Government debt at 88.9% of GDP in euro area
Overview
At the end of the first quarter of 2026, the general government gross debt to GDP ratio in the euro area (EA21) stood at 88.9%, an increase compared with 87.7% at the end of the fourth quarter of 2025. In the EU, the ratio also increased from 81.8% to 82.9%.
Compared with the first quarter of 2025, the government debt to GDP ratio increased in both the euro area (from 87.2% to 88.9%) and the EU (from 81.4% to 82.9%).
At the end of the first quarter of 2026, the general government debt was made up of 84.3% debt securities in the euro area and 83.6% in the EU, 13.2% loans in the euro area and 13.9% in the EU and 2.5% currency and deposits in both the euro area and 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 first quarter of 2026 stood at 1.3% in the euro area and at 1.1% in the EU.
These data are released by Eurostat, the statistical office of the European Union.
Euro area and EU general government gross debt |
||||
|---|---|---|---|---|
2025Q1 |
2025Q4 |
2026Q1p |
||
Euro area 21 |
||||
General government gross debt |
(million euro) |
13 503 766 |
13 946 558 |
14 243 539 |
(% of GDP) |
87.2 |
87.7 |
88.9 |
|
Of which: Currency and deposits |
(million euro) |
347 198 |
333 151 |
360 620 |
(% of total debt) |
2.6 |
2.4 |
2.5 |
|
Debt securities |
(million euro) |
11 363 182 |
11 729 726 |
12 003 380 |
(% of total debt) |
84.1 |
84.1 |
84.3 |
|
Loans |
(million euro) |
1 793 387 |
1 883 681 |
1 879 540 |
(% of total debt) |
13.3 |
13.5 |
13.2 |
|
Memo: Intergovernmental lending |
(million euro) |
217 787 |
213 474 |
209 247 |
(% of GDP) |
1.4 |
1.3 |
1.3 |
|
Euro area 20 |
|
|
|
|
General government gross debt |
(million euro) |
13 478 726 |
13 911 929 |
14 209 312 |
(% of GDP) |
87.7 |
88.1 |
89.4 |
|
Of which: Currency and deposits |
(million euro) |
347 198 |
330 697 |
358 770 |
(% of total debt) |
2.6 |
2.4 |
2.5 |
|
Debt securities |
(million euro) |
11 341 734 |
11 701 364 |
11 975 051 |
(% of total debt) |
84.1 |
84.1 |
84.3 |
|
Loans |
(million euro) |
1 789 795 |
1 879 869 |
1 875 492 |
(% of total debt) |
13.3 |
13.5 |
13.2 |
|
Memo: Intergovernmental lending |
(million euro) |
217 787 |
213 474 |
209 247 |
(% of GDP) |
1.4 |
1.4 |
1.3 |
|
EU |
|
|
|
|
General government gross debt |
(million euro) |
14 827 452 |
15 377 325 |
15 704 593 |
(% of GDP) |
81.4 |
81.8 |
82.9 |
|
Of which: Currency and deposits |
(million euro) |
375 666 |
361 537 |
390 135 |
(% of total debt) |
2.5 |
2.4 |
2.5 |
|
Debt securities |
(million euro) |
12 389 103 |
12 831 196 |
13 134 090 |
(% of total debt) |
83.6 |
83.4 |
83.6 |
|
Loans |
(million euro) |
2 062 684 |
2 184 593 |
2 180 369 |
(% of total debt) |
13.9 |
14.2 |
13.9 |
|
Memo: Intergovernmental lending |
(million euro) |
217 787 |
213 474 |
209 247 |
(% of GDP) |
1.2 |
1.1 |
1.1 |
|
Rounding differences may occur. p: provisional data
|
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Government debt at the end of the first quarter of 2026 by Member State
The highest ratios of government debt to GDP at the end of the first quarter of 2026 were recorded in Greece (143.5%), Italy (138.9%), France (117.6%), Belgium (109.1%) and Spain (101.6%), and the lowest ratios were recorded in Estonia (25.2%), Denmark (26.8%), Bulgaria (28.5%) and Luxembourg (29.2%).
Compared with the fourth quarter of 2025, seventeen Member States registered an increase in their debt to GDP ratio at the end of the first quarter of 2026, eight registered a decrease, and the ratio remained stable in Latvia and Czechia. The largest increases in the ratio were observed in Hungary (+3.1 percentage points – pp), Lithuania (+2.9 pp), Luxembourg (+2.8 pp), Ireland (+2.2 pp), Croatia (+2.1 pp), Austria (+2.0 pp), France and Poland (both +1.9 pp) and Italy (+1.8 pp). The largest decreases were recorded in Greece (-2.6 pp), Bulgaria (-1.3 pp), the Netherlands (-1.0 pp) and Slovenia (-0.9 pp).
