117/2004 - 23 September 2004

Second notification of deficit and debt data for 2003

Euro-zone government deficit at 2.7% of GDP and public debt at 70.7% of GDP
For the second time in 2004, the EU Member States have notified1 to the European Commission their data on 2 government deficit and debt for 2003. They have been verified by Eurostat, the Statistical Office of the European Communities, and are consistent with Eurostat decisions, including most recently decisions on classification of pension schemes in the case of government responsibility or guarantee3, treatment of payments in the context of transfers to the government of pension obligations4, public-private partnerships5, and capital injections into public corporations6. This press release also includes data on government expenditure and revenue7. The revised data 8 confirm the trends observed in the notification of March 2004. The government balance of the euro-zone9, EU25 and EU15 moved into a higher deficit in 2003, compared to 2002. Meanwhile government debt increased in the three zones in 2003.
2000 Euro-zone GDP market prices (mp) Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt Primary balance EU15 GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt Primary balance EU25 GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt Primary balance (million euro) 6 453 979 + 12 280 + 0.2 47.0 47.2 4 492 338 69.6 + 4.2 8 568 291 + 82 921 + 1.0 46.3 46.8 5 492 059 64.1 + 4.8 8 942 871 + 73 376 + 0.8 46.2 46.6 5 628 270 62.9 + 4.6 6 844 481 - 114 702 - 1.7 48.2 46.5 4 754 860 69.5 + 2.3 8 866 134 - 93 519 - 1.1 47.3 46.3 5 608 249 63.3 + 2.6 9 288 151 - 110 953 - 1.2 47.2 46.1 5 770 597 62.1 + 2.4 7 077 058 - 167 353 - 2.4 48.6 46.1 4 912 917 69.4 + 1.3 9 176 875 - 194 923 - 2.1 47.7 45.6 5 752 515 62.7 + 1.2 9 623 109 - 216 988 - 2.3 47.7 45.5 5 928 192 61.6 + 1.1 7 260 797 - 197 292 - 2.7 49.0 46.3 5 134 615 70.7 + 0.7 9 305 749 - 247 868 - 2.7 48.5 45.8 5 981 084 64.3 + 0.5 9 746 934 - 272 651 - 2.8 48.5 45.7 6 166 978 63.3 + 0.3 2001 2002 2003

% of GDP % of GDP % of GDP % of GDP % of GDP (million euro)

% of GDP % of GDP % of GDP % of GDP % of GDP (million euro)

