Eurostat: Greece is the champion in debt reduction in Europe

A decrease in public debt as a percentage of GDP both at the Eurozone level and at the level of the European Union was recorded in the third quarter of last year, with our country recording the highest debt as a percentage of GDP, but at the same time the largest decrease.

According to the data announced by Eurostat, at the end of the third quarter of 2022, the ratio of gross general government debt to GDP in the euro area was 93.0%, compared to 94.2% at the end of the second quarter of 2022 .

In the EU, the index also fell from 86.4% to 85.1%.

State debt decreased in the 3rd quarter of 2022

Compared to the third quarter of 2021, the government debt-to-GDP ratio also fell in the euro area (from 97.3% to 93.0%) and the EU (from 89.7% to 85.1% ).

At the end of the third quarter of 2022, the securities represented 82.5% of the euro area and 81.9% of the E.U. of general government debt. Loans amounted to 14.4% and 15.0% respectively.

Public debt at the end of the third quarter of 2022 by Member State

The highest ratios of public debt to GDP at the end of the third quarter of 2022 were recorded in Greece (178.2%), Italy (147.3%), Portugal (120.1%), Spain (115.6%), France (113.4%) and Belgium (106.3%), and lowest in Estonia (15.8%), Bulgaria (23.1%) and Luxembourg (24.6%)

Compared to the second quarter of 2022, four Member States recorded an increase in their debt to GDP at the end of the third quarter of 2022 and twenty-three a decrease.

Increases in the ratio were observed in Bulgaria (+1.9 percentage points – p.p.), the Czech Republic (+1.7 p.p.), France (+0.3 p.p.) and Sweden (+ 0.2 p.p.), while the largest decreases were recorded in Greece (-5.3 p.p.), Cyprus (-3.8 p.p.), Portugal (-3.3 p.p .), in Italy (-3.0 p.p.) and Croatia (-2.8 p.p.)

Compared to the third quarter of 2021, one Member State recorded an increase in its debt-to-GDP ratio at the end of the third quarter of 2022 and twenty-six Member States a decrease. The increase in the ratio was recorded in the Czech Republic (+4.7 p.p.), while the largest decreases were observed in Greece (-24.7 p.p.), Cyprus (-15.0 p.p.), Croatia (-11.1 p.p.), Portugal (-9.0 p.p.), Denmark (-8.8 p.p.), Ireland (-8.4 p.p.), Lithuania (-7.3 p.p.) and Slovenia (-7.2 p.p.).