In the euro area, the government deficit to GDP ratio decreased from 3.0% in 2024 to 2.9% in 2025, and the government debt to GDP ratio increased from 87.0% to 87.8% over the same period, according to data released by the Statistical Office of the European Union (Eurostat) on Wednesday 22 April.
In the EU, the average government deficit remained unchanged at 3.1% of GDP between 2024 and 2025, while the government debt to GDP ratio increased from 80.7% to 81.7%.
In 2025, all Member States except Cyprus (3.4% of GDP), Denmark (2.9%), Ireland (1.8%), Greece (1.7%) and Portugal (0.7%) recorded a deficit.
Eleven Member States had deficits equal to or greater than the regulatory threshold of 3% of GDP set by the Stability and Growth Pact: Romania (-7.9%), Poland (-7.3%), Belgium (-5.2%), France (-5.1%), Hungary (-4.7%), Slovakia (-4.5%), Austria (-4.2%), Bulgaria (-3.5%), Finland (-3.4%), Italy (-3.1%) and Croatia (-3.0%).
Italy’s ambition was to reduce its deficit to below 3% of national GDP in order to emerge from the excessive deficit procedure (EDP), but it just missed the target (see EUROPE 13714/14).
It should be noted that, among the major economies in the euro area, Germany maintained its public deficit at -2.7% of national GDP. Spain reduced its deficit in one year, from 3.4% to 2.4% of GDP.
Debt. At the end of 2025, the lowest government debt/GDP ratios were recorded in Estonia (24.1%), Luxembourg (26.5%), Denmark (27.9%) and Bulgaria (29.9%).
Twelve Member States had government debt ratios in excess of 60% of GDP, with the highest ratios recorded in Greece (146.1%), Italy (137.1%), France (115.6%), Belgium (107.9%) and Spain (100.7%). (Original version in French by Mathieu Bion)