% of GDP % of GDP % of GDP % of GDP % of GDP

In the euro-zone, the government deficit increased from 2. 4% of GDP in 2002 to 2.7% in 2003, and in the EU15 the deficit increased from 2.1% of GDP in 2002 to 2.7% in 2003. When the data for the new Member States are added, the government deficit of the enlarged EU (EU25) also worsened in 2003 compared with the previous year, from 2.3% to 2.8% of GDP. In all, sixteen Member States saw a worsening of their public balance in terms of GDP in 2003. The largest government deficits relative to GDP in 2003 were recorded by the Czech Republic ( -12.6%), Malta ( -9.7%), Cyprus (-6.4%), Hungary (-6.2%), Greece (-4.6%), France (-4.1%), Poland (-3.9%), Germany (-3.8%), Slovakia (-3.7%), the United Kingdom ( -3.3%), and the Netherlands ( -3.2%). Eight countries registered government surpluses in 2003: Estonia ( +3.1%), Finland (+2.3%), Luxembourg ( +0.8%), Belgium (+0.4%), Spain ( +0.4%), Denmark (+0.3%), Sweden (+0.3%), and Ireland (+0.1%). Compared to the data published in the first notification of March 2004, there has been a significant upward revision 10 in the 2003 deficit of Greece (from -1.7% to -4.6% of GDP). Denmark's surplus in 2003 was revised downwards (from +1.5% to +0.3%), mainly because of reclassification of a funded pension scheme outside government. (See Additional Information). After the downward trend of recent years, the government debt to GDP ratio increased in the euro-zone from 69.4% in 2002 to 70.7% in 2003, in the EU15 from 62.7% to 64.3%, and in the EU25 from 61.6% to 63.3%. Nine Member States showed a ratio higher than 60% of GDP in 2003, compared to seven in 2002, as the debt of France (63.7%) and Portugal (60.3%) moved above the 60% threshold in 2003, the other countries being Greece (109.9%), Italy (106. 2%), Belgium ( 100.7%), Malta (71.1%), Cyprus (70.9%), Austria ( 65.1%), and Germany (64.2%). The most significant revision, compared to the data published in the first notification of March 2004, is in the debt of Greece10 (from 102.4% of GDP to 109.9%). In 2003, government expenditure in the euro-zone was equivalent to 49.0% of GDP, and government revenue 46.3%. The figures for the EU15 were 48.5% and 45. 8% respectively, and for the EU25 48.5% and 45.7% respectively. Between 2002 and 2003 both government expenditure and government revenue increased relative to GDP in the three zones, with expenditure rising at a faster rate than revenue.
1. According to Council Regulation (EC) No 3605/93, as amended by Council Regulation (EC) No. 475/2000 and Commission Regulation (EC) No 351/2002. 2. According to the 'Maastricht Treaty' (Protocol on the excessive deficit procedure), government deficit (surplus) means the net borrowing (net lending) of the whole general government sector (central government, state government, local government and social security funds). It is calculated according to national accounts concepts (European System of Accounts, ESA95). Government debt is the consolidated gross debt of the whole general government sector outstanding at the end of the year (in nominal value). Primary surplus means the government deficit/surplus excluding interest charges (consolidated). However Austria, Slovenia, Slova kia (except 2003) and Sweden do not yet provide consolidated interest data. Table of euro-zone, EU15 and EU25 aggregates: the data are in euro. For those countries not belonging to the eurozone, the rate of conversion into euro is as follows: - for deficit / surplus and GDP data, the annual average exchange rate; - for the stock of government debt, the end of year exchange rate. Table of national data: these are in national currencies, including the euro for the euro-zone countries. 3. See News Release 30/2004, 2 March 2004. 4. See News Releases 120/2003, 21 October 2003 and 26/2004, 25 February 2004. 5. See News Release 18/2004, 11 February 2004. 6. See News Release 98/2003, 21 August 2003. 7. Government expenditure and revenue are reported to Eurostat under the ESA95 transmission programme. They are the sum of non-financial transactions of the general government accounts, and include both current and capital transactions. For definitions, see Commission Regulation No. 1500/2000 of 10 July 2000. It should be noted that, following an amendment to ESA95, the government balance (which may be calculated as the difference between total government revenue and expenditure) is not the same under ESA95 as that of the excessive deficit procedure. Regulation (EC) No 2558/2001 on the reclassification of settlements under swaps agreements and forward rate agreements implies that there are two relevant definitions of government deficit/surplus: The ESA95 definition of net lending /net borrowing does not include streams of interest payments resulting from swap agreements and forward rate agreements; For the purpose of the excessive deficit procedure, net lending /net borrowing of general government includes streams of interest payments resulting from swap and forward rate agreements. Concerning 2003, for most Member States the difference, if any, between the two balances is minor (less than 0.1% of GDP), except in Sweden (0.24%), Denmark (0.20%), Finland (0.16%), and Austria (0.15%). The data reported by the Czech Republic, Denmark, Austria, Slovenia, Slovakia (except 2003) and Sweden are not strictly comparable to those of the other countries, as they have reported interest on an unconsolidated basis, which results in

