Government debt up to 88.7% of GDP in euro area
Overview
At the end of the first quarter of 2024, the general government gross debt to GDP ratio in the euro area (EA20) stood at 88.7%, compared with 88.2% at the end of the fourth quarter of 2023. In the EU, the ratio also increased from 81.5% to 82.0%.
Compared with the first quarter of 2023, the government debt to GDP ratio decreased in both the euro area (from 90.1% to 88.7%) and the EU (from 83.0% to 82.0%).
At the end of the first quarter of 2024, the general government debt was made up of 83.9% debt securities in the euro area and 83.4% in the EU, 13.6% loans in the euro area and 14.0% in the EU and 2.6% currency and deposits both in the euro area and 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 2024 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 |
||||
|---|---|---|---|---|
2023Q1 |
2023Q4 |
2024Q1p |
||
Euro area |
||||
General government gross debt |
(million euro) |
12 474 496 |
12 733 441 |
12 926 264 |
(% of GDP) |
90.1 |
88.2 |
88.7 |
|
Of which: Currency and deposits |
(million euro) |
349 794 |
352 860 |
335 816 |
(% of total debt) |
2.8 |
2.8 |
2.6 |
|
Debt securities |
(million euro) |
10 355 954 |
10 624 335 |
10 838 907 |
(% of total debt) |
83.0 |
83.4 |
83.9 |
|
Loans |
(million euro) |
1 768 747 |
1 756 243 |
1 751 540 |
(% of total debt) |
14.2 |
13.8 |
13.6 |
|
Memo: Intergovernmental lending |
(million euro) |
218 078 |
212 963 |
211 094 |
(% of GDP) |
1.6 |
1.5 |
1.4 |
|
EU |
||||
General government gross debt |
(million euro) |
13 536 157 |
13 880 501 |
14 102 691 |
(% of GDP) |
83.0 |
81.5 |
82.0 |
|
Of which: Currency and deposits |
(million euro) |
374 653 |
376 406 |
359 667 |
(% of total debt) |
2.8 |
2.7 |
2.6 |
|
Debt securities |
(million euro) |
11 186 564 |
11 517 406 |
11 767 396 |
(% of total debt) |
82.6 |
83.0 |
83.4 |
|
Loans |
(million euro) |
1 974 940 |
1 986 688 |
1 975 627 |
(% of total debt) |
14.6 |
14.3 |
14.0 |
|
Memo: Intergovernmental lending |
(million euro) |
218 078 |
212 963 |
211 094 |
(% of GDP) |
1.3 |
1.3 |
1.2 |
|
p Provisional Rounding differences may occur.
|
||||
Government debt at the end of the first quarter of 2024 by Member State
The highest ratios of government debt to GDP at the end of the first quarter of 2024 were recorded in Greece (159.8%), Italy (137.7%), France (110.8%), Spain (108.9%), Belgium (108.2%) and Portugal (100.4%), and the lowest were recorded in Bulgaria (22.6%), Estonia (23.6%) and Luxembourg (27.2%).
Compared with the fourth quarter of 2023, twenty Member States registered an increase in their debt to GDP ratio at the end of the first quarter of 2024 and seven a decrease. The largest increases in the ratio were observed in Slovakia (+4.6 percentage points – pp), Estonia (+4.0 pp), Belgium (+3.1 pp), Romania (+2.8 pp), Hungary (+2.5 pp) and Austria (+2.1 pp), while decreases were recorded in Greece (-2.1 pp), Cyprus and the Netherlands (both -1.2 pp), Sweden and Ireland (both -0.8 pp), Bulgaria (-0.5 pp) and Germany (-0.2 pp).
Compared with the first quarter of 2023, twelve Member States registered an increase in their debt to GDP ratio at the end of the first quarter of 2024, fourteen Member States a decrease, while the ratio remained stable in Ireland. The largest increases in the ratio were recorded in Estonia (+6.3 pp), Finland (+4.2 pp), Poland (+3.3 pp), Slovakia (+2.7 pp), Romania (+2.2 pp), Lithuania (+2.1 pp) and Belgium (+2.0 pp). The largest decreases were observed in Portugal (-12.0 pp), Greece (-9.6 pp), Cyprus (-6.8 pp), Croatia (-5.3 pp), the Netherlands (-2.8 pp), Spain and Germany (both -2.2 pp).
