Government debt at 88.1% of GDP in euro area
Overview
At the end of the second quarter of 2024, the general government gross debt to GDP ratio in the euro area (EA20) stood at 88.1%, compared with 87.8% at the end of the first quarter of 2024. In the EU, the ratio also increased from 81.3% to 81.5%.
Compared with the second quarter of 2023, the government debt to GDP ratio decreased in both the euro area (from 88.8% to 88.1%) and the EU (from 81.9% to 81.5%).
At the end of the second 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 2.5% 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 second 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 |
||||
|---|---|---|---|---|
2023Q2 |
2024Q1p |
2024Q2p |
||
Euro area |
||||
General government gross debt |
(million euro) |
12 623 935 |
12 936 978 |
13 095 638 |
(% of GDP) |
88.8 |
87.8 |
88.1 |
|
Of which: Currency and deposits |
(million euro) |
350 738 |
334 469 |
333 618 |
(% of total debt) |
2.8 |
2.6 |
2.5 |
|
Debt securities |
(million euro) |
10 514 180 |
10 838 270 |
11 004 212 |
(% of total debt) |
83.3 |
83.8 |
84.0 |
|
Loans |
(million euro) |
1 759 019 |
1 764 240 |
1 757 808 |
(% of total debt) |
13.9 |
13.6 |
13.4 |
|
Memo: Intergovernmental lending |
(million euro) |
230 553 |
223 891 |
224 233 |
(% of GDP) |
1.6 |
1.5 |
1.5 |
|
EU |
|
|
|
|
General government gross debt |
(million euro) |
13 712 980 |
14 113 267 |
14 300 832 |
(% of GDP) |
81.9 |
81.3 |
81.5 |
|
Of which: Currency and deposits |
(million euro) |
373 561 |
358 321 |
358 254 |
(% of total debt) |
2.7 |
2.5 |
2.5 |
|
Debt securities |
(million euro) |
11 376 101 |
11 766 712 |
11 951 823 |
(% of total debt) |
83.0 |
83.4 |
83.6 |
|
Loans |
(million euro) |
1 963 320 |
1 988 236 |
1 990 755 |
(% of total debt) |
14.3 |
14.1 |
13.9 |
|
Memo: Intergovernmental lending |
(million euro) |
230 553 |
223 891 |
224 233 |
(% of GDP) |
1.4 |
1.3 |
1.3 |
|
p Provisional Rounding differences may occur
|
||||
Government debt at the end of the second quarter of 2024 by Member State
The highest ratios of government debt to GDP at the end of the second quarter of 2024 were recorded in Greece (163.6%), Italy (137.0%), France (112.2%), Belgium (108.0%), Spain (105.3%), and Portugal (100.6%), and the lowest were recorded in Bulgaria (22.1%), Estonia (23.8%) and Luxembourg (26.8%).
Compared with the first quarter of 2024, nine Member States registered an increase in their debt to GDP ratio at the end of the second quarter of 2024, seventeen a decrease, and the ratio remained stable in Denmark. The largest increases in the ratio were observed in Finland (+2.0 percentage points – pp), Austria and Italy (both +1.8 pp), France (+1.6 pp), Portugal (+1.2 pp), Poland (+0.9 pp) and Sweden (+0.6 pp). The largest decreases were recorded in Cyprus (-2.1 pp), Croatia (-2.0 pp), Greece (-1.8 pp), Lithuania (-1.7 pp), Spain (-0.9 pp), Czechia (-0.8 pp), the Netherlands and Germany (-0.7 pp), and Romania (-0.6 pp).
Compared with the second quarter of 2023, thirteen Member States registered an increase in their debt to GDP ratio at the end of the second quarter of 2024, thirteen Member States registered a decrease, and the ratio remained stable in Czechia. The largest increases in the ratio were recorded in Finland (+5.2 pp), Estonia (+4.7 pp), Latvia and Poland (both +4.1 pp), Austria (+3.1 pp), Belgium (+2.3 pp), Romania (+2.2 pp), and Slovakia (+1.0 pp). The largest decreases were observed in Cyprus (-10.0 pp), Greece (-8.9 pp), Portugal (-8.1 pp), Croatia (-5.7 pp), Spain (-3.5 pp), the Netherlands (-2.2 pp), Germany (-1.7 pp), and Luxembourg (-1.3 pp).
