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05.31/2 Household appliances 10.1 -1.4p -0.03 09.11 Audio-visual equipment 5.2 -8.5p -0.05 09.13 IT equipment 4.0 -12.2p -0.06 03.12 Garments 53.5 0.7p -0.06 08.2/3 Telecommunications 27.5 -3.8p -0.16 07.22 Fuels for transport 41.7 -4.3p -0.29 September 06 / August 06 03.12 Garments 53.5 6.2p 0.32 03.21/2 Footwear 14.7 5.5p 0.08 01.17 Vegetables 14.6 2.5p 0.04 12.32 Other personal effects 5.7 2.9p 0.02 11.11 Restaurants and cafés 68.4 0.2p 0.01 10.x0 Education 9.7 1.2p 0.01 01.16 Fruit 11.3 -0.8p -0.01 04.53 Heating oil 8.8 -3.7p -0.04 07.33 Air transport 5.2 -7.0p -0.04 09.60 Package holidays 14.1 -6.7p -0.09 11.20 Accommodation services 16.2 -5.8p -0.10 07.22 Fuels for transport 41.7 -6.3p -0.30 Source: Eurostat p= provisional Measures of inflation The annual rate measures the price change between the current month and the same month of the previous year. This measure is responsive to recent changes in price levels but can be influenced by one-off effects in either month. The 12-month average rate 5 overcomes this volatility by comparing average Harmonized Indices of Consumer Prices (HICPs) in the latest 12 months to the average of the previous 12 months. This measure is less sensitive to transient changes in prices. The monthly rate compares price levels between the two latest months. Although up-to-date, it can be affected by seasonal and other effects. The impact of a particular component measures the change in the headline inflation due to the inclusion of that component in the HICP. The impact takes account of both the weight and whether the inflation for that component is higher or lower than the all-items inflation rate. For example, the impact of ‘tobacco’ is equal to the difference between the all-items inflation rate and the rate for ‘all-items excluding tobacco’. Impacts are not strictly additive. HICPs designed for international comparison Harmonized Indices of Consumer Prices (HICPs) are harmonized inflation figures required under Article 121 of the Treaty of Amsterdam (109j of the Treaty on European Union). They are designed for international comparison of consumer price inflation. The focus is on quality and comparability among the indices of different countries as well as on their relative movements. Price changes as measured by the HICPs, the Monetary Union Index of Consumer Prices (MUICP), the European Index of Consumer Prices (EICP 4 ) and the European Economic Area Index of Consumer Prices (EEAICP) are used as measures of inflation in the Member States, in the euro area, in the European Union, and in the European Economic Area. The MUICP is used by, among others, the European Central Bank (ECB) as a main indicator for monetary policy management for the euro area (see ECB press release, 8 May 2003). The Member States’ HICPs are supplied by the National Statistical Institutes; the MUICP, EICP and EEAICP are compiled by Eurostat. The HICP is computed as an annual chain index allowing weights to be changed each year. HICP aggregates are calculated as weighted averages of the HICPs using the weights of the countries and sub-indices concerned. The weight of a country is its share of the household final monetary consumption expenditure in the euro area total. For the MUICP this is expressed in euro, for the EICP and the EEAICP it is expressed in purchasing power standards. The MUICP is treated as a single entity within the EICP and EEAICP starting from 1999. Additional information More information on HICPs can be obtained from the monthly publication Statistics in focus, Economy and Finance, Harmonized indices of consumer prices. About 100 MUICP, EICP, EEAICP and HICP sub-indices with corresponding weights are available in Eurostat’s database. For technical notes on HICPs see: Eurostat News Release 21/97, 5 March 1997, Harmonizing the way EU measures inflation and Eurostat Memo 8/98, 4 May 1998, New monetary union index of consumer prices (MUICP), Eurostat Memo 02/00, 18 February 2000, Improved EU Harmonized Index of Consumer Prices: Extended coverage and earlier release dates for the HICP, and HICP short guide for users. Further details can be found in the Compendium of HICP reference documents - (2/2001/B/5). Future release dates Provisional publication dates for the coming months are: Index for MUICP flash estimates HICP News Releases October 2006 31 October 2006 16 November 2006 November 2006 30 November 2006 15 December 2006 December 2006 4 January 2007 17 January 2007 1. The MUICP flash estimate for September 2006, published on 29 September 2006, was 1.8%. 2. From January 2006 Portugal has changed the system of price collection for clothing and footwear. For the annual average rate of change, INE simulated the impact of the revisions on the all-items HICP for Portugal and their impact is likely to be less than 0.1 percentage points in each of the twelve months following the change. Further information can be found on the website of INE Portugal at: 3. Data for the United Kingdom for September 2006 were not available in time for publication. Due to this fact, EU25, EU15, EICP and EEA (EEAICP) totals were calculated using Eurostat estimates. The method used by the UK to re-reference to 2005=100 is different from that used by all other EU and EEA countries in that the UK has used unrounded index levels for rescaling and computed inflation rates from the unrounded re-referenced index series. Eurostat applied the harmonized rescaling method to UK data for calculating EU and EEA aggregates. 4. The EICP (EICP=’European Index of Consumer Prices’ as defined in Council Regulation (EC) No 2494/95 of 23 October 1995) is the official EU aggregate. It covers 15 Member States until April 2004 and 25 Member States starting from May 2004. The ten new Member States are integrated into the EICP starting from May 2004 using a chain index formula. 