Tables
General government gross debt by Member State |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
General government gross debt |
|||||||||
Millions of national currency |
% of GDP |
Difference in pp of GDP 2024Q1p compared with: |
|||||||
2023Q1 |
2023Q4 |
2024Q1p |
2023Q1 |
2023Q4 |
2024Q1p |
2023Q1 |
2023Q4 |
||
Euro area |
EUR |
12 474 496 |
12 733 441 |
12 926 264 |
90.1 |
88.2 |
88.7 |
-1.4 |
0.5 |
EU |
EUR |
13 536 157 |
13 880 501 |
14 102 691 |
83.0 |
81.5 |
82.0 |
-1.0 |
0.5 |
Belgium |
EUR |
599 674 |
614 933 |
638 013 |
106.3 |
105.2 |
108.2 |
2.0 |
3.1 |
Bulgaria |
BGN |
38 661 |
42 383 |
42 153 |
22.1 |
23.1 |
22.6 |
0.5 |
-0.5 |
Czechia |
CZK |
3 099 456 |
3 228 386 |
3 332 259 |
42.9 |
42.4 |
43.4 |
0.5 |
1.0 |
Denmark* |
DKK |
969 809 |
943 507 |
949 281 |
33.7 |
33.6 |
34.0 |
0.3 |
0.4 |
Germany |
EUR |
2 587 201 |
2 622 669 |
2 635 910 |
65.6 |
63.6 |
63.4 |
-2.2 |
-0.2 |
Estonia |
EUR |
6 334 |
7 375 |
8 913 |
17.3 |
19.6 |
23.6 |
6.3 |
4.0 |
Ireland |
EUR |
223 592 |
220 672 |
215 785 |
42.5 |
43.3 |
42.5 |
0.0 |
-0.8 |
Greece |
EUR |
355 732 |
356 695 |
355 947 |
169.4 |
161.9 |
159.8 |
-9.6 |
-2.1 |
Spain |
EUR |
1 535 380 |
1 573 754 |
1 613 043 |
111.2 |
107.7 |
108.9 |
-2.2 |
1.3 |
France |
EUR |
3 018 710 |
3 101 443 |
3 159 743 |
111.8 |
109.9 |
110.8 |
-0.9 |
0.9 |
Croatia |
EUR |
48 409 |
48 248 |
49 520 |
68.6 |
63.1 |
63.3 |
-5.3 |
0.3 |
Italy |
EUR |
2 791 248 |
2 863 438 |
2 894 170 |
139.3 |
137.3 |
137.7 |
-1.6 |
0.4 |
Cyprus |
EUR |
23 490 |
23 036 |
23 046 |
82.9 |
77.3 |
76.1 |
-6.8 |
-1.2 |
Latvia |
EUR |
17 192 |
17 581 |
18 043 |
43.7 |
43.6 |
44.5 |
0.8 |
0.9 |
Lithuania |
EUR |
26 232 |
27 558 |
29 226 |
38.0 |
38.3 |
40.1 |
2.1 |
1.8 |
Luxembourg |
EUR |
22 223 |
20 358 |
21 735 |
28.4 |
25.7 |
27.2 |
-1.3 |
1.5 |
Hungary |
HUF |
51 217 594 |
55 134 430 |
58 275 759 |
75.5 |
73.5 |
76.0 |
0.5 |
2.5 |
Malta |
EUR |
9 250 |
9 768 |
9 976 |
51.6 |
50.3 |
50.4 |
-1.2 |
0.1 |
Netherlands |
EUR |
474 436 |
481 468 |
475 823 |
46.7 |
45.1 |
43.9 |
-2.8 |
-1.2 |
Austria |
EUR |
367 993 |
371 143 |
383 205 |
80.1 |
77.6 |
79.7 |
-0.4 |
2.1 |
Poland |
PLN |
1 532 407 |
1 691 233 |
1 771 816 |
48.1 |
49.6 |
51.4 |
3.3 |
1.9 |
Portugal |
EUR |
279 166 |
263 085 |
270 818 |
112.4 |
99.1 |
100.4 |
-12.0 |
1.4 |
