Government accounts in 2013 - The deficit declined for the fourth consecutive year
In 2013, the public deficit as defined in the Maastricht Treaty amounted to €88.8 billion, or 4.2% of gross domestic product (GDP). Compared to 2012, it reduced by 12.2 billion euros due to an increase in revenue which outstripped spending. As a share of GDP, government revenues increased by 1.1 points and spending by 0.5 points. The public deficit reduced mainly for central government agencies and, to a lesser extent, social security institutions, while it increased for local governments. In 2013, the tax rate stood at 44.7% of GDP, up 1.0 points compared to 2012. The weight of public debt in GDP rose by 3.1 percentage points to 91.8%.