5. Measure used to determine price stability in Convergence reports of 1998, 2000, 2002 and 2004 by the Commission to the Council. 6. An information note on the HICP for Malta in the context of Eurostat Compliance Monitoring is now available in the new HICP section on the Eurostat website. Eurostat today launches a dedicated HICP section on the Eurostat website: The HICP Short Guide for Users, which provides essential information for all users, is available on the Eurostat website. Issued by: Eurostat Press Office Tim ALLEN BECH Building L-2920 LUXEMBOURG Tel: +352-4301-33 444 Fax: +352-4301-35 349 eurostat-pressoffice@ec.europa.eu For further information on Methodology: Christine WIRTZ Tel: +352-4301-38 137 Fax: +352-4301-33 989 estat-hicp-methods@ec.europa.eu Eurostat News Releases on the Internet: STAT/06/138 18 October 2006 August 2006 Euro area external trade deficit 5.8 bn euro 21.5 bn euro deficit for EU25 T/06/138&format=HTML&aged=0&language=EN&guiLanguage=en The first estimate for the euro area 1 trade balance with the rest of the world in August 2006 gave a 5.8 bn euro deficit, compared with -2.7 bn in August 2005. The July 2006 2 balance was +1.6 bn, compared with +7.4 bn in July 2005. In August 2006 compared with July 2006, exports, seasonally adjusted, rose by 3.2% and imports by 2.4%. The first estimate for August 2006 extra-EU25 trade was a deficit of 21.5 bn euro, compared with -14.6 bn in August 2005. In July 2006 2 , the balance was -12.5 bn, compared with -3.6 bn in July 2005. In August 2006 compared with July 2006, exports, seasonally adjusted, rose by 2.5% and imports by 3.2%. These data are released by Eurostat, the Statistical Office of the European Communities. EU25 January-July 2006 detailed results The energy deficit grew strongly (-164.1 bn euro in January-July 2006 compared with -114.2 bn in January-July 2005), while the surpluses rose in the chemicals sector (+44.5 bn compared with +38.5 bn) and for machinery and vehicles (+62.3 bn compared with +59.3 bn). EU25 trade flows with its major partners grew. The most notable increases were for exports to China and Russia (both +22% in January-July 2006 compared with January-July 2005), Canada (+19%) and Turkey (+18%), and for imports from Russia (+37%), Norway (+34%), China (+23%) and India (+19%). The EU25 trade surplus with the USA increased (+52.4 bn euro in January-July 2006 compared with +47.9 bn in January-July 2005), but decreased with Switzerland (+7.9 bn compared with +9.0 bn). The EU25 trade deficit grew strongly with China (-67.3 bn compared with -54.7 bn), Russia (-44.3 bn compared with -29.0 bn) and Norway (-25.6 bn compared with -15.7 bn), and slightly with Japan (-18.8 bn compared with -17.2 bn). Concerning the total trade of Member States, the largest surplus was observed in Germany (+89.1 bn euro in January-July 2006), followed by the Netherlands (+20.9 bn), Ireland (+19.4 bn) and Sweden (+10.8 bn). The United Kingdom (-62.6 bn) registered the largest deficit, followed by Spain (-49.4 bn), Greece (-19.5 bn), France (-19.1 bn) and Italy (-14.2 bn). Euro area trade - non seasonally adjusted data bn euro Flows Aug 06 Aug 05 Growth Jul 06 Jul 05 Growth Jan-Aug 06 Jan-Aug 05 Growth Extra-euro area exports 105.5 98.2 7% 112.9 r 105.2 7% 885.5 794.5 11% Extra-euro area imports 111.3 100.9 10% 111.3 r 97.8 14% 905.6 774.7 17% Extra-euro area trade balance -5.8 -2.7 1.6 r 7.4 -20.1 19.8 Intra-euro area dispatches 96.8 87.3 11% 111.4 r 100.3 11% 900.6 812.0 11% EU25 trade - non seasonally adjusted data bn euro Flows Aug 06 Aug 05 Growth Jul 06 Jul 05 Growth Jan-Aug 06 Jan-Aug 05 Growth Extra-EU25 exports 90.7 86.9 4% 96.1 r 92.0 4% r 756.3 682.8 11% Extra-EU25 imports 112.2 101.5 11% 108.6 r 95.6 14% r 884.4 748.2 18% Extra-EU25 trade balance -21.5 -14.6 -12.5 r -3.6 -128.1 -65.4 Intra-EU25 dispatches 175.1 156.1 12% 190.7 r 170.8 12% r 1 579.9 1 386.9 14% r: Revised 1. Euro area: Belgium, Germany, Greece, Spain, France, Ireland, Italy, Luxembourg, Netherlands, Austria, Portugal and Finland. 2. The first estimates for July 2006 were +1.5 bn euro for the euro area and -12.8 bn for the EU25. See News Release 122/2006 issued on 15 September 2006. 3. This News Release is based on data available on 13 October 2006. These are provisional figures based on information provided by Member States. They are subject to frequent revision for up to two years after the month in question. Furthermore, national concepts may differ from the harmonised methodology used by Eurostat, leading to differences between figures in this release and those published nationally, both for raw data and for seasonally adjusted series. 4. Since the introduction of Intrastat for intra-EU trade on 1 January 1993, the value of dispatches has been consistently higher than that of arrivals. In theory, as dispatches are declared FOB and arrivals CIF, the value of arrivals should be slightly higher than that of dispatches. Eurostat uses dispatches as the more reliable measure of total intra-EU trade as, at aggregated levels, total dispatches has better coverage than total arrivals. Due to this divergence in intra-EU trade, and to the difficulties of interpreting figures in absolute terms at the level of individual Member States, trade balances for individual Member States must be interpreted with caution. The same caution applies to the trade balance of the euro area, which includes some intra-EU trade. 