Romania |
RON |
714 861 |
783 532 |
845 456 |
49.4 |
48.8 |
51.6 |
2.2 |
2.8 |
Slovenia |
EUR |
42 312 |
43 670 |
45 402 |
72.2 |
69.2 |
70.7 |
-1.5 |
1.5 |
Slovakia |
EUR |
65 318 |
68 830 |
75 869 |
57.9 |
56.0 |
60.7 |
2.7 |
4.6 |
Finland |
EUR |
198 669 |
210 667 |
213 159 |
73.3 |
76.6 |
77.5 |
4.2 |
0.8 |
Sweden |
SEK |
1 942 761 |
1 963 940 |
1 931 769 |
32.4 |
31.6 |
30.8 |
-1.6 |
-0.8 |
Norway |
NOK |
1 889 957 |
2 271 031 |
2 133 073 |
33.2 |
44.3 |
42.2 |
9.0 |
-2.1 |
p Provisional * 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 |
||
2024Q1p |
2024Q1p |
2024Q1p |
2024Q1p |
||
Euro area |
EUR |
2.3 |
74.4 |
12.0 |
1.4 |
EU |
EUR |
2.1 |
68.4 |
11.5 |
1.2 |
Belgium |
EUR |
0.3 |
93.3 |
14.6 |
1.3 |
Bulgaria |
BGN |
- |
18.7 |
3.9 |
0.0 |
Czechia |
CZK |
0.4 |
39.7 |
3.3 |
0.0 |
Denmark* |
DKK |
0.7 |
30.5 |
2.8 |
0.0 |
Germany |
EUR |
0.4 |
50.4 |
12.7 |
1.5 |
Estonia |
EUR |
0.1 |
13.9 |
9.6 |
1.2 |
Ireland |
EUR |
5.1 |
28.2 |
9.2 |
0.0 |
Greece |
EUR |
3.1 |
42.6 |
114.0 |
0.0 |
Spain |
EUR |
0.4 |
97.1 |
11.5 |
1.8 |
France |
EUR |
1.4 |
98.9 |
10.6 |
1.6 |
Croatia |
EUR |
0.1 |
45.0 |
18.3 |
0.0 |
Italy |
EUR |
9.0 |
115.1 |
13.7 |
1.9 |
Cyprus |
EUR |
0.5 |
45.6 |
29.9 |
1.0 |
Latvia |
EUR |
1.3 |
38.5 |
4.7 |
0.0 |
Lithuania |
EUR |
0.3 |
32.3 |
7.5 |
0.0 |
Luxembourg |
EUR |
0.4 |
22.5 |
4.3 |
0.8 |
Hungary |
HUF |
0.7 |
66.9 |
8.4 |
0.0 |
Malta |
EUR |
2.2 |
43.4 |
4.8 |
1.0 |
Netherlands |
EUR |
0.1 |
36.9 |
6.9 |
1.2 |
Austria |
EUR |
0.4 |
70.7 |
8.7 |
1.3 |
Poland |
PLN |
0.3 |
38.5 |
12.6 |
0.0 |
Portugal |
EUR |
18.0 |
56.8 |
25.6 |
0.3 |
Romania |
RON |
0.9 |
42.7 |
8.1 |
0.0 |
Slovenia |
EUR |
0.3 |
61.3 |
9.0 |
1.7 |
Slovakia |
EUR |
0.0 |
53.8 |
6.9 |
1.5 |
Finland |
EUR |
0.3 |
58.5 |
18.7 |
1.5 |
Sweden |
SEK |
2.4 |
18.0 |
10.4 |
0.0 |
Norway |
NOK |
- |
15.1 |
27.1 |
- |
p Provisional * See country metadata notes - Not applicable 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 published in October 2024, 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 2024 have been labelled provisional, due to an increased likelihood of future revisions.
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
Media requests
Eurostat Media Support
Phone: (+352) 4301 33 408
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