overestimation of government revenue and expenditure. Data on government revenue and deficit figures reported by the UK have been adjusted by Eurostat for consistency of recording of UMTS licence proceeds. 8. In the first notification, the 2003 gover nment deficit for the euro-zone, EU15, and EU25 was at 2.7%, 2.6%, and 2.7% of GDP respectively. The government debt in the euro-zone, EU15, and EU25 was at 70.4%, 64.0%, and 63.0% of GDP respectively. See News Release 38/2004, 16 March 2004. The Member States who joined the European Union on 1st May 2004 - Czech Republic, Estonia, Cyprus, Latvia, Lithuania, Hungary, Malta, Poland, Slovenia, Slovakia - were not at that time under legal obligation to notify their government deficit and debt data. 9. Euro-zone: Belgium, Germany, Greece (from January 2001), Spain, France, Ireland, Italy, Luxembourg, Netherlands, Austria, Portugal and Finland. Euro-zone data until 2000 cover the eleven Member States; with Greece's entry into the eurozone, they cover the twelve Member States from 2001. 10. The deficit notified by Greece was later revised to -3.2% of GDP , and the debt to 103.0% of GDP. See News Release 62/2004, 7 May 2004.

Additional Information
Greece The revision of data for the deficit between the March and September 2004 notifications was carried out on the basis of new information provided by the Greek Authorities, at the request of Eurostat, for the period 2000-2003. The change in the deficit figure is due mainly to: - Downward revision for 2003 of estimate of tax revenues (mainly VAT) in public accounts; - Downward revision for 2003 of payments received from EU institutions in the context of certain structural fund programmes; - Reclassification for 2003 of a payment from the postal savings bank to government as a financial transaction; (for these first three items see News Release 62/2004 of 7 May 2004) - Under-recording of military expenditures between 2000 and 2003; - Over-estimation of surplus of social security funds between 2001 and 2003; - Under-recording of interest between 2000 and 2003. The revision of data for the debt between the March and September 2004 notifications was carried out on the basis of new information provided by the Greek Authorities for the period 2000-2003. The change in the debt figure is due mainly to: - Under-estimation of outstanding debt, notably in relation to bonds with capitalised interest; - Over-estimation of consolidating assets of social security. Classification of funded pension schemes in case of government responsibility or guarantee On 2 March 2004 Eurostat published a decision on classification of funded pension schemes in case of government responsibility or guarantee (News Release 30/2004). As announced on that occasion, Eurostat organised bilateral discussions with several Member States on the implementation of the decision. In the context of these discussions, it has appeared that some Member States might need a transitional period to implement the decision and to avoid disruptions in the conduct of their budgetary policies. This transitional period will expire with the notification of March 2007. Therefore, all Member States will have to abide by the decision in the context of the March 2007 EDP notification at the latest. At present, Sweden and Poland have classified their defined contribution funded pension schemes inside the government sector, while in the case of Hungary, Denmark, Latvia and Lithuania this has been already classified outside government. For further information on the methodology of statistics reported under the excessive deficit procedure, please see the Eurostat publication "ESA95 manual on government deficit and debt", second edition (2002), 240 pages, ISBN 92-894-3231-4, price 37 EUR (excluding VAT). Recent additions relating to securitisation and capital injections are available on the Eurostat website. Issued by: Eurostat Press Office Philippe BAUTIER BECH Building L-2920 LUXEMBOURG Tel: +352-4301-33 444 Fax: +352-4301-35 349 eurostat-pressoffice@cec.eu.int For further information on data: Luca ASCOLI Tel: +352-4301-32 707 Fax: +352-4301-32 929 luca.ascoli@cec.eu.int

Eurostat news releases on the Internet: http://europa.eu.int/comm/eurostat/

GDP and government finance in the EU (in national currencies)