5. The next News Release including revised data for August 2006 and first estimates for September 2006 will be issued on 17 November 2006. Issued by: Eurostat Press Office Tim ALLEN BECH Building L-2920 LUXEMBOURG Tel: +352-4301-33 444 Fax: +352-4301-35 349 eurostat-pressoffice@ec.europa.eu For further information on data: Gilberto GAMBINI Tel: +352-4301-35 806 Karo NUORTILA Tel: +352-4301-34 802 Fax: +352-4301-34 339 estat-etfree@ec.europa.eu Eurostat news releases on the Internet: Euro area trade - previous 6 months - non seasonally adjusted data bn euro Flows Jun 06 May 06 Apr 06 Mar 06 Feb 06 Jan 06 Extra-euro area exports 117.5 r 115.1 r 106.7 r 122.4 r 105.1 100.3 Extra-euro area imports 115.5 r 118.6 r 109.0 r 121.7 r 108.3 109.9 r Extra-euro area trade balance 2.0 r -3.5 r -2.3 r 0.7 r -3.2 -9.6 r Intra-euro area dispatches 121.6 r 119.2 r 108.3 125.9 110.1 107.3 EU25 trade - previous 6 months - non seasonally adjusted data bn euro Flows Jun 06 May 06 Apr 06 Mar 06 Feb 06 Jan 06 Extra-EU25 exports 101.0 99.1 91.1 r 104.3 89.9 84.1 Extra-EU25 imports 112.4 r 115.0 r 105.8 116.5 104.8 109.1 r Extra-EU25 trade balance -11.3 r -15.9 r -14.7 -12.2 r -14.9 -25.0 Intra-EU25 dispatches 211.9 r 209.9 r 192.6 r 222.6 r 191.3 r 185.8 r r: Revised Main products – Euro area - non seasonally adjusted data bn euro Euro area exports Euro area imports Trade balance Jan-Jul 06 Jan-Jul 05 Growth Jan-Jul 06 Jan-Jul 05 Growth Jan-Jul 06 Jan-Jul 05 Primary products: 93.5 75.1 24% 250.8 190.9 31% -157.4 -115.8 Food & drink 45.6 40.5 13% 40.0 36.7 9% 5.5 3.8 Crude materials 17.6 14.5 21% 34.8 30.2 15% -17.2 -15.7 Energy 30.3 20.2 50% 176.0 124.1 42% -145.7 -103.9 Manufactured goods: 667.9 603.8 11% 533.0 472.6 13% 135.0 131.2 Chemicals 121.0 107.8 12% 75.7 68.1 11% 45.3 39.7 Machinery & vehicles 345.9 315.0 10% 260.7 233.7 12% 85.2 81.3 Other manuf’d articles 201.1 181.0 11% 196.6 170.7 15% 4.4 10.2 Other 18.6 17.4 7% 10.5 10.3 3% 8.0 7.1 Total 780.0 696.3 12% 794.4 673.8 18% -14.4 22.5 Main products - EU25 - non seasonally adjusted data bn euro EU25 exports EU25 imports Trade balance Jan-Jul 06 Jan-Jul 05 Growth Jan-Jul 06 Jan-Jul 05 Growth Jan-Jul 06 Jan-Jul 05 Primary products: 80.9 64.3 26% 269.2 202.1 33% -188.4 -137.8 Food & drink 32.5 28.7 13% 38.4 35.3 9% -5.9 -6.6 Crude materials 16.0 13.0 22% 34.2 30.1 14% -18.3 -17.0 Energy 32.4 22.5 44% 196.6 136.7 44% -164.1 -114.2 Manufactured goods: 566.6 514.6 10% 486.3 430.4 13% 80.4 84.2 Chemicals 106.5 93.7 14% 62.0 55.2 12% 44.5 38.5 Machinery & vehicles 290.3 266.3 9% 227.9 207.0 10% 62.3 59.3 Other manuf’d articles 169.8 154.6 10% 196.3 168.3 17% -26.5 -13.6 Other 18.1 17.0 7% 16.7 14.2 17% 1.5 2.8 Total 665.6 595.9 12% 772.2 646.7 19% -106.6 -50.8 Main trading partners – Euro area - non seasonally adjusted data bn euro Euro area exports to Euro area imports from Trade balance Jan-Jul 06 Jan-Jul 05 Growth Jan-Jul 06 Jan-Jul 05 Growth Jan-Jul 06 Jan-Jul 05 United Kingdom 124.7 117.6 6% 97.3 85.4 14% 27.3 32.2 United States 115.4 104.1 11% 74.2 68.8 8% 41.2 35.3 China 29.0 24.1 21% 76.6 62.3 23% -47.6 -38.3 Russia 27.9 22.9 22% 56.5 41.5 36% -28.7 -18.6 Switzerland 42.7 40.4 6% 35.7 33.0 8% 7.0 7.4 Poland 32.7 24.3 34% 22.8 17.6 29% 9.9 6.7 Sweden 27.5 25.5 8% 26.6 23.8 12% 0.9 1.8 Japan 19.8 19.6 1% 32.5 30.4 7% -12.8 -10.8 Czech Republic 23.1 19.2 20% 21.7 17.5 24% 1.4 1.7 Turkey 22.3 18.9 18% 16.6 14.2 17% 5.6 4.7 Main trading partners - EU25 - non seasonally adjusted data bn euro EU25 exports to EU25 imports from Trade balance Jan-Jul 06 Jan-Jul 05 Growth Jan-Jul 06 Jan-Jul 05 Growth Jan-Jul 06 Jan-Jul 05 United States 155.6 141.3 10% 103.1 93.4 10% 52.4 47.9 China 34.6 28.4 22% 101.9 83.2 23% -67.3 -54.7 Russia 36.5 30.0 22% 80.9 59.0 37% -44.3 -29.0 Switzerland 49.1 46.7 5% 41.1 37.7 9% 7.9 9.0 Japan 25.6 25.0 2% 44.4 42.3 5% -18.8 -17.2 Norway 21.4 19.2 11% 47.0 35.0 34% -25.6 -15.7 Turkey 26.9 22.8 18% 22.3 18.9 18% 4.7 4.0 South Korea 12.7 11.6 10% 21.4 18.2 18% -8.7 -6.6 Canada 15.7 13.2 19% 10.9 9.5 15% 4.8 3.7 India 13.2 12.0 10% 13.1 11.0 19% 0.2 1.1 Member States’ total trade (intra-EU25 + extra-EU25) - non seasonally adjusted data bn euro Total exports Total imports Trade balance Jan-Jul 06 Jan-Jul 05 Growth Jan-Jul 06 Jan-Jul 05 Growth Jan-Jul 06 Jan-Jul 05 Belgium 170.7 154.1 11% 162.0 145.7 11% 8.7 8.5 Czech Republic 42.0 34.8 21% 40.8 33.6 21% 1.3 1.2 Denmark 43.2 37.8 14% 40.6 33.7 21% 2.6 4.1 Germany 499.0 443.2 13% 410.0 345.5 19% 89.1 97.8 Estonia 4.2 3.3 27% 5.8 4.3 35% -1.6 -1.0 Greece 9.5 7.8 22% 29.0 24.7 17% -19.5 -16.9 Spain 97.1 87.5 11% 146.5 127.4 15% -49.4 -40.0 France 229.7 211.7 8% 248.8 227.4 9% -19.1 -15.7 Ireland 52.3 50.7 3% 32.9 31.3 5% 19.4 19.4 Italy 187.9 171.6 10% 202.2 176.0 15% -14.2 -4.4 Cyprus 0.6 0.6 -1% 3.2 2.7 18% -2.6 -2.1 Latvia 2.7 2.3 17% 4.7 3.7 28% -2.0 -1.4 Lithuania 6.4 5.0 30% 8.5 6.5 30% -2.0 -1.5 Luxembourg 11.1 7.9 40% 12.5 9.4 33% -1.5 -1.5 Hungary 32.4 27.9 16% 33.9 29.6 15% -1.4 -1.6 Malta 1.2 1.0 16% 1.8 1.6 11% -0.6 -0.6 Netherlands 208.8 182.1 15% 187.8 162.0 16% 20.9 20.1 Austria 63.2 57.1 11% 63.1 57.4 10% 0.1 -0.2 Poland 48.2 39.6 22% 54.1 44.8 21% -5.8 -5.2 Portugal 20.0 18.0 11% 30.4 28.4 7% -10.3 -10.4 Slovenia 10.5 8.8 20% 10.7 9.1 18% -0.2 -0.3 Slovakia 17.6 14.0 26% 19.5 15.3 27% -1.8 -1.3 Finland 34.5 29.3 18% 31.0 26.6 16% 3.5 2.7 Sweden 66.4 59.6 11% 55.6 49.6 12% 10.8 10.0 United Kingdom 211.0 171.0 23% 273.6 229.6 19% -62.6 -58.6 Annex - Seasonally adjusted data Seasonally adjusted series have been calculated using one harmonised methodology. The seasonally adjusted series give a complementary view of the monthly evolution of trade. Seasonally adjusted figures may not match those published by Member States, due to differences in the raw data 3 , in the choice of seasonal adjustment model and to the use of series in national currency or in euro. Euro area trade - seasonally adjusted data bn euro Flows Aug 06 Jul 06 Jun 06 May 06 Apr 06 Mar 06 Growth Aug/Jul Growth Jul/Jun Growth Jun/May Growth May/Apr Growth Apr/Mar Extra-euro area exports 114.7 111.1 