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The ratio of public debt to gross domestic product (GDP) in the Eurozone rose to 88.1% in the second quarter of this year. The European Statistical Office (Eurostat) announced the public debt and budget deficit data for the European Union (EU) and the Eurozone for the second quarter of 2024.
According to the data, the ratio of public debt to GDP in the Eurozone increased from 87.8% in the first quarter to 88.1% in the second quarter.
In the EU, the ratio of public debt to GDP, which was 81.3% in the first quarter, reached 81.5% in the second quarter. Thus, total public debt in the Eurozone rose to 13 trillion 95 billion euros, and in the EU to 14 trillion 300 billion euros. HIGHEST DEBT RATIO IN GREECEAmong EU member countries, Greece had the highest ratio of public debt to GDP in the second quarter of the year at 163.6%. Following Greece were Italy at 137%, France at 112.2%, Belgium at 108%, Spain at 105.3%, and Portugal at 100.6%. The countries with the lowest ratios of public debt to GDP during this period were Bulgaria at 22.1%, Estonia at 23.8%, and Luxembourg at 26.8%. BUDGET DEFICIT INCREASEDThe ratio of the budget deficit to GDP in the EU increased from 2.9% in the first quarter to 3.1% in the second quarter. In the Eurozone, the ratio of the budget deficit to GDP remained stable at 3% in the second quarter. Among EU countries, the highest budget deficits in the second quarter were in Poland at 8.1%, Romania at 7.1%, France and Slovakia at 5.5%, Finland at 5.4%, Belgium and Hungary at 5.1%, Malta at 4.3%, and Austria at 3.9%. According to EU rules, under normal circumstances, member countries' public debts should not exceed 60% of their GDP, and budget deficits should not exceed 3% of their GDP. When these limits are exceeded, measures to be implemented must be reported to the EU Commission, and effective action must be taken. However, a significant portion of EU countries do not comply with fiscal rules.
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