General government account in 2019: the public deficit amounted to 3% of GDP

In 2019, the Maastricht public deficit increased by 0.7 points of gross domestic product (GDP) compared to 2018 and amounted to 72.7 billion euros, or 3.0% of GDP. Adjusted for the transitory effect of the transformation of the Competitiveness and Employment Tax Credit (CICE) into reductions in social security contributions, it amounted to 2.1% of GDP. The deterioration in the deficit in 2019 stems primarily from the State, whose revenues declined, and, to a lesser extent, from local governments, whose investment accelerated sharply. The decline in revenues is mainly due to the transitory effect of the transformation of the CICE into social security contribution relief. In contrast, the surplus of the social security funds strengthened. The public debt-to-GDP ratio remained stable at 98.1 percent.