113.5 112.5 112.5 112.2 3.2% -2.0% 0.8% 0.1% 0.3% Extra-euro area imports 120.2 117.4 114.8 114.8 113.9 112.1 2.4% 2.2% 0.0% 0.8% 1.6% Extra-euro area trade balance -5.5 -6.2 -1.3 -2.3 -1.4 0.0 Intra-euro area dispatches 117.7 116.4 116.6 115.9 112.4 111.7 1.1% -0.2% 0.6% 3.1% 0.6% EU25 trade - seasonally adjusted data bn euro Flows Aug 06 Jul 06 Jun 06 May 06 Apr 06 Mar 06 Growth Aug/Jul Growth Jul/Jun Growth Jun/May Growth May/Apr Growth Apr/Mar Extra-EU25 exports 96.3 94.0 96.6 96.2 96.3 96.5 2.5% -2.8% 0.4% -0.1% -0.2% Extra-EU25 imports 117.5 113.9 112.0 111.5 109.9 108.8 3.2% 1.7% 0.4% 1.5% 1.0% Extra-EU25 trade balance -21.1 -19.9 -15.3 -15.3 -13.6 -12.3 Intra-EU25 dispatches 204.5 201.3 203.6 204.5 200.1 198.0 1.6% -1.1% -0.4% 2.2% 1.1% Contribution of EU25 Member States to extra-EU25 trade - seasonally adjusted data bn euro Total exports Total imports Trade balance Aug 06 Jul 06 Growth Aug 06 Jul 06 Growth Aug 06 Jul 06 EU25 96.3 94.0 2.5% 117.5 113.9 3.2% -21.1 -19.9 Belgium 5.9 5.4 8.2% 6.6 6.2 6.8% -0.8 -0.8 Czech Republic 1.0 1.0 -0.7% 1.3 1.3 1.6% -0.3 -0.3 Denmark 1.8 2.0 -11.9% 1.6 1.5 4.3% 0.2 0.5 Germany 26.2 25.8 1.7% 22.3 22.6 -1.3% 3.9 3.2 Estonia 0.2 0.2 8.9% 0.3 0.3 -6.0% 0.0 -0.1 Greece 0.7 0.6 6.9% 1.9 1.9 1.6% -1.2 -1.2 Spain 4.0 3.8 6.7% 8.8 8.2 7.6% -4.8 -4.4 France 11.3 11.2 0.5% 12.4 12.2 1.1% -1.1 -1.0 Ireland 2.9 2.9 1.4% 1.6 1.4 8.6% 1.3 1.4 Italy 11.0 10.7 3.0% 14.2 13.4 6.2% -3.2 -2.7 Cyprus 0.0 0.0 25.9% 0.2 0.1 40.6% -0.1 -0.1 Latvia 0.1 0.1 5.0% 0.2 0.2 0.1% -0.1 -0.1 Lithuania 0.4 0.3 12.6% 0.6 0.5 10.1% -0.2 -0.2 Luxembourg 0.1 0.1 2.0% 0.5 0.5 -1.0% -0.4 -0.4 Hungary 1.2 1.2 5.2% 1.7 1.7 -0.8% -0.5 -0.5 Malta 0.1 0.1 -0.8% 0.1 0.1 32.3% 0.0 0.0 Netherlands 6.4 6.3 2.9% 14.4 14.1 1.8% -7.9 -7.9 Austria 2.9 2.8 3.3% 2.1 2.1 4.2% 0.7 0.7 Poland 1.7 1.6 4.8% 2.5 2.4 4.4% -0.8 -0.8 Portugal 0.8 0.6 19.4% 1.2 1.0 19.8% -0.5 -0.4 Slovenia 0.5 0.5 1.4% 0.4 0.4 -2.0% 0.2 0.1 Slovakia 0.4 0.4 -6.5% 0.9 0.7 18.5% -0.4 -0.3 Finland 2.3 2.2 6.2% 1.9 1.8 5.9% 0.4 0.4 Sweden 4.0 3.9 2.0% 2.5 2.7 -9.3% 1.5 1.2 United Kingdom 10.4 10.2 2.2% 17.5 16.5 5.6% -7.1 -6.4 Seasonally adjusted data Extra-euro area trade -25 0 25 50 75 100 125 01-04 04-04 07-04 10-04 01-05 04-05 07-05 10-05 01-06 04-06 07-06 bn euro Balance Imports Exports Extra-EU25 trade -25 0 25 50 75 100 125 01-04 04-04 07-04 10-04 01-05 04-05 07-05 10-05 01-06 04-06 07-06 bn euro Balance Imports Exports STAT/06/139 23 October 2006 Provision of deficit and debt data for 2005 Euro area and EU25 government deficit at 2.4% and 2.3% of GDP respectively Government debt at 70.8% and 63.2% In 2005 the government deficit 1 of both the euro area 2 and the EU25 fell compared to 2004, while the government debt 1 increased. In the euro area the government deficit decreased from 2.8% of GDP in 2004 3 to 2.4% in 2005, and in the EU25 it fell from 2.7% to 2.3%. In the euro area the government debt to GDP ratio rose from 69.8% in 2004 to 70.8% in 2005, and in the EU25 from 62.4% to 63.2%. 2002 2003 2004 2005 Euro area GDP market prices (mp) (million euro) 7 246 796 7 455 596 7 748 324 7 999 414 Government deficit (-) / surplus (+) (million euro) -181 874 -228 230 -216 168 -194 344 % of GDP -2.5 -3.1 -2.8 -2.4 Government expenditure % of GDP 47.7 48.2 47.6 47.5 Government revenue % of GDP 45.1 45.1 44.8 45.1 Government debt (million euro) 4 938 742 5 169 957 5 412 102 5 661 316 % of GDP 68.2 69.3 69.8 70.8 EU25 GDP mp (million euro) 9 843 043 9 997 498 10 478 332 10 875 588 Government deficit (-) / surplus (+) (million euro) -230 625 -302 100 -279 998 -252 355 % of GDP -2.3 -3.0 -2.7 -2.3 Government expenditure % of GDP 46.9 47.6 47.0 47.1 Government revenue % of GDP 44.5 44.5 44.3 44.8 Government debt (million euro) 5 949 630 6 195 672 6 535 734 6 876 507 % of GDP 60.4 62.0 62.4 63.2 In 2005 the largest government deficits in percentage of GDP were recorded by Hungary (-6.5%), Portugal (-6.0%), Greece (-5.2%) and Italy (-4.1%). Another five Member States also recorded a government deficit of more than 3% of GDP: the Czech Republic (-3.6%), the United Kingdom (-3.3%), Germany (-3.2%), Malta (-3.2%) and Slovakia (-3.1%). Seven Member States registered a government surplus in 2005: Denmark (+4.9%), Sweden (+3.0%), Finland (+2.7%), Estonia (+2.3%), Spain (+1.1%), Ireland (+1.1%) and Latvia (+0.1%). In all, fifteen Member States recorded an improved government balance relative to GDP in 2005 compared to 2004, while nine Member States registered a worsening and in one case it stayed unchanged. It should be noted that Denmark, Hungary, Poland and Sweden are at present benefiting from a transitional period of implementation of Eurostat's decision on classification of funded pension schemes, which has the effect of temporarily improving their deficit/surplus. From April 2007 the derogation will come to an end and the defined contribution funded pension scheme in these four countries will have to be classified outside the government sector. For further information and for quantification of the effect of the derogation, please see annex II. In 2005, the lowest ratios of government debt to GDP were recorded in Estonia (4.5%), Luxembourg (6.0%), Latvia (12.1%) and Lithuania (18.7%). Nine Member States had government debt ratios higher than 60% of GDP in 2005: Greece (107.5%), Italy (106.6%), Belgium (93.2%), Malta (74.2%), Cyprus (69.2%), Germany (67.9%), France (66.6%), Portugal (64.0%) and Austria (63.4%). In 2005, government expenditure 4 in the euro area was equivalent to 47.5% of GDP, and government revenue 4 to 45.1%. The figures for the EU25 were 47.1% and 44.8% respectively. Between 2004 and 2005 the government expenditure ratio in the euro area decreased while the government revenue ratio increased. Reservations on reported data5 Eurostat