2000 Belgium GDP mp Government deficit (-) / surplus (+)* Government expenditure Government revenue Government debt Primary balance Czech Republic 1 GDP mp Government deficit (-) / surplus (+)* Government expenditure Government revenue Government debt Primary balance 1 Denmark GDP mp Government deficit (-) / surplus (+)* Government expenditure Government revenue Government debt Primary balance Germany GDP mp Government deficit (-) / surplus (+)* Government expenditure Government revenue Government debt Primary balance Estonia GDP mp Government deficit (-) / surplus (+)* Government expenditure Government revenue Government debt Primary balance Greece GDP mp Government deficit (-) / surplus (+)* Government expenditure Government revenue Government debt Primary balance Spain GDP mp Government deficit (-) / surplus (+)* Government expenditure Government revenue Government debt Primary balance (million EUR) 247 792 + 480 + 0.2 49.3 49.5 270 366 109.1 + 6.9 2 150 100 - 78 500 - 3.7 42.1 38.5 392 200 18.2 - 2.8 1 278 956 + 21 880 + 1.7 54.8 57.4 669 000 52.3 + 5.3 2 030 000 + 27 000 + 1.3 45.7 47.1 1 221 800 60.2 + 4.7 92 717 - 523 - 0.6 38.2 37.7 4 353 4.7 - 0.3 121 701 - 5 031 - 4.1 52.1 47.9 138 758 114.0 + 4.0 610 541 - 5 370 - 0.9 40.0 39.1 373 008 61.1 + 2.4 253 800 + 1 586 + 0.6 49.4 50.0 274 454 108.1 + 7.2 2 315 300 - 137 000 - 5.9 45.0 39.1 586 200 25.3 - 4.8 1 325 512 + 26 490 + 2.0 55.3 58.2 652 080 49.2 + 5.3 2 074 000 - 58 600 - 2.8 48.3 45.5 1 232 800 59.4 + 0.4 104 338 + 281 + 0.3 36.9 37.2 4 607 4.4 + 0.5 131 341 - 4 860 - 3.7 50.2 46.5 150 695 114.7 + 3.6 653 927 - 2 437 - 0.4 39.6 39.2 375 768 57.5 + 2.8 260 011 + 314 + 0.1 50.5 50.5 275 153 105.8 + 6.1 2 414 700 - 163 000 - 6.8 46.9 40.2 696 500 28.8 - 5.2 1 360 709 + 9 200 + 0.7 55.8 57.4 664 210 48.8 + 3.6 2 107 300 - 77 500 - 3.7 48.7 45.1 1 283 600 60.9 - 0.5 116 869 + 1 676 + 1.4 36.6 38.0 6 176 5.3 + 1.7 141 502 - 5 276 - 3.7 49.1 45.3 159 121 112.5 + 2.6 698 589 - 783 - 0.1 40.1 39.8 380 011 54.4 + 2.7 267 480 + 962 + 0.4 51.4 51.7 269 484 100.7 + 5.8 2 532 400 - 319 600 - 12.6 54.5 41.9 956 100 37.8 - 11.3 1 398 332 + 4 441 + 0.3 56.1 57.3 641 940 45.9 + 2.9 2 128 200 - 81 300 - 3.8 48.8 45.0 1 366 600 64.2 - 0.7 125 832 + 3 848 + 3.1 35.8 38.9 6 706 5.3 + 3.3 153 045 - 6 997 - 4.6 48.3 43.6 168 132 109.9 + 1.2 744 754 + 3 118 + 0.4 39.6 40.0 377 566 50.7 + 2.9 2001 2002 2003

% of GDP % of GDP % of GDP % of GDP % of GDP (million CZK)

% of GDP % of GDP % of GDP % of GDP % of GDP (million DKK)

% of GDP % of GDP % of GDP % of GDP % of GDP (million EUR)

% of GDP % of GDP % of GDP % of GDP % of GDP (million EEK)

% of GDP % of GDP % of GDP % of GDP % of GDP (million EUR)

% of GDP % of GDP % of GDP % of GDP % of GDP (million EUR)

% of GDP % of GDP % of GDP % of GDP % of GDP

GDP and government finance in the EU (in national currencies)

