Gold Magazine May - June 2013, Issue 26 | Page 75

spending Social Protection & Health {economy} Spending related to social protection and health as a percentage of total Expenditure on the Rise general government expenditure was lowest in Cyprus Interest payments to service debt account for 13.9 % of total public spending in Greece By Kyproula Papachristodoulou S ocial protection and health are the two main areas in the European Union where public money is directed. Over the past few years, spending by governments on these has increased relative to GDP. According to the latest available Eurostat figures, in 2011, EU-27 general government expenditure amounted to 49.1% of GDP. More than half was devoted to social protection and health, which accounted for 19.6% and 7.3% respectively of GDP (slightly down compared with 19.9% and 7.5% respectively in 2010). Other areas comprising a large share of government expenditure are general public services (6.6% of GDP), education (5.3%) and economic affairs (4.0 %). General government expenditure amounted to around €6.2 trillion in 2011 in the EU-27. As a ratio to GDP, the highest levels of government expenditure were found in Denmark, France, Finland and Belgium, all with proportions above 53% of GDP. In ten of the twelve Member States that joined the EU in 2004 and 2007, total general government expenditure remained below or around 46% of GDP. Among the ‘old’ EU Member States, Luxembourg had the lowest proportion at 42.0% of its GDP. Of all the reporting countries, Switzerland had the lowest government expenditure relative to GDP (33.8%). Defence, public order and safety, environmental protection, housing and community amenities and recreation, culture and religion represented a total of 6.0 % of EU-27 GDP in 2011. From 2010 to 2011, in terms EU – 27 and EA-17 general government expenditure by main function as % of GDP, 2011 20.2 19.6 20 % of gdp 15 10 20.2 19.6 6.8 6.6 5 1.5 1.3 1.9 1.8 0 5.0 5.3 4.1 4.0 General public services Source: Eurostat Defence Public order and safety EA-17 Eu-27 0.9 0.9 0.9 0.9 Economic affairs Enviromental Housing and protection community 1.1 1.1 Health Recreation, Education culture and religion Social protection of GDP, general government total expenditure decreased for all functions except general public services, which increased largely due to increases in interest payable. For instance, general public services represent nearly a quarter of total expenditure in Greece (versus 13.5 % for EU-27) – interest payments to service debt alone account for 13.9% of total public )