has withdrawn the reservations on reported data of the April 2006 notification (Eurostat News Release 48/2006 of 24 April 2006) concerning Belgium. The reservation was withdrawn following amendment of the data for the year 2005 (see below, "Amendments by Eurostat to reported data"). Eurostat has also withdrawn the reservation on reported data of the September 2005 notification and April 2006 notification (Eurostat News Releases 120/2005 of 26 September 2005 and 48/2006 of 24 April 2006) concerning Greece. This is due to clarification of the issues concerning the recording of transactions with the EU budget, the accounts of social security and the amounts of other receivables and payables for the years 2002-2005 (see below "Other issues"). Amendments by Eurostat to reported data6 Belgium: Eurostat has amended the deficit and debt data notified by Belgium for 2005 in relation to the assumption by government (FIF - Fonds de l'infrastructure ferroviaire) in 2005 of 7 400 million euro (2.5% of GDP) of the debt of the railway company SNCB. According to ESA95 rules, the impact on the government deficit is of the same amount; the impact on the government debt at the end of 2005 amounts to 5 200 million euro (1.7% of GDP). United Kingdom: Eurostat has amended the data notified by the United Kingdom for years 2002 to 2005 for consistency of recording of UMTS licence proceeds. This leads to an increase in the government deficits for 2002, 2004 and 2005 (as well as for financial years 2002/03, 2004/05 and 2005/06) by GBP 1 045 million (0.1% of GDP) and for 2003 (financial year 2003/04) by GBP 1 044 million (0.1% of GDP). There is no change in the reported debt figures. Greece: Eurostat is using for the purpose of this EDP notification the GDP figures notified in April 2006, and not the revised GDP data reported by the Greek authorities on 1 October 2006. Given the magnitude and complexity of the revised GDP data (an increase of 25% compared to the old figures), Eurostat will carry out a complete verification of GDP data once Greece has delivered a full inventory of the sources and methods used for the new calculations. Other issues As far as Greece is concerned, a methodological visit 7 carried out in June 2006 and September 2006 clarified the pending issues mentioned in the Eurostat News Releases of 26 September 2005 and 24 April 2006, concerning the recording of transactions with the EU budget, the accounts of social security and the amounts of other receivables and payables for the years 2002-2005, and resulted in a revision of Greek deficit data (see Annex I of this press release). The increase in government deficit for Greece was equal to 0.3% of GDP in 2002 and 2003, 0.9% in 2004 and 0.7% in 2005. The methodological visit will be finalised by the establishment of an action plan for the improvement of Greek government finance statistics, to be carried out during the course of next years, agreed between Eurostat and the Greek statistical authorities. As announced in April 2006, Eurostat is currently discussing with the relevant technical working groups the accounting treatment to be applied to the following issues: securitisation operations undertaken by government, classification of payments for the use of roads, sales or transfers of impaired government claims (notably in the case of foreign claims) and payments in connection with the transfer of pension commitments to government. In addition, the application of the Eurostat decision on "The treatment of transfers from the EU budget to Member States" of 15 February 2005 (Eurostat News Release 22/2005) is under investigation for a number of Member States. Furthermore, Eurostat's decision on "The recording of military equipment expenditure" of 9 March 2006 (Eurostat News Release 31/2006) does not seem to have been fully applied by Germany and Greece. Background In this News Release Eurostat, the Statistical Office of the European Communities, is providing government deficit and debt data based on figures reported in the second 2006 notification by EU Member States for the years 2002-2005, for the application of the excessive deficit procedure (EDP). This notification is based on the ESA95 system of national accounts. This News Release also includes data on government expenditure and revenue. Eurostat will also be releasing information on the underlying government sector accounts, as well as on the contribution of deficit/surplus and other relevant factors to the variation in the debt level (stock-flow adjustment), on the government finance statistics section on its website, in the coming days: 1. According to the Protocol on the excessive deficit procedure annexed to the EC Treaty, 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 (at nominal value).  Table of euro area and EU25 aggregates: the data are in euro. For those countries not belonging to the euro area, 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. 2. Euro area: Belgium, Germany, Greece, Spain, France, Ireland, Italy, Luxembourg, Netherlands, Austria, Portugal and Finland. Slovenia will join the euro area on 1 January 2007. 3. In the previous notification, the 2005 government deficits for the euro area and the EU25 were 2.4% and 2.3% of GDP respectively. The government debt of the euro area was 70.8% of GDP and of the EU25 63.4% of GDP. See News Release 48/2006 of 24 April 2006. 4. 