Compared with the first quarter of 2025, nineteen Member States registered an increase in their debt to GDP ratio at the end of the first quarter of 2026 and eight Member States registered a decrease. The largest increases in the ratio were recorded in Finland (+5.5 pp), Bulgaria (+4.8 pp), Poland (+4.5 pp), Romania (+4.3 pp), France (+4.0 pp), Luxembourg and Belgium (both +3.1 pp). The largest decreases were observed in Greece (-9.4 pp), Cyprus (-7.4 pp), Slovenia (-4.8 pp), Portugal (-3.9 pp), Denmark (-2.4 pp) and Spain (-1.7 pp).
Tables
General government gross debt by Member State |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
General government gross debt |
|||||||||
Millions of national currency |
% of GDP |
Difference in pp of GDP 2026Q1p compared with: |
|||||||
2025Q1 |
2025Q4 |
2026Q1p |
2025Q1 |
2025Q4 |
2026Q1p |
2025Q1 |
2025Q4 |
||
Euro area 21 |
EUR |
13 503 766 |
13 946 558 |
14 243 539 |
87.2 |
87.7 |
88.9 |
1.7 |
1.2 |
Euro area 20 |
EUR |
13 478 726 |
13 911 929 |
14 209 312 |
87.7 |
88.1 |
89.4 |
1.7 |
1.3 |
EU |
EUR |
14 827 452 |
15 377 325 |
15 704 593 |
81.4 |
81.8 |
82.9 |
1.5 |
1.1 |
Belgium |
EUR |
662 922 |
692 460 |
706 581 |
106.1 |
107.9 |
109.1 |
3.1 |
1.3 |
Bulgaria |
EUR* |
25 046 |
34 635 |
34 233 |
23.7 |
29.9 |
28.5 |
4.8 |
-1.3 |
Czechia |
CZK |
3 535 250 |
3 786 250 |
3 827 885 |
43.3 |
44.2 |
44.1 |
0.9 |
0.0 |
Denmark** |
DKK |
890 401 |
848 580 |
840 418 |
29.3 |
27.2 |
26.8 |
-2.4 |
-0.4 |
Germany |
EUR |
2 701 606 |
2 838 239 |
2 902 035 |
62.0 |
63.5 |
64.4 |
2.4 |
0.9 |
Estonia |
EUR |
9 630 |
10 035 |
10 646 |
23.9 |
24.1 |
25.2 |
1.3 |
1.1 |
Ireland |
EUR |
206 203 |
209 895 |
215 411 |
35.1 |
34.8 |
37.0 |
2.0 |
2.2 |
Greece |
EUR |
366 312 |
362 925 |
360 106 |
152.9 |
146.1 |
143.5 |
-9.4 |
-2.6 |
Spain |
EUR |
1 667 376 |
1 698 225 |
1 739 501 |
103.3 |
100.7 |
101.6 |
-1.7 |
1.0 |
France |
EUR |
3 346 281 |
3 460 465 |
3 536 068 |
113.6 |
115.7 |
117.6 |
4.0 |
1.9 |
Croatia |
EUR |
50 628 |
52 371 |
55 216 |
58.2 |
56.3 |
58.4 |
0.2 |
2.1 |
Italy |
EUR |
3 033 575 |
3 095 888 |
3 158 191 |
137.3 |
137.1 |
138.9 |
1.7 |
1.8 |
Cyprus |
EUR |
21 790 |
20 078 |
20 089 |
61.9 |
55.0 |
54.6 |
-7.4 |
-0.5 |
Latvia |
EUR |
18 493 |
20 174 |
20 436 |
45.0 |
46.9 |
46.9 |
1.9 |
0.0 |
Lithuania |
EUR |
32 405 |
33 259 |
36 260 |
40.4 |
39.5 |
42.3 |
1.9 |
2.9 |
Luxembourg |
EUR |
22 637 |
23 695 |
26 402 |
26.1 |
26.5 |
29.2 |
3.1 |
2.8 |
Hungary |
HUF |
62 374 294 |
64 913 039 |
68 969 989 |
75.3 |
74.6 |
77.7 |
2.4 |
3.1 |
Malta |
EUR |
10 908 |
11 397 |
11 458 |
46.5 |
46.4 |
45.9 |
-0.6 |
-0.5 |
Netherlands |
EUR |
490 551 |
523 720 |
517 377 |
43.5 |
44.7 |
43.8 |
0.3 |
-1.0 |
Austria |
EUR |
413 273 |
418 079 |
431 411 |
83.0 |
81.3 |
83.3 |
0.4 |
2.0 |
Poland |
PLN |
2 123 880 |
2 335 148 |
2 444 256 |
57.0 |
59.7 |
61.6 |
4.5 |
1.9 |
Portugal |
EUR |
278 244 |
275 063 |
283 106 |
94.8 |
89.7 |
91.0 |
-3.9 |
1.3 |
Romania |
RON |
998 186 |
1 137 324 |
1 169 870 |
55.8 |
59.3 |
60.1 |
4.3 |
0.8 |
Slovenia |
EUR |
47 221 |
46 324 |
46 315 |
69.6 |
65.7 |
64.8 |
-4.8 |
-0.9 |
Slovakia |
EUR |
82 901 |
83 957 |
86 803 |
63.2 |
61.4 |
62.5 |
-0.7 |
1.1 |
Finland |
EUR |
233 545 |
249 147 |
255 139 |
84.2 |
88.5 |
89.7 |
5.5 |
1.2 |
Sweden |
SEK |
2 164 694 |
2 337 779 |
2 341 046 |
33.5 |
35.1 |
34.9 |
1.4 |
-0.3 |
Norway |
NOK |
2 398 891 |
2 995 912 |
2 710 850 |
43.6 |
54.4 |
49.1 |
5.5 |
-5.3 |
p: provisional data * Euro-fixed for periods up to the fourth quarter of 2025, i.e. BGN divided by the irrevocable exchange rate. ** See country metadata notes. Rounding differences may occur.
