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In the fourth quarter of 2020, the seasonally adjusted general government deficit to GDP ratio stood at 8.0% in the euro area and 7.5% in the EU. While the deficit in the fourth quarter of 2020 did not reach the record level of the second quarter of 2020, an increase in the deficit compared to

the third quarter of 2020 was observed. The deficit to GDP ratio increased due to higher expenditure, while revenue continued to increase. Total expenditure continued to be influenced by policy responses to the COVID-19 pandemic. In the fourth quarter of 2020, all Member States recorded a government deficit. These data are released by Eurostat, the statistical office of the European Union.

Seasonally adjusted government revenue and expenditure for the euro area and EU.    In the fourth quarter of 2020, total government revenue in the euro area amounted to 46.8% of GDP, compared with 46.2% of GDP in the third quarter of 2020. Seasonally adjusted total revenue in the euro area increased by around €17 billion compared with the third quarter of 2020. Total government expenditure in the euro area stood at 54.8% of GDP, a significant increase in the ratio compared with 52.7% in the previous quarter. Seasonally adjusted total government expenditure increased by around €61 billion compared with the third quarter of 2020, mainly due to a higher impact of policy measures to mitigate the economic and social impact of the COVID-19 pandemic. In the EU, total government revenue was 46.5% of GDP in the fourth quarter of 2020, an increase compared to 46.0% of GDP in the third quarter of 2020. Total government expenditure in the EU was 54.1% of GDP, an increase compared with 52.1% of GDP in the previous quarter.