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Government debt at 88.2% of GDP in euro area [1]

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Date: 2025-01-22 10:00:00+00:00

81.6% of GDP in EU

Overview

At the end of the third quarter of 2024, the general government gross debt to GDP ratio in the euro area (EA20) stood at 88.2% and remained unchanged compared to the end of the second quarter of 2024. In the EU, the ratio also remained unchanged and stood at 81.6%.

Compared with the third quarter of 2023, while the government debt to GDP ratio slightly decreased in the euro area (from 88.4% to 88.2%), a slight increase was observed in the EU (from 81.5% to 81.6%).

At the end of the third quarter of 2024, the general government debt was made up of 84.0% debt securities in the euro area and 83.6% in the EU, 13.4% loans in the euro area and 13.9% in the EU and 2.6% currency and deposits in the euro area and 2.5% in the EU.

Due to the involvement of EU Member States' governments in lending to certain Member States, quarterly data on intergovernmental lending (IGL) are also published. The IGL as percentage of GDP at the end of the third quarter of 2024 stood at 1.5% in the euro area and at 1.3% in the EU.

These data are released by Eurostat, the statistical office of the European Union.

Euro area and EU general government gross debt 2023Q3 2024Q2p 2024Q3p Euro area General government gross debt (million euro) 12 737 312 13 098 687 13 228 656 (% of GDP) 88.4 88.2 88.2 Of which: Currency and deposits (million euro) 358 574 333 616 337 446 (% of total debt) 2.8 2.5 2.6 Debt securities (million euro) 10 629 673 11 002 568 11 116 780 (% of total debt) 83.5 84.0 84.0 Loans (million euro) 1 749 064 1 762 503 1 774 431 (% of total debt) 13.7 13.5 13.4 Memo: Intergovernmental lending (million euro) 229 818 224 235 224 314 (% of GDP) 1.6 1.5 1.5 EU General government gross debt (million euro) 13 823 261 14 304 751 14 479 047 (% of GDP) 81.5 81.6 81.6 Of which: Currency and deposits (million euro) 382 547 358 252 363 761 (% of total debt) 2.8 2.5 2.5 Debt securities (million euro) 11 487 058 11 951 250 12 103 289 (% of total debt) 83.1 83.5 83.6 Loans (million euro) 1 953 654 1 995 250 2 011 998 (% of total debt) 14.1 13.9 13.9 Memo: Intergovernmental lending (million euro) 229 818 224 235 224 314 (% of GDP) 1.4 1.3 1.3

Government debt at the end of the third quarter of 2024 by Member State

The highest ratios of government debt to GDP at the end of the third quarter of 2024 were recorded in Greece (158.2%), Italy (136.3%), France (113.8%), Belgium (105.6%) and Spain (104.3%), and the lowest were recorded in Estonia (24.0%), Bulgaria (24.6%) and Luxembourg (26.6%).

Compared with the second quarter of 2024, thirteen Member States registered an increase in their debt to GDP ratio at the end of the third quarter of 2024, and fourteen registered a decrease. The largest increases in the ratio were observed in Bulgaria (+2.4 percentage points – pp), Romania (+2.0 pp), Finland and France (both +1.4 pp), Latvia (+1.3 pp), Poland (+1.2 pp) and Czechia and Lithuania (both +1.0 pp). The largest decreases were recorded in Portugal (-3.2 pp), Slovenia (-2.6 pp), Greece (-1.8 pp), Malta and the Netherlands (-1.1 pp), as well as Spain (-1.0 pp).

Compared with the third quarter of 2023, sixteen Member States registered an increase in their debt to GDP ratio at the end of the third quarter of 2024, eleven Member States registered a decrease. The largest increases in the ratio were recorded in Finland (+6.7 pp), Estonia (+5.3 pp), Poland (+4.9 pp), Austria (+4.6 pp), Romania and Bulgaria (both +3.6 pp), and Latvia (+3.5 pp). The largest decreases were observed in Greece (-10.0 pp), Portugal (-8.8 pp), Cyprus (-5.4 pp), Slovenia (-4.1 pp), Croatia (-3.6 pp), Spain (-3.1 pp), the Netherlands (-2.3 pp), Malta (-1.8 pp) and Germany (-1.4 pp).

