This increase in spending was primarily in the categories of economic affairs, social protection and health, and reflects the introduction of government measures to mitigate the effects of the COVID-19 pandemic on the economy. The ratio of euro area public expenditure to GDP has increased substantially over recent years, from 46.9% in 2019 to 52.6% in 2021. These data provide information on the functional composition of government spending in countries across the euro area. : Public Economics→National Government Expenditures and Related Policies→GeneralĪbstract On 22 February 2023 Eurostat released data on government expenditure for the year 2021 according to the Classification of the Functions of Government (COFOG). JEL Code R23 : Urban, Rural, Regional, Real Estate, and Transportation Economics→Household Analysis→Regional Migration, Regional Labor Markets, Population, Neighborhood Characteristics E24 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Employment, Unemployment, Wages, Intergenerational Income Distribution, Aggregate Human Capital H50. Overall, however, demographic trends continue to pose significant challenges to the euro area economy, and these challenges should be addressed in a timely manner. This box shows that the resulting demographic outlook is expected to have some positive impact on the growth outlook and to ease the cost-of-ageing pressures on public finances. The coronavirus (COVID-19) pandemic and the influx of migrants are leaving a mark on the short and medium-term demographic outlook for the euro area compared with the 2019 population projections. Abstract The euro area’s population is projected to continue ageing and to shrink significantly over the coming generations.
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