2000 France GDP mp Government deficit (-) / surplus (+)* Government expenditure Government revenue Government debt Primary balance Ireland GDP mp Government deficit (-) / surplus (+)* Government expenditure Government revenue Government debt Primary balance Italy GDP mp Government deficit (-) / surplus (+)* Government expenditure Government revenue Government debt Primary balance Cyprus GDP mp Government deficit (-) / surplus (+)* Government expenditure Government revenue Government debt Primary balance Latvia GDP mp Government deficit (-) / surplus (+)* Government expenditure Government revenue Government debt Primary balance Lithuania GDP mp Government deficit (-) / surplus (+)* Government expenditure Government revenue Government debt Primary balance (million EUR) 1 420 100 - 19 800 - 1.4 52.6 51.2 806 700 56.8 + 1.7 103 065 + 4 509 + 4.4 31.9 36.3 39 490 38.3 + 6.4 1 166 548 - 7 544 - 0.6 46.9 46.2 1 297 100 111.2 + 5.8 5 525 - 134 - 2.4 38.7 36.3 3 403 61.6 + 1.1 4 686 - 132 - 2.8 37.9 35.1 606 12.9 - 1.8 45 526 - 1 146 - 2.5 38.4 35.8 10 842 23.8 - 0.8 1 475 600 - 22 500 - 1.5 52.5 50.9 833 300 56.5 + 1.6 115 433 + 1 053 + 0.9 33.5 34.5 41 470 35.9 + 2.4 1 218 535 - 32 262 - 2.6 48.7 46.0 1 347 805 110.6 + 3.9 5 877 - 139 - 2.4 40.4 38.0 3 777 64.3 + 1.2 5 168 - 109 - 2.1 36.5 34.4 772 14.9 - 1.1 48 379 - 970 - 2.0 35.0 33.0 11 101 22.9 - 0.4 1 526 837 - 49 500 - 3.2 53.5 50.2 897 500 58.8 - 0.2 127 992 - 296 - 0.2 33.8 33.6 41 842 32.7 + 1.1 1 260 428 - 28 403 - 2.3 48.0 45.6 1 360 253 107.9 + 3.5 6 162 - 284 - 4.6 41.9 37.3 4 153 67.4 - 1.3 5 691 - 155 - 2.7 35.8 33.1 802 14.1 - 1.9 51 633 - 763 - 1.5 34.3 32.8 11 591 22.4 - 0.1 1 557 200 - 64 300 - 4.1 54.6 50.4 992 100 63.7 - 1.2 134 786 + 192 + 0.1 34.3 34.4 43 252 32.1 + 1.4 1 300 926 - 31 832 - 2.4 49.0 46.5 1 381 428 106.2 + 2.9 6 701 - 428 - 6.4 46.1 39.7 4 752 70.9 - 2.9 6 323 - 95 - 1.5 36.0 34.5 908 14.4 - 0.7 55 737 - 1 041 - 1.9 34.4 32.5 12 033 21.6 - 0.6 2001 2002 2003

% of GDP % of GDP % of GDP % of GDP % of GDP (million EUR)

% of GDP % of GDP % of GDP % of GDP % of GDP (million EUR)

% of GDP % of GDP % of GDP % of GDP % of GDP (million CYP)

% of GDP % of GDP % of GDP % of GDP % of GDP (million LVL)

% of GDP % of GDP % of GDP % of GDP % of GDP (million LTL)

% of GDP % of GDP % of GDP % of GDP % of GDP

GDP and government finance in the EU (in national currencies)

