Notification on General Government Budget Deficit and Debt
Inventory of the methods, procedures and sources used for the compilation of deficit and debt data and the underlying government sector accounts according to ESA2010
With general government budget deficit and debt notification member countries of the European Union (EU) inform European Commission on public disposable budgetary means of own country and their expenditure. According to Protocol on Excessive deficit procedure (further in the text - EDP) attached to European Community foundation agreement, general government budget deficit or surplus is understood as all general government sector net borrowing or lending (B9). It is calculated using national accounts concept (European System of Accounts, ESA 2010).
Notification results are used for assessment of countries regarding how the compliance of the respective economic indicators with the criteria established by the Maastricht Treaty is ensured, that is, the ratio of the planned and actual government budget deficit to the Gross Domestic Product (GDP) at current prices must not exceed 3% and the ratio of the government debt to the gross domestic product at current prices must not be higher than 60% which are calculated in accordance with the requirements of ESA 2010.