Government debt at 88.0% of GDP in euro area
Overview
At the end of the first quarter of 2025, the general government gross debt to GDP ratio in the euro area (EA20) stood at 88.0%, compared with 87.4% at the end of the fourth quarter of 2024. In the EU, the ratio also increased from 81.0% to 81.8%.
Compared with the first quarter of 2024, the government debt to GDP ratio increased in both the euro area (from 87.8% to 88.0%) and the EU (from 81.2% to 81.8%).
At the end of the first quarter of 2025, the general government debt was made up of 84.2% debt securities in the euro area and 83.6% in the EU, 13.3% 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 first quarter of 2025 stood at 1.4% in the euro area and at 1.2% in the EU.
These data are released by Eurostat, the statistical office of the European Union.
Euro area and EU general government gross debt |
||||
|---|---|---|---|---|
2024Q1 |
2024Q4 |
2025Q1p |
||
Euro area |
||||
General government gross debt |
(million euro) |
12 940 510 |
13 257 003 |
13 475 195 |
(% of GDP) |
87.8 |
87.4 |
88.0 |
|
Of which: Currency and deposits |
(million euro) |
334 211 |
327 818 |
347 145 |
(% of total debt) |
2.6 |
2.5 |
2.6 |
|
Debt securities |
(million euro) |
10 838 578 |
11 139 076 |
11 340 957 |
(% of total debt) |
83.8 |
84.0 |
84.2 |
|
Loans |
(million euro) |
1 767 720 |
1 790 109 |
1 787 093 |
(% of total debt) |
13.7 |
13.5 |
13.3 |
|
Memo: Intergovernmental lending |
(million euro) |
223 891 |
217 391 |
215 784 |
(% of GDP) |
1.5 |
1.4 |
1.4 |
|
EU |
|
|
|
|
General government gross debt |
(million euro) |
14 115 416 |
14 539 744 |
14 822 648 |
(% of GDP) |
81.2 |
81.0 |
81.8 |
|
Of which: Currency and deposits |
(million euro) |
358 034 |
354 028 |
375 638 |
(% of total debt) |
2.5 |
2.4 |
2.5 |
|
Debt securities |
(million euro) |
11 764 178 |
12 131 922 |
12 388 730 |
(% of total debt) |
83.3 |
83.4 |
83.6 |
|
Loans |
(million euro) |
1 993 205 |
2 053 795 |
2 058 279 |
(% of total debt) |
14.1 |
14.1 |
13.9 |
|
Memo: Intergovernmental lending |
(million euro) |
223 891 |
217 391 |
215 784 |
(% of GDP) |
1.3 |
1.2 |
1.2 |
|
p: provisional data Rounding differences may occur
|
||||
Government debt at the end of the first quarter of 2025 by Member State
The highest ratios of government debt to GDP at the end of the first quarter of 2025 were recorded in Greece (152.5%), Italy (137.9%), France (114.1%), Belgium (106.8%) and Spain (103.5%), and the lowest were recorded in Bulgaria (23.9%), Estonia (24.1%), Luxembourg (26.1%) and Denmark (29.9%).
Compared with the fourth quarter of 2024, sixteen Member States registered an increase in their debt to GDP ratio at the end of the first quarter of 2025, ten registered a decrease, and the ratio remained stable in Czechia. The largest increases in the ratio were observed in Austria and Slovakia (both +3.5 percentage points – pp), Slovenia (+2.9 pp), Italy (+2.5 pp), Lithuania (+2.4 pp), Poland (+2.2 pp) and Belgium (+2.1 pp). The largest decreases were recorded in Ireland (-3.7 pp), Latvia (-1.2 pp), and Greece (-1.1 pp).
Compared with the first quarter of 2024, thirteen Member States registered an increase in their debt to GDP ratio at the end of the first quarter of 2025, twelve Member States registered a decrease, and the ratio remained stable in Slovenia and Estonia. The largest increases in the ratio were recorded in Poland (+6.1 pp), Finland (+5.1 pp), Austria and Romania (both +4.1 pp), France (+3.6 pp), Italy (+2.9 pp), Slovakia (+2.6 pp), and Sweden (+2.0 pp). The largest decreases were observed in Greece (-9.3 pp), Cyprus (-8.2 pp), Ireland (-6.1 pp), Croatia (-3.6 pp), Denmark (-3.2 pp), Spain (-2.8 pp), and Portugal (-2.7 pp).