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 Council Regulation No. 2223/96, as amended. It should be noted that the government balance (i.e. the difference between total government revenue and expenditure) is not the exactly 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 payments resulting from swap agreements and forward rate agreements, as these are recorded as financial transaction;  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 2005, for most Member States the difference, if any, between the two balances is minor except in Sweden (0.24%), Denmark (0.21%), Finland (0.19%), Greece (0.18%), Italy (0.15%), Belgium (0.13%) and Austria (0.11%). These differences improve net lending/net borrowing for EDP purposes for all countries except in the case of Greece. The data reported by Sweden are not strictly comparable to those of the other countries, as Sweden reports interest on an unconsolidated basis, which results in an overestimation of government revenue and expenditure; however, this has no consequences on the government balance and debt. 5. The term “reservations” is defined in article 8h(1) of Council Regulation 3605/93, as amended: the Commission (Eurostat) expresses reservations when it has doubts on the quality of the reported data. 6. According to Article 8h(2) of Council Regulation 3605/93 as amended, the Commission (Eurostat) may amend actual data reported by Member States and provide the amended data and a justification of the amendment where there is evidence that actual data reported by Member States do not comply with the quality requirements (compliance with accounting rules, completeness, reliability, timeliness and consistency of statistical data). 7. According to Article 8d and 8e(1) of Council Regulation 3605/93 as amended, the Commission (Eurostat) shall ensure a permanent dialogue with Member States and regularly carry out dialogue visits and methodological visits. The methodological visits take place where substantial risks or potential problems with the quality of data are identified, especially as they relate to the methods, concepts and classification applied to the data, which Member States are obliged to report. For further information on the methodology of statistics reported under the excessive deficit procedure, please see Council Regulation 2223/96, as amended (consolidated version available at lex.europa.eu/LexUriServ/site/en/consleg/1996/R/01996R2223-20030807-en.pdf) and the Eurostat publication "ESA95 manual on government deficit and debt", second edition (2002), 240 pages, ISBN 92-894-3231-4, pdf file free of charge, paper copy 37 euro (excluding VAT). Additions on securitisation, capital injections, classification of funded pension schemes and impact on government finance, lump sum payments to government in the context of the transfer of pension obligations, and long term contracts between government units and non-government partners are available on the government finance statistics section on the Eurostat website. Issued by: Eurostat Press Office Tim ALLEN BECH Building L-2920 LUXEMBOURG Tel: +352-4301-33 444 Fax: +352-4301-35 349 eurostat-pressoffice@ec.europa.eu Eurostat news releases on the Internet: GDP, deficit/surplus and debt in the EU (in national currencies) 2002 2003 2004 2005 Belgium GDP mp (million euro) 267 652 274 658 289 509 298 541 Government deficit (-) / surplus (+) (million euro) +7 +123 -28 -6 858 % of GDP 0.0 0.0 0.0 -2.3 Government expenditure* % of GDP 49.8 51.1 49.3 52.4* Government revenue* % of GDP 49.8 51.1 49.2 50.0* Government debt (million euro) 276 352 270 791 272 969 278 248 % of GDP 103.3 98.6 94.3 93.2 Czech Republic GDP mp (million CZK) 2 464 432 2 577 110 2 781 060 2 970 261 Government deficit (-) / surplus (+) (million CZK) -166 787 -170 558 -80 559 -107 637 % of GDP -6.8 -6.6 -2.9 -3.6 Government expenditure % of GDP 46.3 47.3 44.4 44.1 Government revenue % of GDP 39.5 40.7 41.5 40.4 Government debt (million CZK) 702 324 774 989 855 102 903 494 % of GDP 28.5 30.1 30.7 30.4 Denmark (see annex II) GDP mp (million DKK) 1 372 700 1 409 200 1 467 300 1 554 500 Government deficit (-) / surplus (+) (million DKK) +16 500 +14900 +40 000 +76 000 % of GDP 1.2 1.1 2.7 4.9 Government expenditure** % of GDP 55.2** 55.3** 55.1** 53.1** Government revenue** % of GDP 56.4** 56.3** 57.8** 57.9** Government debt (million DKK) 643 000 625 100 624 900 557 500 % of GDP 46.8 44.4 42.6 35.9 Germany GDP mp (million euro) 2 143 180 2 161 500 2 207 200 2 241 000 Government deficit (-) / surplus (+) (million euro) -78 320 -86 910 -82 460 -72 380 % of GDP -3.7 -4.0 -3.7 -3.2 Government expenditure % of GDP 48.1 48.5 47.1 46.8 Government revenue % of GDP 44.4 44.5 43.4 43.5 Government debt (million euro) 1 293 026 1 381 007 1 451 126 1 521 631 % of GDP 60.3 63.9 65.7 67.9 Estonia GDP mp (million EEK) 121 372 132 904 146 694 173 062 Government deficit (-) / surplus (+) (million EEK) +480 +2 712 +3 423 +4 061 % of GDP 0.4 2.0 2.3 2.3 Government expenditure % of GDP 35.6 35.3 34.2 33.2 Government revenue % of GDP 36.0 37.4 36.6 35.5 Government debt (million EEK) 6 849 7 568 7 630 7 708 % of GDP 5.6 5.7 5.2 4.5 Greece GDP mp (million euro) 143 482 155 543 168 417 181 088 Government deficit (-) / surplus (+) (million euro) -7 465 -9 554 -13 110 -9 495 % of GDP -5.2 -6.1 -7.8 -5.2 Government expenditure % of GDP 49.2 49.2 49.8 46.7 Government revenue % of GDP 43.9 43.0 42.1 41.6 Government debt (million euro) 158 887 167 723 182 702 194 666 % of GDP 110.7 107.8 108.5 107.5 GDP, deficit/surplus and debt in the EU (in national currencies) 2002 2003 2004 2005 Spain GDP mp (million euro) 729 206 782 531 840 106 905 455 Government deficit (-) / surplus (+) (million euro) -1 960 -204 -1 510 +10 239 % of GDP -0.3 0.0 -0.2 1.1 Government expenditure % of GDP 38.7 38.2 38.8 38.2 Government revenue % of GDP 38.4 38.2 38.6 39.4 Government debt (million euro) 383 079 381 464 388 250 390 475 % of GDP 52.5 48.7 46.2 43.1 France GDP mp (million euro) 1 548 559 1 594 814 1 659 020 1 710 025 Government deficit (-) / surplus (+) (million euro) -48 785 -66 555 -60 564 -49 284 % of GDP -3.2 -4.2 -3.7 -2.9 Government expenditure % of GDP 52.6 53.4 53.2 53.8 Government