Tables
General government gross debt by Member State |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
General government gross debt |
|||||||||
Millions of national currency |
% of GDP |
Difference in pp of GDP 2024Q2p compared with: |
|||||||
2023Q2 |
2024Q1p |
2024Q2p |
2023Q2 |
2024Q1p |
2024Q2p |
2023Q2 |
2024Q1p |
||
Euro area |
EUR |
12 623 935 |
12 936 978 |
13 095 638 |
88.8 |
87.8 |
88.1 |
-0.7 |
0.3 |
EU |
EUR |
13 712 980 |
14 113 267 |
14 300 832 |
81.9 |
81.3 |
81.5 |
-0.4 |
0.2 |
Belgium |
EUR |
604 353 |
638 812 |
643 098 |
105.7 |
108.4 |
108.0 |
2.3 |
-0.4 |
Bulgaria |
BGN |
38 380 |
42 160 |
42 808 |
21.5 |
22.4 |
22.1 |
0.7 |
-0.2 |
Czechia |
CZK |
3 150 740 |
3 337 526 |
3 321 079 |
42.6 |
43.4 |
42.6 |
0.0 |
-0.8 |
Denmark |
DKK |
984 187 |
939 741 |
949 202 |
34.4 |
33.6 |
33.7 |
-0.7 |
0.0 |
Germany |
EUR |
2 595 555 |
2 639 393 |
2 635 103 |
63.6 |
62.6 |
61.9 |
-1.7 |
-0.7 |
Estonia |
EUR |
7 167 |
9 233 |
9 162 |
19.0 |
24.1 |
23.8 |
4.7 |
-0.4 |
Ireland |
EUR |
223 081 |
215 843 |
216 935 |
42.4 |
42.5 |
42.8 |
0.4 |
0.3 |
Greece |
EUR |
369 346 |
368 365 |
369 442 |
172.5 |
165.4 |
163.6 |
-8.9 |
-1.8 |
Spain |
EUR |
1 570 119 |
1 614 710 |
1 626 065 |
108.8 |
106.3 |
105.3 |
-3.5 |
-0.9 |
France |
EUR |
3 053 172 |
3 159 531 |
3 228 411 |
111.3 |
110.6 |
112.2 |
0.9 |
1.6 |
Croatia |
EUR |
47 941 |
49 594 |
49 158 |
65.8 |
62.0 |
60.1 |
-5.7 |
-2.0 |
Italy |
EUR |
2 854 203 |
2 899 178 |
2 952 894 |
137.7 |
135.2 |
137.0 |
-0.7 |
1.8 |
Cyprus |
EUR |
24 510 |
23 087 |
22 852 |
80.5 |
72.6 |
70.5 |
-10.0 |
-2.1 |
Latvia |
EUR |
15 985 |
18 046 |
18 193 |
42.3 |
46.3 |
46.4 |
4.1 |
0.1 |
Lithuania |
EUR |
26 792 |
29 226 |
28 343 |
37.7 |
39.1 |
37.4 |
-0.2 |
-1.7 |
Luxembourg |
EUR |
22 210 |
21 640 |
21 718 |
28.2 |
27.1 |
26.8 |
-1.3 |
-0.2 |
Hungary |
HUF |
52 773 257 |
58 288 378 |
59 557 092 |
74.9 |
76.0 |
75.8 |
0.9 |
-0.1 |
Malta |
EUR |
9 172 |
10 000 |
10 084 |
47.3 |
47.2 |
46.7 |
-0.6 |
-0.5 |
Netherlands |
EUR |
470 162 |
475 823 |
475 205 |
45.4 |
43.9 |
43.2 |
-2.2 |
-0.7 |
Austria |
EUR |
366 445 |
383 713 |
394 780 |
78.5 |
79.8 |
81.6 |
3.1 |
1.8 |
Poland |
PLN |
1 581 811 |
1 772 039 |
1 824 504 |
48.3 |
51.5 |
52.3 |
4.1 |
0.9 |
Portugal |
EUR |
278 905 |
269 638 |
276 719 |
108.8 |
99.4 |
100.6 |
-8.1 |
1.2 |
Romania |
RON |
724 567 |
845 528 |
860 398 |
48.8 |
51.6 |
51.1 |
2.2 |
-0.6 |
Slovenia |
EUR |
