Romania ranked fourth among the European Union countries for the lowest public debt in 2014. Its public debt amounted to 39.9% of the GDP, up from 38% in 2013.

Estonia recorded the lowest public debt last year, which stood at 10.4% of the GDP, followed by Luxembourg (23%) and Bulgaria (27%).

The European Union demands that the public debt does not exceed 60% of the GDP. Some 16 EU member states had debt levels higher than the one required by the EU, including Greece (179%), Italy (132%), and Portugal (130%). Overall, the public debt of the EU states amounted to 86.8% of their GDP, up from 85.5% in 2013.

Romania’s budget deficit dropped to 1.4% of the GDP last year, compared to 2.2% of the GDP in 2013. It ranked second among EU member states, after Lithuania, which had a budget deficit of 0.7% last year.

EU’s budget deficit reached 3% of the GDP last year, down from 3.3% in 2013.

editor@romania-insider.com