ISTANBUL

The seasonally adjusted government deficit to gross domestic product (GDP) ratio went down to 3% in the first quarter of the year from 3.9% last quarter of 2023, according to data released on Monday.

The government total revenue in the EU fell to 45.9% of GDP in the first quarter from 46.2% last quarter, while seasonally adjusted total revenue soared $9.8 billion in the same period, Eurostat data revealed.

In the euro area, seasonally adjusted total revenue fell $2.1 billion this quarter compared to the last quarter, while government total expenditure declined to 49.4% of GDP, down from 50.7% in the fourth quarter of 2023.

The government total expenditures in the EU decreased to 48.9% of GDP this quarter from 50.1% last quarter, while seasonally adjusted total expenditures fell $31.5 billion in the same period.