revenue % of GDP 49.5 49.2 49.6 50.9 Government debt (million euro) 901 837 994 527 1 069 165 1 138 434 % of GDP 58.2 62.4 64.4 66.6 Ireland GDP mp (million euro) 129 947 138 941 147 569 161 163 Government deficit (-) / surplus (+) (million euro) -534 +480 +2 166 +1 745 % of GDP -0.4 0.3 1.5 1.1 Government expenditure % of GDP 33.6 33.5 34.0 34.1 Government revenue % of GDP 33.2 33.9 35.5 35.2 Government debt (million euro) 41 882 43 273 43 824 44 157 % of GDP 32.2 31.1 29.7 27.4 Italy GDP mp (million euro) 1 295 226 1 335 354 1 388 870 1 417 241 Government deficit (-) / surplus (+) (million euro) -37 085 -46 774 -47 641 -58 163 % of GDP -2.9 -3.5 -3.4 -4.1 Government expenditure % of GDP 47.4 48.3 47.8 48.2 Government revenue % of GDP 44.4 44.8 44.3 44.0 Government debt (million euro) 1 367 169 1 392 285 1 442 994 1 510 826 % of GDP 105.6 104.3 103.9 106.6 Cyprus GDP mp (million CYP) 6 417 6 866 7 390 7 862 Government deficit (-) / surplus (+) (million CYP) -283 -432 -300 -184 % of GDP -4.4 -6.3 -4.1 -2.3 Government expenditure % of GDP 40.3 45.1 42.9 43.6 Government revenue % of GDP 35.9 38.8 38.8 41.2 Government debt (million CYP) 4 153 4 746 5 199 5 443 % of GDP 64.7 69.1 70.3 69.2 Latvia GDP mp (million LVL) 5 758 6 393 7 421 8 937 Government deficit (-) / surplus (+) (million LVL) -131 -75 -70 +12 % of GDP -2.3 -1.2 -0.9 0.1 Government expenditure % of GDP 35.6 34.6 35.8 36.0 Government revenue % of GDP 33.4 33.5 34.9 36.2 Government debt (million LVL) 775 923 1 080 1 085 % of GDP 13.5 14.4 14.5 12.1 GDP, deficit/surplus and debt in the EU (in national currencies) 2002 2003 2004 2005 Lithuania GDP mp (million LTL) 51 971 56 804 62 587 71 200 Government deficit (-) / surplus (+) (million LTL) -767 -719 -923 -371 % of GDP -1.5 -1.3 -1.5 -0.5 Government expenditure % of GDP 34.4 33.2 33.3 33.6 Government revenue % of GDP 32.9 31.9 31.8 33.0 Government debt (million LTL) 11 524 12 021 12 152 13 282 % of GDP 22.2 21.2 19.4 18.7 Luxembourg GDP mp (million euro) 24 081 25 607 26 996 29 396 Government deficit (-) / surplus (+) (million euro) +505 +67 -287 -292 % of GDP 2.1 0.3 -1.1 -1.0 Government expenditure % of GDP 41.4 42.3 43.1 43.2 Government revenue % of GDP 43.5 42.5 42.1 42.2 Government debt (million euro) 1 563 1 614 1 778 1 767 % of GDP 6.5 6.3 6.6 6.0 Hungary*** (see annex II) GDP mp (million HUF) 17 203 730 18 935 672 20 712 284 22 026 763 Government deficit (-) / surplus (+) (million HUF) -1 415 876 -1 196 247 -1 097 917 -1 434 020 % of GDP -8.2 -6.3 -5.3 -6.5 Government expenditure % of GDP 51.2 49.1 48.8 49.9 Government revenue % of GDP 43.0 42.8 43.5 43.4 Government debt (million HUF) 9 295 829 10 570 770 11 665 421 12 714 176 % of GDP 54.0 55.8 56.3 57.7 Malta GDP mp (million MTL) 1 831 1 859 1 861 1 941 Government deficit (-) / surplus (+) (million MTL) -100 -186 -94 -62 % of GDP -5.5 -10.0 -5.0 -3.2 Government expenditure % of GDP 43.5 48.6 47.7 47.4 Government revenue % of GDP 38.0 38.6 42.6 44.2 Government debt (million MTL) 1 101 1 305 1 395 1 440 % of GDP 60.1 70.2 74.9 74.2 Netherlands GDP mp (million euro) 465 214 476 945 489 854 505 646 Government deficit (-) / surplus (+) (million euro) -9 182 -14 871 -8 846 -1 430 % of GDP -2.0 -3.1 -1.8 -0.3 Government expenditure % of GDP 46.2 47.1 46.3 45.5 Government revenue % of GDP 44.2 43.9 44.5 45.2 Government debt (million euro) 235 090 248 009 257 606 266 329 % of GDP 50.5 52.0 52.6 52.7 Austria GDP mp (million euro) 220 841 226 243 235 819 245 103 Government deficit (-) / surplus (+) (million euro) -1 087 -3 669 -2 868 -3 709 % of GDP -0.5 -1.6 -1.2 -1.5 Government expenditure % of GDP 50.7 51.1 50.3 49.9 Government revenue % of GDP 50.0 49.3 49.0 48.3 Government debt (million euro) 145 234 146 099 150 569 155 336 % of GDP 65.8 64.6 63.8 63.4 GDP, deficit/surplus and debt in the EU (in national currencies) 2002 2003 2004 2005 Poland (see annex II) GDP mp (million PLN) 807 860 842 120 922 157 980 666 Government deficit (-) / surplus (+) (million PLN) -25 602 -39 625 -35 918 -24 116 % of GDP -3.2 -4.7 -3.9 -2.5 Government expenditure % of GDP 44.2 44.6 42.6 43.3 Government revenue % of GDP 41.0 39.9 38.7 40.9 Government debt (million PLN) 321 446 369 786 386 303 411 424 % of GDP 39.8 43.9 41.9 42.0 Portugal GDP mp (million euro) 135 434 137 523 143 029 147 378 Government deficit (-) / surplus (+) (million euro) -3 864 -4 013 -4 545 -8 895 % of GDP -2.9 -2.9 -3.2 -6.0 Government expenditure % of GDP 44.3 45.8 46.7 47.7 Government revenue % of GDP 41.4 42.9 43.5 41.7 Government debt (million euro) 75 223 78 446 83 878 94 394 % of GDP 55.5 57.0 58.6 64.0 Slovenia GDP mp (million SIT) 5 355 440 5 813 540 6 271 795 6 620 145 Government deficit (-) / surplus (+) (million SIT) -136 056 -161 074 -144 002 -92 780 % of GDP -2.5 -2.8 -2.3 -1.4 Government expenditure % of GDP 48.0 48.0 47.4 47.2 Government revenue % of GDP 45.5 45.3 45.1 45.8 Government debt (million SIT) 1 556 350 1 654 337 1 802 683 1 854 260 % of GDP 29.1 28.5 28.7 28.0 Slovakia GDP mp (million SKK) 1 111 484 1 212 665 1 355 262 1 471 131 Government deficit (-) / surplus (+) (million SKK) -85 306 -45 395 -40 641 -45 995 % of GDP -7.7 -3.7 -3.0 -3.1 Government expenditure % of GDP 43.3 39.4 38.9 37.1 Government revenue % of GDP 35.7 35.6 35.9 33.9 Government debt (million SKK) 481 328 518 291 564 106 507 428 % of GDP 43.3 42.7 41.6 34.5 Finland GDP mp (million euro) 143 974 145 938 151 935 157 377 Government deficit (-) / surplus (+) (million euro) +5 896 +3 650 +3 525 +4 178 % of GDP 4.1 2.5 2.3 2.7 Government expenditure % of GDP 48.8 50.0 50.3 50.1 Government revenue % of GDP 52.9 52.4 52.4 52.6 Government debt (million euro) 59 400 64 719 67 242 65 053 % of GDP 41.3 44.3 44.3 41.3 Sweden (see annex II) GDP mp (million SEK) 2 371 606 2 459 413 2 573 176 2 672 998 Government