Overview
At the end of the fourth quarter of 2023, the general government gross debt to GDP ratio in the euro area (EA20) stood at 88.6%, compared with 89.6% at the end of the third quarter of 2023. In the EU, the ratio also decreased from 82.4% to 81.7%.
Compared with the fourth quarter of 2022, the government debt to GDP ratio also decreased in both the euro area (from 90.8% to 88.6%) and the EU (from 83.4% to 81.7%).
At the end of the fourth quarter of 2023, the general government debt was made up of:
-
83.4% debt securities in the euro area and 82.9% in the EU,
-
13.8% loans in the euro area and 14.4% in the EU and
-
2.8% currency and deposits in the euro area and 2.7% 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 fourth quarter of 2023 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 |
||||
|---|---|---|---|---|
|
2022Q4 |
2023Q3 |
2023Q4 |
||
|
Euro area |
||||
|
(million euro) |
12 268 150 |
12 718 979 |
12 732 446 |
|
|
(% of GDP) |
90.8 |
89.6 |
88.6 |
|
|
(million euro) |
364 500 |
359 766 |
353 217 |
|
|
(% of total debt) |
3.0 |
2.8 |
2.8 |
|
|
(million euro) |
10 115 731 |
10 632 419 |
10 624 720 |
|
|
(% of total debt) |
82.5 |
83.6 |
83.4 |
|
|
(million euro) |
1 787 919 |
1 726 793 |
1 754 506 |
|
|
(% of total debt) |
14.6 |
13.6 |
13.8 |
|
|
(million euro) |
219 492 |
217 754 |
212 963 |
|
|
(% of GDP) |
1.6 |
1.5 |
1.5 |
|
|
EU |
||||
|
(million euro) |
13 282 868 |
13 789 609 |
13 862 584 |
|
|
(% of GDP) |
83.4 |
82.4 |
81.7 |
|
|
(million euro) |
389 725 |
383 739 |
376 798 |
|
|
(% of total debt) |
2.9 |
2.8 |
2.7 |
|
|
(million euro) |
10 876 321 |
11 458 797 |
11 486 712 |
|
|
(% of total debt) |
81.9 |
83.1 |
82.9 |
|
|
(million euro) |
2 016 822 |
1 947 073 |
1 999 073 |
|
|
(% of total debt) |
15.2 |
14.1 |
14.4 |
|
|
(million euro) |
219 492 |
217 754 |
212 963 |
|
|
(% of GDP) |
1.4 |
1.3 |
1.3 |
|
Government debt at the end of the fourth quarter 2023 by Member State
The highest ratios of government debt to GDP at the end of the fourth quarter of 2023 were recorded in Greece (161.9%), Italy (137.3%), France (110.6%), Spain (107.7%) and Belgium (105.2%), and the lowest in Estonia (19.6%), Bulgaria (23.1%), Luxembourg (25.7%) and Denmark (29.3%).
Compared with the third quarter of 2023, ten Member States registered an increase in their debt to GDP ratio at the end of the fourth quarter of 2023 and seventeen a decrease. The largest increases in the ratio were observed in Bulgaria (+2.1 percentage points – pp), Latvia (+1.6 pp), Finland (+1.5 pp), Estonia (+1.4 pp), Sweden (+1.2 pp), and Poland (+1.0 pp), while the largest decreases were recorded in Portugal (-8.4 pp), Greece (-3.7 pp), Slovenia (-2.6 pp), Belgium (-2.4 pp), Slovakia (-2.3 pp), Spain (-2.1 pp), Cyprus (-1.7 pp), Hungary (-1.5 pp) and France (-1.4 pp).
Compared with the fourth quarter of 2022, nine Member States registered an increase in their debt to GDP ratio at the end of the fourth quarter of 2023 and eighteen Member States a decrease. Increases in the ratio were recorded in Finland (+2.3 pp), Latvia (+1.8 pp), Romania (+1.3 pp), Estonia (+1.1 pp), Luxembourg and Belgium (both +0.9 pp), Bulgaria (+0.5 pp), Poland (+0.4 pp), as well as Lithuania (+0.2 pp). The largest decreases were observed in Portugal (-13.3 pp), Greece (-10.8 pp), Cyprus (-8.3 pp), Croatia (-4.8 pp), Spain (-4.0 pp), the Netherlands (-3.7 pp), Slovenia (-3.3 pp), Italy (-3.2 pp) and Germany (-2.4 pp).