Tables

General government gross debt by Member State General government gross debt Millions of national currency % of GDP Difference in pp of GDP 2024Q3p compared with: 2023Q3 2024Q2p 2024Q3p 2023Q3 2024Q2p 2024Q3p 2023Q3 2024Q2p Euro area EUR 12 737 312 13 098 687 13 228 656 88.4 88.2 88.2 -0.2 0.0 EU EUR 13 823 261 14 304 751 14 479 047 81.5 81.6 81.6 0.2 0.1 Belgium EUR 623 073 643 419 643 091 105.3 106.6 105.6 0.4 -0.9 Bulgaria BGN 38 055 42 808 48 736 20.9 22.1 24.6 3.6 2.4 Czechia CZK 3 214 054 3 321 305 3 449 937 42.8 42.7 43.6 0.8 1.0 Denmark DKK 968 875 957 639 966 430 34.3 33.9 33.6 -0.7 -0.3 Germany EUR 2 637 724 2 634 221 2 671 297 63.8 61.9 62.4 -1.4 0.4 Estonia EUR 7 092 9 162 9 340 18.7 23.8 24.0 5.3 0.2 Ireland EUR 222 598 216 681 217 427 43.0 42.7 42.2 -0.8 -0.5 Greece EUR 371 483 369 416 370 865 168.1 160.0 158.2 -10.0 -1.8 Spain EUR 1 578 812 1 626 063 1 636 116 107.4 105.3 104.3 -3.1 -1.0 France EUR 3 097 311 3 231 282 3 302 984 111.5 112.4 113.8 2.4 1.4 Croatia EUR 47 969 49 118 49 978 63.3 60.0 59.7 -3.6 -0.4 Italy EUR 2 849 723 2 952 897 2 961 375 135.5 136.9 136.3 0.8 -0.6 Cyprus EUR 23 179 22 852 22 886 75.1 70.5 69.7 -5.4 -0.8 Latvia EUR 16 833 18 192 18 852 44.2 46.4 47.7 3.5 1.3 Lithuania EUR 26 557 28 343 29 513 36.7 37.4 38.4 1.7 1.0 Luxembourg EUR 20 293 21 753 21 842 25.8 26.8 26.6 0.8 -0.2 Hungary HUF 54 372 393 59 557 092 60 610 575 74.6 75.8 76.0 1.3 0.2 Malta EUR 9 420 10 084 10 035 47.1 46.4 45.3 -1.8 -1.1 Netherlands EUR 468 102 475 965 470 273 44.5 43.3 42.2 -2.3 -1.1 Austria EUR 369 771 394 819 398 404 78.6 82.9 83.2 4.6 0.4 Poland PLN 1 624 462 1 824 470 1 897 121 48.6 52.3 53.5 4.9 1.2 Portugal EUR 278 795 276 719 272 176 106.3 100.7 97.5 -8.8 -3.2 Romania RON 759 655 860 398 916 404 49.5 51.1 53.1 3.6 2.0 Slovenia EUR 44 212 45 468 44 245 71.0 69.5 66.9 -4.1 -2.6 Slovakia EUR 69 750 76 906 77 469 58.3 60.4 60.3 2.0 -0.1 Finland EUR 204 421 219 549 224 790 74.8 80.1 81.5 6.7 1.4 Sweden SEK 1 859 081 1 999 754 2 018 091 30.2 31.6 31.6 1.4 0.1 Norway NOK 1 852 664 2 228 685 2 194 516 35.6 43.4 : : :

