At the end of the second quarter of this year, the euro area's total public debt as a percentage of GDP was 88.1 percent, compared to 87.8 percent at the end of the first quarter of this year. In the EU, this proportion also increased from 81.3 percent to 81.5 percent. Compared to the second quarter of 2023, the public debt-to-GDP ratio decreased in both the euro area (from 88.8 percent to 88.1 percent) and the EU (from 81.9 percent to 81.5 percent). . This is according to data from Eurostat. At the end of the second quarter of this year, the euro area's public debt consisted of 84 percent bonds, 13.4 percent loans, and 2.5 percent currency and deposits. In the EU, it consists of 83.6 percent bonds, 13.9 percent loans and 2.5 percent bonds. According to Eurostat, at the end of the second quarter of 2024, the countries with the highest public debt to GDP ratios were Greece (163.6 percent), Italy (137 percent), France (112.2 percent) and Belgium (108 percent). percent). ), Spain (105.3 percent) and Portugal (100.6 percent), while the lowest were in Bulgaria (22.1 percent), Estonia (23.8 percent) and Luxembourg (26.8 percent). Among other major economies, Germany recorded a ratio of 61.9 percent and the Netherlands 43.2 percent.
Compared to the first quarter of this year, nine Member States recorded an increase in this ratio and 17 Member States recorded a decrease, while Denmark's ratio remained stable. The largest increases were seen in Finland (+2 percentage points), Austria and Italy (both +1.8 percentage points), France (+1.6 percentage points), Portugal (+1.2 percentage points), and Poland (+0.9 percentage points). (percentage point), Sweden (+0.6 percentage point). The largest declines were recorded in Cyprus (-2.1 percentage points), Croatia (-2 percentage points), Greece (-1.8 percentage points), Lithuania (-1.7 percentage points) and Spain (-0.9 percentage points). did. Czech Republic (-0.8 percentage points), Netherlands and Germany (-0.7 percentage points), and Romania (-0.6 percentage points). Compared to the second quarter of 2023, 13 member states recorded an increase in the debt-to-GDP ratio at the end of the second quarter of this year, and 13 member states recorded a decrease, while in the Czech Republic this ratio remained stable. The largest increases were recorded in Finland (+5.2 percentage points), Estonia (+4.7 percentage points), Latvia and Poland (both +4.1 percentage points). The largest declines were seen in Cyprus (-10 percentage points), Greece (-8.9 percentage points), Portugal (-8.1 percentage points), Croatia (-5.7 percentage points), and Spain (-3.5 percentage points). did. percentage points), the Netherlands (-2.2 percentage points), and Germany (-1.7 percentage points). France recorded an increase of 0.9 percentage points, while Italy recorded a decrease of 0.7 percentage points.
In the euro area, the budget deficit as a percentage of GDP increased from 3.5% in 2022 to 3.6% in 2023, and in the EU from 3.2% to 3.5%. The public debt-to-GDP ratio fell from 89.5% at the end of 2022 to 87.4% at the end of 2023 in the euro area, and from 82.5% to 80.8% in the EU. In 2023, all member states recorded deficits except Denmark (+3.3%), Cyprus (+2%), Ireland (+1.5%) and Portugal (+1.2%). The countries with the largest deficits were Italy (-7.2%), Hungary (-6.7%) and Romania (-6.5%).
Ten member countries recorded deficits exceeding 3% of GDP. Among other major economies, Germany recorded a 2.6% decline, France a 5.5% decline, Spain a 3.5% decline and the Netherlands a 0.4% decline. At the end of 2023, the countries with the lowest public debt to GDP ratios were Estonia (20.2%), Bulgaria (22.9%), Luxembourg (25.5%), Sweden (31.5%), Denmark (33.6%) and Lithuania. (37.3%). According to Eurostat data, 13 member states have public debt-to-GDP ratios above 60%, with Greece (163.9%), Italy (134.8%) and France (109.9%) recording the highest levels. %), Spain (105.1%), Belgium (103.1%). In 2023, government spending in the euro area represented 49.5% of GDP, and government revenue 45.9%. The EU figures were 49% and 45.5% respectively. Government revenue expenditure ratios decreased in both the euro area and the EU compared to 2022.
In the second quarter of this year, the euro area budget deficit as a percentage of GDP remained unchanged at 3% compared to the first quarter of this year, while in the EU it increased from 2.9% to 3.1%. in the previous quarter. In the second quarter of 2024, total general government revenue in the euro area amounted to 46.2% of GDP. The increase compared to 45.8% in the first quarter of 2024 was primarily due to an increase in the absolute amount of seasonally adjusted general government revenue and an increase in nominal GDP. In absolute terms, seasonally adjusted total revenue in the euro area increased by approximately 25 billion euros compared to the first quarter.
Total government spending in the euro area amounted to 49.2% of GDP, up from 48.8% in the previous quarter, due to an increase in seasonally adjusted total government spending of approximately 25 billion euros. In the EU, total general government revenue amounted to 45.7% of GDP in the second quarter of this year, up from 45.6% in the previous quarter. EU seasonally adjusted gross revenues increased by approximately €22 billion compared to the first quarter of 2024. Total government spending in the European Union amounted to 48.9% of GDP, up from 48.5% in the previous quarter. Seasonally adjusted total spending increased by approximately EUR 34 billion compared to the previous quarter.
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