Government debt rose to 92.9% of GDP in euro areaStaff writer ▼ | July 23, 2015
At the end of the first quarter of 2015, the government debt to GDP ratio in the euro area (EA19) stood at 92.9%, compared with 92% at the end of the fourth quarter of 2014.
Europe Estonia has the lowest debt in euro area
At the end of the first quarter of 2015, debt securities accounted for 79.1% of euro area and for 80.8% of EU28 general government debt. Loans made up 18% and 15.2% respectively and currency and deposits represented 2.9% of euro area and 3.9% of EU28 government debt.
Due to the involvement of EU governments in financial assistance to certain Member States, quarterly data on intergovernmental lending (IGL) is also published.
The share of IGL in GDP at the end of the first quarter of 2015 amounted to 2.3% in the euro area and to 1.7% in the EU28.
The highest ratios of government debt to GDP at the end of the first quarter of 2015 were recorded in Greece (168.8%), Italy (135.1%) and Portugal (129.6%), and the lowest in Estonia (10.5%), Luxembourg (21.6%) and Bulgaria (29.6%).
Compared with the fourth quarter of 2014, fifteen Member States registered an increase in their debt to GDP ratio at the end of the first quarter of 2015 and twelve a decrease.
The highest increases in the ratio were recorded in Belgium (+4.5 pp), Italy (+3.0 pp) and Croatia (+2.6 pp). The largest decreases were recorded in Greece (-8.3 pp), Latvia (-5.1 pp) and Lithuania (-2.7 pp). ■