In the second quarter of 2023, public debt in the euro area fell to 90.3% of GDP and in the EU to 83.1% of GDP.

In Greece, public debt fell to 166.5% of GDP, according to Eurostat data released today.

In particular, at the end of the second quarter of 2023, the ratio of general government gross debt to GDP in the euro area was 90.3%, compared to 90.7% at the end of the first quarter of 2023. In the EU, the ratio also decreased from 83.4% to 83.1%.

The higher public debt to GDP ratios at the end of the second quarter of 2023 they were recorded in Greece (166.5%), Italy (142.4%), France (111.9%), Spain (111.2%), Portugal (110.1 %) and Belgium (106.0%) while the lowest in Estonia (18.5%), Bulgaria (21.5%), Luxembourg (28.2%), Denmark (30.2%) and Sweden (30.7%).

Compared to the first quarter of 2023, nine Member States recorded an increase in the debt-to-GDP ratio at the end of the second quarter of 2023 and eighteen a decrease.

The largest increases in the ratio were seen in Cyprus (+2.2 percentage points), Slovakia (+1.6), Italy (+1.5), Finland and Estonia (both +1.3), while the largest decreases were recorded in Latvia (-3.5), Croatia (-2.6), Portugal (-2.2), Greece (-2.1), Malta (-1.7), Austria (-1 ,6), Slovenia (-1.5), the Netherlands (-1.4), Germany (-1.1) and Sweden (-1.0).

Deficit

In 2022, the public deficit in the Eurozone fell to 3.6% and in the EU to 3.3% of GDP, compared to 2021, while public debt fell to 91% for the Eurozone and 83.5% for the EU. EU, according to updated Eurostat figures released today.

In particular, in the eurozone the public deficit to GDP shrank from 5.2% in 2021 to 3.6% in 2022 and in the EU from 4.7% to 3.3%.

The ratio of public debt to GDP decreased in the euro area from 94.8% in 2021 to 91% at the end of 2022 and in the EU from 87.4% to 83.5%.

In 2022, twenty-two Member States reported a deficit. The highest deficits were recorded in Italy (-8.0%), Romania (-6.3%), Hungary (-6.2%), Malta (-5.7%), Greece (-4, 9%) and France (-4.8%). Twelve Member States had deficits higher than 3% of GDP.

Five Member States reported a surplus, with the largest recorded in Denmark (+3.3%), Cyprus (+2.4%), Ireland (+1.7%) and Sweden (+1.1%) .

At the end of 2022, the lowest ratios of public debt to GDP were recorded in Estonia (18.5%), Bulgaria (22.6%), Luxembourg (24.7%), Denmark (29.8%) , in Sweden (32.9%) and Lithuania (38.1).

Thirteen Member States had public debt ratios higher than 60% of GDP, with the highest recorded in Greece (172.6%), Italy (141.7%), Portugal (112.4%), France ( 111.8%), Spain (111.6%) and Belgium. (104.3%).

In 2022, government spending in the euro area accounted for 50.5% of GDP and public revenue for 46.9%. The figures for the EU were 49.6% and 46.3%, respectively.