Government debt at 88.8% of GDP in euro area
Source: Eurostat, ec.europa.eu/eurostat. Reproduced unchanged under the Creative Commons Attribution 4.0 International licence. Original document ↗
Overview
At the end of the second quarter of 2026, the general government gross debt to GDP ratio in the euro area (EA21) stood at 88.8%, an increase compared with 88.4% at the end of the first quarter of 2026. In the EU, the ratio also increased from 82.5% to 82.9%.
Compared with the second quarter of 2025, the government debt to GDP ratio increased in both the euro area (from 87.3% to 88.8%) and the EU (from 81.4% to 82.9%).
At the end of the second quarter of 2026, the general government debt was made up of 84.5% debt securities in the euro area and 83.9% in the EU, 13.1% loans in the euro area and 13.8% in the EU and 2.4% currency and deposits in both the euro area and the EU.
Due to the involvement of EU Member States' governments in lending to certain Member States, quarterly data on intergovernmental lending (IGL) are also published. The IGL as percentage of GDP at the end of the second quarter of 2026 stood at 1.3% in the euro area and at 1.1% in the EU.
These data are released by Eurostat, the statistical office of the European Union.
Euro area and EU general government gross debt |
||||
|---|---|---|---|---|
2025Q2 |
2026Q1p |
2026Q2p |
||
Euro area |
||||
General government gross debt |
(million euro) |
13 705 629 |
14 245 798 |
14 438 114 |
(% of GDP) |
87.3 |
88.4 |
88.8 |
|
Of which: Currency and deposits |
(million euro) |
347 121 |
356 562 |
345 843 |
(% of total debt) |
2.5 |
2.5 |
2.4 |
|
Debt securities |
(million euro) |
11 542 693 |
12 005 756 |
12 204 655 |
(% of total debt) |
84.2 |
84.3 |
84.5 |
|
Loans |
(million euro) |
1 815 815 |
1 883 481 |
1 887 616 |
(% of total debt) |
13.2 |
13.2 |
13.1 |
|
Memo: Intergovernmental lending |
(million euro) |
217 984 |
209 208 |
206 730 |
(% of GDP) |
1.4 |
1.3 |
1.3 |
|
EU |
||||
General government gross debt |
(million euro) |
15 048 285 |
15 707 443 |
15 950 729 |
(% of GDP) |
81.4 |
82.5 |
82.9 |
|
Of which: Currency and deposits |
(million euro) |
373 975 |
386 077 |
376 208 |
(% of total debt) |
2.5 |
2.5 |
2.4 |
|
Debt securities |
(million euro) |
12 590 379 |
13 138 420 |
13 378 271 |
(% of total debt) |
83.7 |
83.6 |
83.9 |
|
Loans |
(million euro) |
2 083 929 |
2 182 948 |
2 196 250 |
(% of total debt) |
13.8 |
13.9 |
13.8 |
|
Memo: Intergovernmental lending |
(million euro) |
217 984 |
209 208 |
206 730 |
(% of GDP) |
1.2 |
1.1 |
1.1 |
|
Rounding differences may occur. p: provisional data
|
||||
Government debt at the end of the second quarter of 2026 by Member State
The highest ratios of government debt to GDP at the end of the second quarter of 2026 were recorded in Greece (140.8%), Italy (139.9%), France (119.1%), Belgium (110.2%) and Spain (101.4%), and the lowest ratios were recorded in Estonia (26.1%), Denmark (27.1%), Luxembourg (28.2%) and Bulgaria (28.7%).
Compared with the first quarter of 2026, fifteen Member States registered an increase in their debt to GDP ratio at the end of the second quarter of 2026, ten registered a decrease, and the ratio remained stable in the Netherlands and Spain. The largest increases in the ratio were observed in Poland (+3.0 percentage points – pp), Portugal (+2.1 pp), Latvia (+1.9 pp), Lithuania (+1.6 pp), France (+1.4 pp), Italy and Malta (both +1.3 pp) and Estonia (+1.1 pp). The largest decreases were recorded in Cyprus (-3.0 pp), Greece (-2.7 pp), Hungary (-2.0 pp), Ireland (-1.8 pp), Croatia (-1.6 pp) and Slovakia (-1.0 pp).
Compared with the second quarter of 2025, eighteen Member States registered an increase in their debt to GDP ratio at the end of the second quarter of 2026 and nine Member States registered a decrease. The largest increases in the ratio were recorded in Poland (+6.7 pp), Lithuania (+4.9 pp), Belgium (+3.8 pp), France (+3.7 pp), Luxembourg (+3.6 pp), and Estonia (+3.0 pp). The largest decreases were observed in Greece (-11.2 pp), Cyprus (-9.5 pp), Slovenia (-4.5 pp) and Portugal (-3.4 pp).