Tables
|
General government gross debt by Member State |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
|
General government gross debt |
|||||||||
|
Millions of national currency |
% of GDP |
Difference in pp of GDP 2023Q4 compared with: |
|||||||
|
2022Q4 |
2023Q3 |
2023Q4 |
2022Q4 |
2023Q3 |
2023Q4 |
2022Q4 |
2023Q3 |
||
|
EUR |
12 268 150 |
12 718 979 |
12 732 446 |
90.8 |
89.6 |
88.6 |
-2.3 |
-1.1 |
|
|
EUR |
13 282 868 |
13 789 609 |
13 862 584 |
83.4 |
82.4 |
81.7 |
-1.7 |
-0.7 |
|
|
EUR |
577 943 |
622 698 |
614 933 |
104.3 |
107.6 |
105.2 |
0.9 |
-2.4 |
|
|
BGN |
37 851 |
38 048 |
42 383 |
22.6 |
21.0 |
23.1 |
0.5 |
2.1 |
|
|
CZK |
2 997 615 |
3 214 040 |
3 228 369 |
44.2 |
44.4 |
44.0 |
-0.2 |
-0.5 |
|
|
DKK |
844 683 |
844 954 |
816 221 |
29.8 |
30.2 |
29.3 |
-0.5 |
-0.9 |
|
|
EUR |
2 561 674 |
2 627 247 |
2 622 669 |
66.1 |
64.7 |
63.6 |
-2.4 |
-1.1 |
|
|
EUR |
6 657 |
6 789 |
7 375 |
18.5 |
18.2 |
19.6 |
1.1 |
1.4 |
|
|
EUR |
224 748 |
222 557 |
220 672 |
44.4 |
43.5 |
43.7 |
-0.7 |
0.2 |
|
|
EUR |
356 796 |
360 275 |
356 695 |
172.7 |
165.6 |
161.9 |
-10.8 |
-3.7 |
|
|
EUR |
1 502 799 |
1 577 266 |
1 573 754 |
111.6 |
109.8 |
107.7 |
-4.0 |
-2.1 |
|
|
EUR |
2 953 624 |
3 095 046 |
3 101 443 |
111.9 |
112.0 |
110.6 |
-1.3 |
-1.4 |
|
|
EUR* |
46 346 |
47 898 |
48 191 |
67.8 |
63.9 |
63.0 |
-4.8 |
-0.8 |
|
|
EUR |
2 758 225 |
2 844 864 |
2 863 438 |
140.5 |
137.9 |
137.3 |
-3.2 |
-0.6 |
|
|
EUR |
23 776 |
23 140 |
23 036 |
85.6 |
79.0 |
77.3 |
-8.3 |
-1.7 |
|
|
EUR |
16 039 |
16 827 |
17 581 |
41.8 |
42.0 |
43.6 |
1.8 |
1.6 |
|
|
EUR |
25 672 |
26 557 |
27 558 |
38.1 |
37.4 |
38.3 |
0.2 |
0.9 |
|
|
EUR |
19 176 |
20 357 |
20 358 |
24.7 |
25.8 |
25.7 |
0.9 |
-0.2 |
|
|
HUF |
48 841 865 |
54 360 510 |
55 134 432 |
74.1 |
75.0 |
73.5 |
-0.5 |
-1.5 |
|
|
EUR |
9 000 |
9 409 |
9 768 |
51.6 |
49.6 |
50.4 |
-1.2 |
0.8 |
|
|
EUR |
480 548 |
466 907 |
480 671 |
50.1 |
45.8 |
46.5 |
-3.7 |
0.7 |
|
|
EUR |
350 693 |
369 343 |
371 143 |
78.4 |
78.3 |
77.8 |
-0.6 |
-0.5 |
|
|
PLN |
1 512 773 |
1 624 396 |
1 691 148 |
49.2 |
48.6 |
49.6 |
0.4 |
1.0 |
|
|
EUR |
272 427 |
279 951 |
263 085 |
112.4 |
107.5 |
99.1 |
-13.3 |
-8.4 |
|
|
RON |
665 491 |
759 655 |
