourg, 2,8 percent in Estonia, 2,2 percent in Spain, 0,4 percent in the Netherlands, 0,3 percent in Ireland. In Germany the budget was balanced.

Only Hungary with 5.5 percent government deficit of the GDP has exceeded the budget deficit level set by the EU. The next highest budget deficit in 2007 was registered in the United kingdom – 2,9 percent, Greece – 2,8 percent, France - 2,7 percent of the GDP. Lithuania's government deficit last year was at 1,2 percent of the GDP.

In the 27 EU countries in total the budget deficit ration fell from 1,4 percent of the GDP in 2006 to 0,9 percent in 2007, but in the 12 euro-zone countries in 2007 it was 0,6 percent of the GDP, comparing to 1,3 percent in 2006.

The lowest ratios of government debt to the GDP were recorded in Estonia – 3,4 percent, Luxembourg – 6,8 percent, Latvia – 9,7 percent and Romania - 13 percent.

11 countries exceeded the 60 percent of the GDP government debt limit set for the EU countries. Italy has the biggest government debt with 104 percent, Greece has 94,5 percent debt and Belgium – 85,9 percent government debt of the DPP ratio.

In the 27 EU countries altogether the government debt in 2007 was 58,7 percent of the GDP, comparing to the 61,2 percent of the GDP in 2006.