Tables
General government gross debt by Member State |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
General government gross debt |
|||||||||
Millions of national currency |
% of GDP |
Difference in pp of GDP 2026Q2p compared with: |
|||||||
2025Q2 |
2026Q1p |
2026Q2p |
2025Q2 |
2026Q1p |
2026Q2p |
2025Q2 |
2026Q1p |
||
Euro area |
EUR |
13 705 629 |
14 245 798 |
14 438 114 |
87.3 |
88.4 |
88.8 |
1.5 |
0.4 |
EU |
EUR |
15 048 285 |
15 707 443 |
15 950 729 |
81.4 |
82.5 |
82.9 |
1.5 |
0.4 |
Belgium |
EUR |
670 114 |
707 143 |
719 077 |
106.4 |
109.4 |
110.2 |
3.8 |
0.8 |
Bulgaria |
EUR* |
28 386 |
34 395 |
35 396 |
26.3 |
28.6 |
28.7 |
2.4 |
0.1 |
Czechia |
CZK |
3 627 252 |
3 827 516 |
3 842 374 |
43.7 |
44.1 |
43.8 |
0.1 |
-0.3 |
Denmark** |
DKK |
884 929 |
839 692 |
857 358 |
28.8 |
26.8 |
27.1 |
-1.7 |
0.3 |
Germany |
EUR |
2 734 013 |
2 902 263 |
2 924 674 |
61.4 |
63.5 |
63.4 |
2.0 |
-0.1 |
Estonia |
EUR |
9 468 |
10 636 |
11 259 |
23.1 |
25.0 |
26.1 |
3.0 |
1.1 |
Ireland |
EUR |
207 211 |
215 414 |
205 850 |
34.4 |
37.0 |
35.3 |
0.8 |
-1.8 |
Greece |
EUR |
368 613 |
360 123 |
358 647 |
152.0 |
143.5 |
140.8 |
-11.2 |
-2.7 |
Spain |
EUR |
1 690 911 |
1 739 641 |
1 762 936 |
103.2 |
101.4 |
101.4 |
-1.8 |
0.0 |
France |
EUR |
3 417 162 |
3 535 929 |
3 595 525 |
115.4 |
117.7 |
119.1 |
3.7 |
1.4 |
Croatia |
EUR |
50 925 |
55 217 |
54 729 |
56.7 |
57.8 |
56.2 |
-0.5 |
-1.6 |
Italy |
EUR |
3 072 197 |
3 159 453 |
3 208 524 |
137.6 |
138.6 |
139.9 |
2.2 |
1.3 |
Cyprus |
EUR |
21 703 |
20 034 |
19 203 |
58.1 |
51.5 |
48.5 |
-9.5 |
-3.0 |
Latvia |
EUR |
19 770 |
20 428 |
21 634 |
47.1 |
46.2 |
48.1 |
0.9 |
1.9 |
Lithuania |
EUR |
32 007 |
36 453 |
38 771 |
38.9 |
42.1 |
43.8 |
4.9 |
1.6 |
Luxembourg |
EUR |
21 797 |
26 450 |
26 547 |
24.6 |
28.6 |
28.2 |
3.6 |
-0.4 |
Hungary |
HUF |
63 981 921 |
68 980 022 |
67 863 758 |
75.8 |
77.6 |
75.6 |
-0.2 |
-2.0 |
Malta |
EUR |
11 086 |
11 461 |
11 977 |
46.7 |
45.7 |
47.0 |
0.3 |
1.3 |
Netherlands |
EUR |
491 517 |
517 377 |
523 795 |
43.0 |
43.8 |
43.7 |
0.7 |
0.0 |
Austria |
EUR |
412 517 |
431 684 |
438 856 |
81.2 |
82.7 |
83.6 |
2.4 |
0.8 |
Poland |
PLN |
2 186 148 |
2 444 285 |
2 598 330 |
57.8 |
61.6 |
64.5 |
6.7 |
3.0 |
Portugal |
EUR |
287 146 |
282 983 |
293 726 |
95.9 |
90.4 |
92.5 |
-3.4 |
2.1 |
Romania |
RON |
1 039 857 |
1 169 870 |
1 196 438 |
57.0 |
59.7 |
59.4 |
2.5 |
-0.3 |
Slovenia |
EUR |
47 625 |
46 323 |
47 707 |
69.2 |
64.1 |
64.7 |
-4.5 |
0.6 |
Slovakia |
EUR |
83 475 |
86 784 |
86 423 |
61.9 |
61.6 |
60.6 |
-1.4 |
-1.0 |
Finland |
EUR |
245 967 |
254 813 |
259 585 |
88.3 |
89.5 |
90.2 |
1.9 |
0.7 |
Sweden |
SEK |
2 199 844 |
2 348 383 |
2 395 981 |
33.8 |
35.0 |
35.3 |
1.6 |
0.3 |
Norway |
NOK |
2 303 056 |
2 711 042 |
3 427 445 |
41.8 |
49.1 |
60.8 |
19.1 |
11.7 |
p: provisional data * Euro-fixed for periods up to the fourth quarter of 2025, i.e. BGN divided by the irrevocable exchange rate. ** See country metadata notes. Rounding differences may occur.
