Euro area government debt to GDP little changed in 2024

In 2024, the general government gross debt-to-GDP ratio in the Eurozone stood at 87.4%, slightly up from 87.3% in 2023. By the end of the fourth quarter of 2024, government debt was composed of 84% debt securities, 13.5% loans, and 2.5% currency and deposits.

Euro area government debt to GDP little changed in 2024

Among Eurozone countries, the highest government debt-to-GDP ratios were observed in Greece (153.6%), Italy (135.3%), France (113.0%), Belgium (104.7%), and Spain (101.8%). Germany's debt-to-GDP ratio was notably lower at 62.5%.

Eurozone budget deficit falls to 3.1% in 2024

Meanwhile, the government deficit-to-GDP ratio in the Euro Area decreased to 3.1% in 2024, down from a revised 3.5% in 2023. Twelve member states posted deficits equal to or exceeding 3% of GDP. Only a few countries recorded surpluses, including Denmark (+4.5%), Ireland and Cyprus (both +4.3%), Greece (+1.3%), Luxembourg (+1.0%), and Portugal (+0.7%). The largest deficits were seen in Romania (-9.3%), Poland (-6.6%), France (-5.8%), and Slovakia (-5.3%). Government spending in the Eurozone accounted for 49.6% of GDP, while government revenue reached 46.5%, with both figures showing an increase compared to the previous year.