Tables
General government gross debt by Member State |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
General government gross debt |
|||||||||
Millions of national currency |
% of GDP |
Difference in pp of GDP 2025Q1p compared with: |
|||||||
2024Q1 |
2024Q4 |
2025Q1p |
2024Q1 |
2024Q4 |
2025Q1p |
2024Q1 |
2024Q4 |
||
Euro area |
EUR |
12 940 510 |
13 257 003 |
13 475 195 |
87.8 |
87.4 |
88.0 |
0.2 |
0.7 |
EU |
EUR |
14 115 416 |
14 539 744 |
14 822 648 |
81.2 |
81.0 |
81.8 |
0.5 |
0.8 |
Belgium |
EUR |
638 710 |
642 875 |
660 878 |
106.6 |
104.7 |
106.8 |
0.2 |
2.1 |
Bulgaria |
BGN |
42 163 |
48 846 |
48 983 |
22.4 |
24.1 |
23.9 |
1.5 |
-0.2 |
Czechia |
CZK |
3 337 075 |
3 491 908 |
3 539 020 |
43.1 |
43.3 |
43.4 |
0.2 |
0.0 |
Denmark* |
DKK |
918 766 |
894 022 |
888 648 |
33.1 |
30.5 |
29.9 |
-3.2 |
-0.6 |
Germany |
EUR |
2 639 758 |
2 688 879 |
2 698 814 |
62.6 |
62.5 |
62.3 |
-0.3 |
-0.1 |
Estonia |
EUR |
9 241 |
9 327 |
9 601 |
24.1 |
23.6 |
24.1 |
0.0 |
0.5 |
Ireland |
EUR |
215 817 |
217 713 |
208 569 |
41.1 |
38.7 |
34.9 |
-6.1 |
-3.7 |
Greece |
EUR |
368 369 |
364 885 |
366 329 |
161.8 |
153.6 |
152.5 |
-9.3 |
-1.1 |
Spain |
EUR |
1 614 714 |
1 620 569 |
1 667 372 |
106.3 |
101.8 |
103.5 |
-2.8 |
1.6 |
France |
EUR |
3 160 779 |
3 305 287 |
3 345 446 |
110.6 |
113.2 |
114.1 |
3.6 |
0.9 |
Croatia |
EUR |
49 586 |
49 283 |
50 631 |
62.0 |
57.6 |
58.4 |
-3.6 |
0.8 |
Italy |
EUR |
2 900 383 |
2 966 597 |
3 033 371 |
134.9 |
135.3 |
137.9 |
2.9 |
2.5 |
Cyprus |
EUR |
23 092 |
21 838 |
21 852 |
72.5 |
65.1 |
64.3 |
-8.2 |
-0.8 |
Latvia |
EUR |
18 045 |
18 800 |
18 493 |
45.8 |
46.8 |
45.6 |
-0.3 |
-1.2 |
Lithuania |
EUR |
29 226 |
29 972 |
32 385 |
39.1 |
38.2 |
40.6 |
1.5 |
2.4 |
Luxembourg |
EUR |
21 640 |
22 655 |
22 705 |
26.4 |
26.3 |
26.1 |
-0.3 |
-0.2 |
Hungary |
HUF |
58 286 046 |
59 875 739 |
62 380 994 |
75.6 |
73.5 |
75.3 |
-0.4 |
1.8 |
Malta |
EUR |
10 038 |
10 653 |
10 940 |
47.5 |
47.4 |
48.1 |
0.6 |
0.7 |
Netherlands |
EUR |
475 932 |
491 055 |
490 770 |
44.6 |
43.7 |
43.2 |
-1.4 |
-0.6 |
Austria |
EUR |
383 523 |
394 131 |
412 614 |
80.8 |
81.4 |
84.9 |
4.1 |
3.5 |
Poland |
PLN |
1 772 083 |
2 012 317 |
2 123 516 |
51.3 |
55.3 |
57.4 |
6.1 |
2.2 |
Portugal |
EUR |
269 632 |
270 723 |
278 175 |
99.1 |
94.9 |
96.4 |
-2.7 |
1.5 |
Romania |
RON |
845 528 |
963 941 |
998 196 |
51.7 |
54.8 |
55.8 |
4.1 |
1.0 |
Slovenia |
EUR |
45 472 |
44 895 |
47 083 |