42 629 |
45 472 |
45 468 |
70.0 |
70.1 |
69.6 |
-0.5 |
-0.5 |
Slovakia |
EUR |
69 008 |
75 939 |
76 906 |
59.4 |
60.6 |
60.4 |
1.0 |
-0.2 |
Finland |
EUR |
203 719 |
213 613 |
219 326 |
74.9 |
78.1 |
80.0 |
5.2 |
2.0 |
Sweden |
SEK |
1 892 965 |
1 941 355 |
2 002 734 |
31.2 |
31.0 |
31.6 |
0.4 |
0.6 |
Norway |
NOK |
1 791 897 |
2 132 397 |
2 229 137 |
32.1 |
42.1 |
43.4 |
11.3 |
1.3 |
p Provisional Rounding differences may occur
|
|||||||||
General government gross debt by Member State |
|||||
|---|---|---|---|---|---|
Components of government debt, in % of GDP |
IGL (assets) |
||||
Currency and deposits |
Debt Securities |
Loans |
% of GDP |
||
2024Q2p |
2024Q2p |
2024Q2p |
2024Q2p |
||
Euro area |
EUR |
2.2 |
74.0 |
11.8 |
1.5 |
EU |
EUR |
2.0 |
68.1 |
11.3 |
1.3 |
Belgium |
EUR |
0.3 |
93.0 |
14.8 |
1.4 |
Bulgaria |
BGN |
- |
18.5 |
3.6 |
0.0 |
Czechia |
CZK |
0.4 |
39.0 |
3.3 |
0.0 |
Denmark |
DKK |
0.7 |
30.5 |
2.4 |
0.0 |
Germany |
EUR |
0.4 |
49.1 |
12.4 |
1.5 |
Estonia |
EUR |
0.1 |
13.3 |
10.3 |
1.2 |
Ireland |
EUR |
5.1 |
28.4 |
9.3 |
0.0 |
Greece |
EUR |
3.1 |
42.2 |
118.3 |
0.0 |
Spain |
EUR |
0.3 |
93.7 |
11.3 |
1.8 |
France |
EUR |
1.5 |
100.5 |
10.3 |
1.7 |
Croatia |
EUR |
0.1 |
42.7 |
17.3 |
0.0 |
Italy |
EUR |
8.5 |
114.8 |
13.7 |
2.0 |
Cyprus |
EUR |
0.5 |
42.7 |
27.3 |
1.1 |
Latvia |
EUR |
1.4 |
40.3 |
4.7 |
0.0 |
Lithuania |
EUR |
0.3 |
30.1 |
7.1 |
0.0 |
Luxembourg |
EUR |
0.4 |
22.2 |
4.2 |
0.8 |
Hungary |
HUF |
0.7 |
66.0 |
9.1 |
0.0 |
Malta |
EUR |
2.0 |
40.2 |
4.5 |
1.0 |
Netherlands |
EUR |
0.1 |
36.7 |
6.4 |
1.2 |
Austria |
EUR |
0.4 |
72.5 |
8.7 |
1.4 |
Poland |
PLN |
0.3 |
38.9 |
13.1 |
0.0 |
Portugal |
EUR |
17.0 |
58.7 |
24.9 |
0.3 |
Romania |
RON |
0.9 |
42.8 |
7.4 |
0.0 |
Slovenia |
EUR |
0.3 |
60.2 |
9.0 |
1.7 |
Slovakia |
EUR |
0.0 |
53.6 |
6.7 |
1.5 |
Finland |
EUR |
0.3 |
60.6 |
19.1 |
1.6 |
Sweden |
SEK |
2.4 |
18.2 |
11.0 |
0.0 |
Norway |
NOK |
- |
15.6 |
27.8 |
- |
p Provisional - 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, last notified 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 GDP figures occur for Belgium, Greece, Austria and Poland.
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 and second quarter of 2024 have been labelled provisional.
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
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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