|
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General government gross debt by Member State |
||||
|---|---|---|---|---|
Components of general government gross debt, in % of GDP |
IGL (assets) |
|||
Currency and deposits |
Debt Securities |
Loans |
% of GDP |
|
2026Q1p |
2026Q1p |
2026Q1p |
2026Q1p |
|
Euro area 21 |
2.3 |
74.9 |
11.7 |
1.3 |
Euro area 20 |
2.3 |
75.3 |
11.8 |
1.3 |
EU |
2.1 |
69.3 |
11.5 |
1.1 |
Belgium |
0.3 |
94.9 |
14.0 |
1.2 |
Bulgaria |
1.5 |
23.6 |
3.4 |
0.0 |
Czechia |
0.4 |
40.3 |
3.4 |
0.0 |
Denmark* |
0.5 |
24.4 |
1.9 |
0.0 |
Germany |
0.4 |
51.1 |
12.9 |
1.3 |
Estonia |
0.1 |
15.1 |
10.1 |
1.1 |
Ireland |
4.3 |
25.5 |
7.3 |
0.2 |
Greece |
3.0 |
38.8 |
101.7 |
0.0 |
Spain |
0.3 |
91.1 |
10.2 |
1.5 |
France |
1.4 |
105.5 |
10.7 |
1.5 |
Croatia |
0.1 |
43.1 |
15.2 |
0.0 |
Italy |
8.8 |
116.2 |
13.9 |
1.8 |
Cyprus |
0.5 |
31.6 |
22.5 |
0.8 |
Latvia |
1.6 |
42.4 |
2.9 |
0.0 |
Lithuania |
0.3 |
35.1 |
6.9 |
0.0 |
Luxembourg |
0.4 |
25.3 |
3.5 |
0.7 |
Hungary |
0.7 |
68.5 |
8.4 |
0.0 |
Malta |
1.6 |
40.3 |
3.9 |
0.8 |
Netherlands |
0.1 |
37.2 |
6.4 |
1.1 |
Austria |
0.4 |
74.2 |
8.7 |
1.2 |
Poland |
0.3 |
45.6 |
15.6 |
0.0 |
Portugal |
16.4 |
53.3 |
21.3 |
0.2 |
Romania |
1.1 |
48.3 |
10.7 |
0.0 |
Slovenia |
0.3 |
54.5 |
10.0 |
1.5 |
Slovakia |
0.1 |
56.1 |
6.4 |
1.4 |
Finland |
0.2 |
68.8 |
20.6 |
1.4 |
Sweden |
2.7 |
19.7 |
12.4 |
0.0 |
Norway |
- |
16.6 |
32.5 |
- |
p: provisional - Not applicable * See country metadata notes. Rounding differences may occur.
|
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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 October 2026, 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 and partly deposits 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.
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 quarter of 2026 have been labelled provisional.
Country-specific metadata are published.
Geographical Information
Up to 31 December 2025, the euro area included Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland (EA20). From 1 January 2026, the euro area also includes Bulgaria (EA21).
The aggregate data series commented on in this Euro indicator release refer to the official composition of the euro area in the most recent quarter for which data are available. Thus, Euro indicator releases with data up to the fourth quarter of 2025 comment on EA20 series, while releases with data for the first quarter of 2026 onwards comment on EA21 series.
The European Union includes 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 (EU27).
For more information
“Statistics Explained” article on quarterly government finance statistics
Database section on quarterly data on government debt by Member State
Decision regarding the European Financial Stability Facility (EFSF)
Further data are available in the presentation on ‘integrated government finance statistics’
Get in touch
Further information on data
Leonor ZUBIMENDI TORAN
Yordan YORDANOV
Kornelia BEZHANOVA
Monika GAPINSKA
Laura WAHRIG
Phone: (+352) 4301 37 687
E-mail: estat-gov-debt@ec.europa.eu