In the first quarter of 2025, the average general government deficit to GDP ratio, seasonally adjusted, stood at 2.9% in the euro area and the European Union, compared with 3.2% and 3.3% respectively in the fourth quarter of 2024, according to data published by the Statistical Office of the European Union (Eurostat) on Monday 21 July.
The following seven Member States had budget surpluses: Cyprus (5.6% of GDP), Greece (4.2%), Denmark (3.3%), Ireland (2.3%), Malta (2.1%), Portugal (1.3%) and Latvia (0.2%).
On the other hand, the government deficit was excessive (above 3% of national GDP) in the following eight countries: Romania (7.5% of GDP), France (5.6%), Belgium (5.5%), Austria and Poland (both 5.1%), Bulgaria (4.6%), Hungary (4.2%) and Finland (3.1%).
Government debt. At the end of the first quarter, the government debt to GDP ratio in the euro area stood at 88.0%, compared with 87.4% at the end of the fourth quarter of 2024. In the EU, this ratio also rose, from 81.0 to 81.8% of GDP.
Government debt exceeded 100% of national GDP in five Member States, all of which belong to the euro area: Greece (152.5% of GDP), Italy (137.9%), France (114.1%), Belgium (106.8%) and Spain (103.5%).
Between the first quarters of 2024 and 2025, thirteen Member States recorded an increase in their government debt/GDP ratio. The biggest increases were in Poland (6.1%), Finland (5.1%), Austria and Romania (both 4.1%). The largest decreases were seen in Greece (-9.3%), Cyprus (-8.2%) and Ireland (-6.1%). (Original version in French by Mathieu Bion)