The accounts of government departments in 2007
In 2007, the public deficit as defined in the Maastricht Treaty increased by €7.7 billion to reach €50.3 billion. It increased from 2.4% of GDP in 2006 to 2.7% in 2007. The accounts of central and local government departments contributed to this deterioration, while those of social security departments improved. The level of tax and social security deductions fell by 0.6% of GDP to 43.3% and government spending as a proportion of GDP fell by 0.3% to 52.4%. Government debt as defined in the Maastricht Treaty increased to €1,209.5 billion at the end of 2007; it increased as a proportion of GDP by 0.3% to reach 63.9%.