General government gross debt by Member State Components of government debt, in % of GDP IGL (assets) Currency and deposits Debt Securities Loans % of GDP 2024Q3p 2024Q3p 2024Q3p 2024Q3p Euro area EUR 2.2 74.1 11.8 1.5 EU EUR 2.1 68.3 11.3 1.3 Belgium EUR 0.3 90.7 14.7 1.4 Bulgaria BGN - 21.0 3.5 0.0 Czechia CZK 0.4 39.9 3.3 0.0 Denmark DKK 0.7 30.6 2.3 0.0 Germany EUR 0.4 49.4 12.5 1.5 Estonia EUR 0.2 13.8 10.0 1.2 Ireland EUR 5.0 28.1 9.1 0.0 Greece EUR 3.1 40.4 114.7 0.0 Spain EUR 0.3 93.4 10.6 1.8 France EUR 1.5 101.9 10.4 1.7 Croatia EUR 0.1 42.5 17.1 0.0 Italy EUR 8.5 114.1 13.7 2.0 Cyprus EUR 0.5 42.1 27.1 1.0 Latvia EUR 1.4 41.7 4.7 0.0 Lithuania EUR 0.2 31.2 7.0 0.0 Luxembourg EUR 0.4 21.9 4.3 0.8 Hungary HUF 0.6 66.5 8.9 0.0 Malta EUR 2.0 39.0 4.4 1.0 Netherlands EUR 0.2 35.5 6.5 1.2 Austria EUR 0.4 74.0 8.8 1.4 Poland PLN 0.3 40.1 13.2 0.0 Portugal EUR 16.6 56.5 24.4 0.3 Romania RON 1.0 44.9 7.2 0.0 Slovenia EUR 0.3 57.8 8.8 1.7 Slovakia EUR 0.1 53.6 6.7 1.5 Finland EUR 0.3 61.4 19.8 1.6 Sweden SEK 2.7 17.9 11.1 0.0 Norway NOK : : : -

Notes for users Methods and definitions Quarterly data on government debt are collected from the Member States according to European System of Accounts (ESA 2010), see Annex B, ESA 2010 transmission programme, and refer to the Maastricht debt definition, used in the context of the Excessive Deficit Procedure (EDP). Annual EDP data, next to be notified in April 2025, are the subject of a thorough verification by Eurostat. The general government gross debt is defined as the consolidated gross debt of the whole general government sector outstanding at the end of the quarter (at face value). General government debt consists of liabilities of general government in the following financial instruments: currency and deposits (AF.2), debt securities (AF.3) and loans (AF.4), as defined in ESA 2010. The debt to GDP ratio is calculated for each quarter using the sum of quarterly GDP for the four last quarters. Quarterly data on GDP are the most recent ones transmitted by the EU Member States. While quarterly debt figures are consistent with annual debt figures at coinciding publications, differences between quarterly and annual data occur at non-coinciding publications. Differences between annual and quarterly GDP figures also occur. For the purpose of proper consolidation of general government debt and to provide users with information, Eurostat publishes data on government loans (IGL) to other EU governments. The concepts and definitions are based on ESA 2010 and on the rules relating to the statistics for the EDP. The data covered is the stock of loans related to claims on other EU Member States, including loans made through the European Financial Stability Facility (EFSF). The valuation basis is the stock of loans at face value outstanding at end of each quarter. From the first quarter of 2011 onwards, the intergovernmental lending figures relate mainly to lending to Greece, Ireland and Portugal and include loans made by the EFSF. A methodological change as regards the statistical recording of deferred interest on EFSF loans affecting the face value of general government gross debt was implemented by Greece, following Eurostat’s advice. This change also affected the EFSF guarantors. For stock data such as general government debt, end of period exchange rates are used in the compilation of the EU aggregates. For flow data, such as GDP, average exchange rates are used. The EU aggregates, denominated in euro, can fluctuate as a result of exchange rate movements between the euro and other EU currencies. All quarterly government finance statistics data for the first, second and third quarter of 2024 have been labelled provisional. Country-specific metadata are published. Geographical Information Euro area (EA20): Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland. European Union (EU27): Belgium, Bulgaria, Czechia, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland and Sweden.

For more information

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[1] Url: https://ec.europa.eu/eurostat/web/products-euro-indicators/w/2-22012025-ap

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