Eurostat: Provision of deficit and debt data for 2023 – second notification
Eurostat has sent a second notification to Spain requesting the provision of the updated data on government deficit and debt, corresponding to 2023, in the context of the Excessive Deficit Procedure (EDP).
What is the Excessive Deficit Procedure (EDP)?
The EDP is a corrective mechanism established by the European Union to ensure that Member States maintain sound fiscal policies and avoid excessive budget deficits and public debt levels. The procedure is based on the Stability and Growth Pact, which sets out fiscal targets for Member States.
What is the purpose of the notification?
Eurostat’s notification is part of the EDP monitoring process. It requests Spain to provide updated data on its government deficit and debt, which will be used to assess Spain’s compliance with the Stability and Growth Pact.
What data is being requested?
Eurostat is requesting the following data for 2023:
- Government deficit as a percentage of GDP
- Government debt as a percentage of GDP
- Planned deficit reduction measures
What is the deadline for providing the data?
Spain has until April 15, 2023 to provide the requested data to Eurostat.
What are the consequences of not providing the data?
If Spain does not provide the requested data by the deadline, Eurostat may issue an Excessive Deficit Procedure report, which could lead to sanctions being imposed on Spain.
Background
In October 2022, Eurostat sent a first notification to Spain requesting updated data on government deficit and debt for 2023. Spain provided the requested data in November 2022. However, Eurostat has requested additional information in order to complete its assessment.
The Spanish government has stated that it is committed to complying with the Stability and Growth Pact and will provide the requested data to Eurostat by the deadline.
Eurostat: Provision of deficit and debt data for 2023 – second notification
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