2000 Luxembourg GDP mp Government deficit (-) / surplus (+)* Government expenditure Government revenue Government debt Primary balance Hungary GDP mp Government deficit (-) / surplus (+)* Government expenditure Government revenue Government debt Primary balance Malta GDP mp Government deficit (-) / surplus (+)* Government expenditure Government revenue Government debt Primary balance Netherlands GDP mp Government deficit (-) / surplus (+)* Government expenditure Government revenue Government debt Primary balance Austria2 GDP mp Government deficit (-) / surplus (+)* Government expenditure Government revenue Government debt Primary balance Poland GDP mp Government deficit (-) / surplus (+)* Government expenditure Government revenue Government debt Primary balance (million EUR) 21 278 + 1 272 + 6.0 38.7 44.7 1 168 5.5 + 6.2 13 172 300 - 396 100 - 3.0 47.7 44.6 7 299 500 55.4 + 2.6 1 684 - 105 - 6.2 41.9 35.6 950 56.4 - 2.5 402 291 + 8 866 + 2.2 45.3 47.5 224 729 55.9 + 6.0 206 671 - 3 097 - 1.5 52.3 50.6 138 417 67.0 + 2.1 723 886 - 5 351 - 0.7 44.9 42.5 265 256 36.6 + 1.4 21 971 + 1 414 + 6.4 38.9 45.3 1 211 5.5 + 6.7 14 849 800 - 652 500 - 4.4 48.7 44.3 7 951 200 53.5 + 0.4 1 725 - 111 - 6.4 43.9 37.5 1 073 62.2 - 2.8 429 345 - 322 - 0.1 46.7 46.6 227 075 52.9 + 3.3 212 511 + 544 + 0.3 51.5 51.7 142 593 67.1 + 3.8 760 595 - 28 996 - 3.8 47.6 43.8 279 150 36.7 - 0.8 22 506 + 637 + 2.8 43.7 46.5 1 292 5.7 + 3.1 16 740 400 -1 548 400 - 9.2 52.7 43.4 9 569 100 57.2 - 5.1 1 755 - 103 - 5.9 45.8 40.0 1 101 62.7 - 1.9 445 160 - 8 561 - 1.9 47.8 45.9 234 208 52.6 + 1.1 218 333 - 465 - 0.2 51.2 50.8 145 305 66.6 + 3.1 781 112 - 27 955 - 3.6 48.9 43.9 321 335 41.1 - 0.7 23 476 + 186 + 0.8 45.8 46.6 1 259 5.4 + 1.0 18 574 000 -1 158 700 - 6.2 49.8 43.6 10 980 400 59.1 - 2.1 1 827 - 177 - 9.7 49.9 40.2 1 300 71.1 - 5.9 454 276 - 14 464 - 3.2 49.0 45.8 245 688 54.1 - 0.3 224 130 - 2 498 - 1.1 51.2 49.9 145 830 65.1 + 2.0 814 698 - 31 921 - 3.9 47.6 43.7 369 695 45.4 - 0.8 2001 2002 2003

% of GDP % of GDP % of GDP % of GDP % of GDP (million HUF)

% of GDP % of GDP % of GDP % of GDP % of GDP (million MTL)

% of GDP % of GDP % of GDP % of GDP % of GDP (million EUR)

% of GDP % of GDP % of GDP % of GDP % of GDP (million EUR)

% of GDP % of GDP % of GDP % of GDP % of GDP (million PLN)

% of GDP % of GDP % of GDP % of GDP % of GDP

GDP and government finance in the EU (in national currencies)

2000 Portugal GDP mp Government deficit (-) / surplus (+)* Government expenditure Government revenue Government debt Primary balance Slovenia2 GDP mp Government deficit (-) / surplus (+)* Government expenditure Government revenue Government debt Primary balance 2 Slovakia GDP mp Government deficit (-) / surplus (+)* Government expenditure Government revenue Government debt Primary balance Finland GDP mp Government deficit (-) / surplus (+)* Government expenditure Government revenue Government debt Primary balance Sweden2 GDP mp Government deficit (-) / surplus (+)* Government expenditure Government revenue Government debt Primary balance United Kingdom 3 GDP mp Government deficit (-) / surplus (+)* Government expenditure Government revenue Government debt Primary balance
*