70.0 |
67.0 |
69.9 |
0.0 |
2.9 |
Slovakia |
EUR |
75 940 |
77 648 |
82 797 |
60.2 |
59.3 |
62.8 |
2.6 |
3.5 |
Finland |
EUR |
214 491 |
226 599 |
232 143 |
78.6 |
82.1 |
83.7 |
5.1 |
1.6 |
Sweden |
SEK |
1 957 972 |
2 167 911 |
2 152 543 |
31.6 |
33.9 |
33.5 |
2.0 |
-0.4 |
Norway |
NOK |
2 127 781 |
2 861 236 |
2 403 214 |
42.2 |
55.1 |
45.2 |
3.0 |
-9.8 |
p: provisional data * See country metadata notes Rounding differences may occur
|
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General government gross debt by Member State |
|||||
|---|---|---|---|---|---|
Components of government debt, in % of GDP |
IGL (assets) |
||||
Currency and deposits |
Debt Securities |
Loans |
% of GDP |
||
2025Q1p |
2025Q1p |
2025Q1p |
2025Q1p |
||
Euro area |
EUR |
2.3 |
74.1 |
11.7 |
1.4 |
EU |
EUR |
2.1 |
68.3 |
11.4 |
1.2 |
Belgium |
EUR |
0.3 |
92.0 |
14.6 |
1.3 |
Bulgaria |
BGN |
- |
20.5 |
3.4 |
0.0 |
Czechia |
CZK |
0.6 |
39.1 |
3.6 |
0.0 |
Denmark* |
DKK |
0.6 |
27.2 |
2.1 |
0.0 |
Germany |
EUR |
0.3 |
49.6 |
12.4 |
1.4 |
Estonia |
EUR |
0.1 |
14.0 |
10.0 |
1.2 |
Ireland |
EUR |
4.3 |
23.1 |
7.6 |
0.0 |
Greece |
EUR |
3.1 |
40.9 |
108.6 |
0.0 |
Spain |
EUR |
0.3 |
92.9 |
10.2 |
1.7 |
France |
EUR |
1.3 |
102.3 |
10.5 |
1.6 |
Croatia |
EUR |
0.1 |
42.5 |
15.8 |
0.0 |
Italy |
EUR |
9.1 |
115.0 |
13.8 |
1.9 |
Cyprus |
EUR |
0.5 |
37.7 |
26.1 |
1.0 |
Latvia |
EUR |
1.5 |
40.1 |
4.0 |
0.0 |
Lithuania |
EUR |
0.1 |
33.4 |
7.1 |
0.0 |
Luxembourg |
EUR |
0.4 |
22.1 |
3.6 |
0.7 |
Hungary |
HUF |
0.9 |
65.4 |
9.0 |
0.0 |
Malta |
EUR |
1.9 |
41.7 |
4.5 |
0.9 |
Netherlands |
EUR |
0.1 |
36.7 |
6.4 |
1.2 |
Austria |
EUR |
0.4 |
75.5 |
9.0 |
1.3 |
Poland |
PLN |
0.4 |
42.6 |
14.4 |
0.0 |
Portugal |
EUR |
16.8 |
55.6 |
24.0 |
0.2 |
Romania |
RON |
1.0 |
45.6 |
9.2 |
0.0 |
Slovenia |
EUR |
0.3 |
59.8 |
9.8 |
1.6 |
Slovakia |
EUR |
0.1 |
56.2 |
6.5 |
1.5 |
Finland |
EUR |
0.2 |
63.1 |
20.4 |
1.5 |
Sweden |
SEK |
2.5 |
19.3 |
11.7 |
0.0 |
Norway |
NOK |
- |
15.8 |
29.4 |
- |
p: provisional data - 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 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.
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 2025 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
“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
Kornelia BEZHANOVA
Monika GAPINSKA
Yordan YORDANOV
Laura WAHRIG
Phone: (+352) 4301 37 687
E-mail: estat-gov-debt@ec.europa.eu