|
|||||||||
General government gross debt by Member State |
||||
|---|---|---|---|---|
Components of general government gross debt, in % of GDP |
IGL (assets) |
|||
Currency and deposits |
Debt Securities |
Loans |
% of GDP |
|
2026Q2p |
2026Q2p |
2026Q2p |
2026Q2p |
|
Euro area |
2.1 |
75.1 |
11.6 |
1.3 |
EU |
2.0 |
69.5 |
11.4 |
1.1 |
Belgium |
0.2 |
95.8 |
14.2 |
1.2 |
Bulgaria |
1.5 |
23.4 |
3.8 |
0.0 |
Czechia |
0.4 |
40.1 |
3.3 |
0.0 |
Denmark* |
0.5 |
24.6 |
2.0 |
0.0 |
Germany |
0.3 |
50.6 |
12.5 |
1.3 |
Estonia |
0.2 |
16.2 |
9.7 |
1.1 |
Ireland |
4.3 |
23.7 |
7.3 |
0.3 |
Greece |
3.0 |
39.5 |
98.3 |
0.0 |
Spain |
0.3 |
90.4 |
10.6 |
1.5 |
France |
1.4 |
106.9 |
10.7 |
1.5 |
Croatia |
0.1 |
41.6 |
14.5 |
0.0 |
Italy |
8.1 |
117.5 |
14.2 |
1.7 |
Cyprus |
0.5 |
29.3 |
18.8 |
0.7 |
Latvia |
1.8 |
43.6 |
2.7 |
0.0 |
Lithuania |
0.6 |
35.2 |
8.0 |
0.0 |
Luxembourg |
0.4 |
24.3 |
3.5 |
0.6 |
Hungary |
0.7 |
67.1 |
7.7 |
0.0 |
Malta |
1.6 |
41.6 |
3.9 |
0.8 |
Netherlands |
0.1 |
37.7 |
5.9 |
1.1 |
Austria |
0.4 |
74.5 |
8.7 |
1.3 |
Poland |
0.3 |
47.7 |
16.5 |
0.0 |
Portugal |
16.6 |
55.1 |
20.8 |
0.1 |
Romania |
1.2 |
47.6 |
10.7 |
0.0 |
Slovenia |
0.3 |
54.5 |
9.9 |
1.4 |
Slovakia |
0.1 |
54.5 |
5.9 |
1.4 |
Finland |
0.2 |
69.7 |
20.3 |
1.7 |
Sweden |
2.9 |
20.5 |
11.9 |
0.0 |
Norway |
- |
16.7 |
44.1 |
- |
p: provisional - Not applicable * See country metadata notes. Rounding differences may occur.
|
||||
Notes for users
Methods and definitions
Quarterly data on government debt are collected from the Member States according to European System of Accounts (ESA 2010), see Annex B, ESA 2010 transmission programme, and refer to the Maastricht debt definition, used in the context of the Excessive Deficit Procedure (EDP). Annual EDP data, last notified in October 2026, are the subject of a thorough verification by Eurostat.
The general government gross debt is defined as the consolidated gross debt of the whole general government sector outstanding at the end of the quarter (at face value). General government debt consists of liabilities of general government in the following financial instruments: currency and deposits (AF.2), debt securities (AF.3) and loans (AF.4), as defined in ESA 2010.
The debt to GDP ratio is calculated for each quarter using the sum of quarterly GDP for the four last quarters. Quarterly data on GDP are the most recent ones transmitted by the EU Member States. While quarterly debt figures are consistent with annual debt figures at coinciding publications, differences between annual and quarterly GDP figures affecting the debt to GDP ratio occur for Bulgaria, Greece and Poland.
For the purpose of proper consolidation of general government debt and to provide users with information, Eurostat publishes data on government loans (IGL) to other EU governments. The concepts and definitions are based on ESA 2010 and on the rules relating to the statistics for the EDP. The data covered is the stock of loans and partly deposits related to claims on other EU Member States, including loans made through the European Financial Stability Facility (EFSF). The valuation basis is the stock of loans at face value outstanding at end of each quarter. From the first quarter of 2011 onwards, the intergovernmental lending figures relate mainly to lending to Greece, Ireland and Portugal and include loans made by the EFSF.
For stock data such as general government debt, end of period exchange rates are used in the compilation of the EU aggregates. For flow data, such as GDP, average exchange rates are used. The EU aggregates, denominated in euro, can fluctuate as a result of exchange rate movements between the euro and other EU currencies.
All quarterly government finance statistics data for the first and second quarter of 2026 have been labelled provisional.
Country-specific metadata are published.
Geographical Information
Euro area (EA21): Belgium, Bulgaria, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.
European Union (EU 27): Belgium, Bulgaria, Czechia, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland and Sweden.
For more information
“Statistics Explained” article on quarterly government finance statistics
Database section on quarterly data on government debt by Member State
Decision regarding the European Financial Stability Facility (EFSF)
Further data are available in the presentation on ‘integrated government finance statistics’
Source: Eurostat, ec.europa.eu/eurostat. Original document ↗