deficit (-) / surplus (+) (million SEK) -5 334 +2 013 +46 756 +80 604 % of GDP -0.2 0.1 1.8 3.0 Government expenditure % of GDP 57.9 58.2 56.7 56.3 Government revenue % of GDP 57.5 58.0 58.3 59.1 Government debt (million SEK) 1 232 212 1 273 163 1 299 558 1 347 918 % of GDP 52.0 51.8 50.5 50.4 GDP, deficit/surplus and debt in the EU (in national currencies) 2002 2003 2004 2005 United Kingdom**** GDP mp (million GBP) 1 065 446 1 128 348 1 195 632 1 243 756 Government deficit (-) / surplus (+) (million GBP) -18 083 -37 302 -38 685 -40 776 % of GDP -1.7 -3.3 -3.2 -3.3 Government expenditure % of GDP 41.2 42.8 43.1 44.0 Government revenue % of GDP 39.6 39.6 39.9 40.9 Government debt (million GBP) 399 997 438 863 483 439 526 990 % of GDP 37.5 38.9 40.4 42.4 Financial year (fy) 2002/2003 2003/2004 2004/2005 2005/2006 GDP mp fy (million GBP) 1 081 652 1 146 169 1 207 002 1 257 924 Government deficit (-) / surplus (+) fy (million GBP) -23 794 -35 692 -40 021 -37 068 % of GDP -2.2 -3.1 -3.3 -2.9 Government debt fy (million GBP) 399 259 442 848 481 474 529 081 % of GDP 36.9 38.6 39.9 42.1 * Belgium has reported government expenditure and revenue data without taking into account the assumption by government in 2005 of 7 400 million euro of debt of the railway company SNCB. For consistency reasons Eurostat has adjusted these figures. ** Denmark reports government expenditure and revenue data excluding the flows related to defined-contribution funded pension schemes. However, such flows have been taken into account for the compilation of the government surplus. See annex II of this News Release. For consistency reasons Eurostat has adjusted these figures. *** Hungary reports for EDP purposes the defined-contribution funded pension schemes inside government, but they are reported outside government in the context of the updated stability programme submitted to DG ECFIN for forecast purposes. See annex II of this News Release. **** Data refer to calendar years. Data referring to the financial year (1 April to 31 March), which reflects specific budgetary arrangements in the United Kingdom, are shown in italics. Annex I Main revisions between April 2006 and October 2006 notifications GDP The GDP notified in October 2006 for EDP purposes was revised by small amounts compared to the GDP notified in April 2006 for the reporting period 2002-2005, most notably by Estonia, Cyprus, Hungary and Malta. Changes in GDP affect deficit and debt ratios due to a denominator effect. The revision of the GDP for Greece is still under investigation, owing to the exceptional size of the revision. In effect, there are high statistical uncertainties about these revised GDP data, which require a complete verification by Eurostat once Greece has delivered a fully revised inventory of the sources and methods used for the new calculations. Below are shown country specific explanations for the largest revisions in deficit and debt between the April 2006 and October 2006 EDP notifications. Deficit Czech Republic: The increase in deficit for 2005 is mainly due to new information on taxes and on gross fixed capital formation. Estonia: The decrease in surplus in 2002-2003 and the increase in surplus in 2004-2005 reflect a national accounts revision and is mainly due to new information on foreign aid and to changes in net borrowing or net lending of other central bodies and local government. Greece: The increase in deficit in 2002-2005 is mainly due to reduction of surpluses of other central government bodies and social security funds (corrections for transfers received from the ordinary budget in 2002-2005, and change in data sources in 2005). Luxembourg: The significant reduction in deficit in 2005 is explained by new information on taxes and some minor reclassification issues. Hungary: The increase in deficit in 2005 is mainly due to new and updated source data. Slovenia: The decrease in deficit in 2005 is due to a revision of the profit tax for companies and of other accrual adjustments, as well as to revised GFCF data. Slovakia: The increase in deficit in 2005 is mainly due to the exclusion of the defined-contribution funded pension scheme outside the general government sector (-0.6% of GDP), partially compensated by better collection of taxes than estimated. United Kingdom: The revision in deficit in 2005 is due to better estimates of central government gross fixed capital formation, resulting from the transition to a new government department reporting system. Debt Estonia: The increase in debt in 2002 is mainly due to the availability of new data sources, which lead to a reclassification of loans both in central and local government. Slovenia: The decrease in debt in 2002-2005 is due to consolidation of debt (i.e. government debt held by government). Finland: The increase in debt in 2005 is mainly due to a new estimate of the amounts consolidated (mainly central government bonds held by social security). Annex II 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 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 April 2007. Therefore, all Member States will have to abide by the decision in the context of the April 2007 EDP notification at the latest. At present, Denmark, Hungary, Poland and Sweden have classified their defined contribution funded pension schemes inside the government sector. By April 2007, the government deficit and debt figures in these countries will have to be revised upwards (or surplus revised downwards) by the following amounts: Deficit / Surplus 2002 2003 2004 2005 Denmark 1.0% 1.1% 1.0% 0.9% Hungary 0.7% 0.9% 1.2% 1.3% Poland 1.8% 1.6% 1.8% 1.9% Sweden 0.9% 0.9% 1.0% 1.0% Debt 2002 2003 2004 2005 Denmark 1.6% 1.2% 1.2% 0.3% Hungary 1.6% 2.2% 3.0% 3.9% Poland 2.4% 3.2% 4.0% 5.3% Sweden 0.7% 0.7% 0.6% 0.6% nguage=en