783 532 |
47.5 |
49.3 |
48.8 |
1.3 |
-0.5 |
|
|
EUR |
41 339 |
44 151 |
43 670 |
72.5 |
71.8 |
69.2 |
-3.3 |
-2.6 |
|
|
EUR |
63 379 |
69 681 |
68 830 |
57.7 |
58.4 |
56.0 |
-1.7 |
-2.3 |
|
|
EUR |
196 781 |
205 756 |
210 525 |
73.5 |
74.3 |
75.8 |
2.3 |
1.5 |
|
|
SEK |
1 979 789 |
1 874 628 |
1 965 911 |
33.2 |
30.0 |
31.2 |
-1.9 |
1.2 |
|
|
NOK |
2 083 819 |
1 852 408 |
2 271 202 |
36.5 |
35.6 |
44.3 |
7.8 |
8.7 |
|
|
General government gross debt by Member State |
|||||
|---|---|---|---|---|---|
|
Components of government debt in 2023Q4, in % of GDP |
IGL (assets) |
||||
|
Currency and deposits |
Debt Securities |
Loans |
% of GDP |
||
|
2023Q4 |
2023Q4 |
2023Q4 |
2023Q4 |
||
|
EUR |
2.5 |
73.9 |
12.2 |
1.5 |
|
|
EUR |
2.2 |
67.7 |
11.8 |
1.3 |
|
|
EUR |
0.3 |
90.1 |
14.8 |
1.4 |
|
|
BGN |
– |
19.0 |
4.1 |
0.0 |
|
|
CZK |
0.4 |
40.1 |
3.5 |
0.0 |
|
|
DKK |
0.7 |
22.0 |
6.6 |
0.0 |
|
|
EUR |
0.4 |
50.4 |
12.9 |
1.5 |
|
|
EUR |
0.2 |
9.6 |
9.8 |
1.2 |
|
|
EUR |
5.1 |
29.2 |
9.4 |
0.0 |
|
|
EUR |
3.3 |
41.8 |
116.8 |
0.0 |
|
|
EUR |
0.4 |
95.6 |
11.7 |
1.8 |
|
|
EUR |
1.5 |
98.5 |
10.7 |
1.7 |
|
|
EUR* |
0.1 |
44.6 |
18.3 |
0.0 |
|
|
EUR |
9.5 |
114.0 |
13.7 |
1.9 |
|
|
EUR |
0.6 |
46.4 |
30.3 |
1.0 |
|
|
EUR |
1.2 |
37.5 |
4.8 |
0.0 |
|
|
EUR |
0.2 |
30.9 |
7.2 |
0.0 |
|
|
EUR |
0.4 |
21.1 |
4.1 |
0.8 |
|
|
HUF |
0.7 |
64.4 |
8.5 |
0.0 |
|
|
EUR |
2.3 |
43.2 |
4.9 |
1.1 |
|
|
EUR |
0.2 |
39.4 |
6.9 |
1.3 |
|
|
EUR |
0.4 |
68.5 |
8.9 |
1.3 |
|
|
PLN |
0.3 |
36.7 |
12.5 |
0.0 |
|
|
EUR |
18.3 |
55.4 |
25.4 |
0.3 |
|
|
RON |
1.2 |
39.6 |
8.0 |
0.0 |
|
|
EUR |
0.4 |
59.6 |
9.2 |
1.7 |
|
|
EUR |
0.0 |
49.1 |
6.9 |
1.5 |
|
|
EUR |
0.3 |
55.7 |
19.8 |
1.5 |
|
|
SEK |
2.1 |
17.7 |
11.5 |
0.0 |
|
|
NOK |
– |
14.8 |
29.5 |
– |
|
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 April 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 this release, the quarterly GDP for the EU and euro area aggregates and Croatia have been adjusted to the annual GDP transmitted in the context of the Excessive Deficit Procedure.
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.
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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