2001 122 550 - 5 365 - 4.4 46.3 41.9 68 336 55.8 - 1.2 4 761 815 - 133 170 - 2.8 47.9 45.1 1 339 627 28.1 - 0.4 1 009 839 - 60 579 - 6.0 51.5 45.5 492 186 48.7 - 2.0 135 468 + 7 047 + 5.2 49.2 54.4 59 353 43.8 + 7.9 2 266 400 + 63 200 + 2.8 57.1 60.0 1 232 100 54.4 + 6.0 994 309 + 6 716 + 0.7 40.9 41.7 385 324 38.8 + 3.1

2002 128 597 - 3 467 - 2.7 45.9 43.2 75 070 58.4 + 0.3 5 314 494 - 126 894 - 2.4 48.1 45.7 1 569 305 29.5 + 0.0 1 098 658 - 62 674 - 5.7 50.9 45.2 475 387 43.3 - 2.1 139 803 + 5 947 + 4.3 50.1 54.4 59 562 42.6 + 6.5 2 347 400 - 600 0.0 58.3 58.1 1 233 900 52.6 + 2.9 1 044 145 - 18 074 - 1.7 41.7 40.1 400 303 38.3 + 0.3

2003 130 007 - 3 587 - 2.8 47.7 44.9 78 345 60.3 + 0.1 5 726 498 - 115 423 - 2.0 48.4 46.3 1 687 223 29.5 + 0.1 1 201 196 - 44 742 - 3.7 39.2 35.4 511 770 42.6 - 1.2 142 518 + 3 229 + 2.3 51.1 53.2 64 930 45.6 + 4.1 2 438 900 + 8 400 + 0.3 58.3 58.4 1 268 000 52.0 + 2.3 1 099 896 - 36 049 - 3.3 43.6 40.2 437 397 39.8 - 1.2

(million EUR) 115 548 - 3 267 - 2.8 45.2 42.3 61 566 53.3 + 0.4 4 252 315 - 146 835 - 3.5 48.2 44.7 1 166 735 27.4 - 1.0 934 079 - 114 962 - 12.3 59.9 47.6 465 906 49.9 - 8.2 130 145 + 9 230 + 7.1 49.1 56.1 57 994 44.6 + 10.0 2 195 000 + 111 100 + 5.1 57.3 62.4 1 159 900 52.8 + 9.2 950 561 + 36 351 + 3.8 39.8 41.3 399 413 42.0 + 6.6

% of GDP % of GDP % of GDP % of GDP % of GDP (million SIT)

% of GDP % of GDP % of GDP % of GDP % of GDP (million SKK)

% of GDP % of GDP % of GDP % of GDP % of GDP (million EUR)

% of GDP % of GDP % of GDP % of GDP % of GDP (million SEK)

% of GDP % of GDP % of GDP % of GDP % of GDP (million GBP)

% of GDP % of GDP % of GDP % of GDP % of GDP

The difference between revenue and expenditure may not exactly be equal to the deficit/surplus for the countries where swaps agreements and forward rate agreements have been implemented. In 2003 this mainly concerns Sweden (0.24% of GDP), Denmark (0.20%), Finland (0.16%), and Austria (0.15%).

1. For the Czech Republic and Denmark data on interest included in government expenditure and revenue are not consolidated, whereas data on interest included in deficit/surplus are consolidated. 2. For Austria, Slovenia, Slovakia (except 2003) and Sweden data on interest included in government expenditure, revenue and deficit/surplus are not consolidated. 3. The United Kingdom's reported data have been adjusted by Eurostat to record all the UMTS licence proceeds in 2000, accord ing to Eurostat's decision (News Release 81/2000 of 14 July 2000); as a consequence of this adjustment, the UK government surplus was increased by GBP 21 932 million (2.3% of GDP) in 2000 and decreased by GBP 1 044 million (-0.1% of GDP) in 2001. The deficit in 2002 was increased by GBP 1 044 million (-0.1% of GDP), and in 2003 by GBP 1 045 million (-0.1% of GDP).