Overview
At the end of the third quarter of 2025, the general government gross debt to GDP ratio in the euro area (EA20) stood at 88.5%, an increase compared with 88.2% at the end of the second quarter of 2025. In the EU, the ratio also increased from 81.9% to 82.1%.
Compared with the third quarter of 2024, the government debt to GDP ratio increased in both the euro area (from 87.7% to 88.5%) and the EU (from 81.3% to 82.1%).
At the end of the third quarter of 2025, the general government debt was made up of 84.2% debt securities in the euro area and 83.6% in the EU, 13.3% loans in the euro area and 13.9% in the EU and 2.6% currency and deposits in the euro area and 2.5% in 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 third quarter of 2025 stood at 1.4% in the euro area and at 1.2% in the EU.
These data are released by Eurostat, the statistical office of the European Union.
Euro area and EU general government gross debt
2024Q3
2025Q2p
2025Q3p
Euro area 20
(million euro)
13 228 782
13 676 742
13 854 637
(% of GDP)
87.7
88.2
88.5
(million euro)
337 593
348 052
353 512
(% of total debt)
2.6
2.5
2.6
(million euro)
11 119 788
11 518 784
11 661 087
(% of total debt)
84.1
84.2
84.2
(million euro)
1 771 402
1 809 906
1 840 037
(% of total debt)
13.4
13.2
13.3
(million euro)
224 314
216 518
219 845
(% of GDP)
1.5
1.4
1.4
Â
Â
Â
(million euro)
13 253 694
13 705 122
13 886 456
(% of GDP)
87.3
87.7
88.1
(million euro)
337 593
348 052
353 512
(% of total debt)
2.5
2.5
2.5
(million euro)
11 141 118
11 543 685
11 689 229
(% of total debt)
84.1
84.2
84.2
(million euro)
1 774 983
1 813 384
1 843 714
(% of total debt)
13.4
13.2
13.3
(million euro)
224 314
216 518
219 845
(% of GDP)
1.5
1.4
1.4
EU
Â
Â
Â
(million euro)
14 476 738
15 047 553
15 253 172
(% of GDP)
81.3
81.9
82.1
(million euro)
364 338
374 924
383 938
(% of total debt)
2.5
2.5
2.5
(million euro)
12 101 484
12 591 774
12 752 185
(% of total debt)
83.6
83.7
83.6
(million euro)
2 010 917
2 080 854
2 117 049
(% of total debt)
13.9
13.8
13.9
(million euro)
224 314
216 518
219 845
(% of GDP)
1.3
1.2
1.2
Government debt at the end of the third quarter of 2025 by Member State
The highest ratios of government debt to GDP at the end of the third quarter of 2025 were recorded in Greece (149.7%), Italy (137.8%), France (117.7%), Belgium (107.1%) and Spain (103.2%), and the lowest ratios were recorded in Estonia (22.9%), Luxembourg (27.9%), Bulgaria (28.4%), and Denmark (29.7%).
Compared with the second quarter of 2025, eleven Member States registered an increase in their debt to GDP ratio at the end of the third quarter of 2025 and sixteen registered a decrease. The largest increases in the ratio were observed in Luxembourg (+2.6 percentage points – pp), Bulgaria (+2.1 pp), France (+1.8 pp), Lithuania and Romania (both +1.6 pp), and Austria (+1.5 pp). The largest decreases were recorded in Latvia (-2.9 pp), Greece (-2.2 pp), Slovenia and Finland (both -1.7 pp).
Compared with the third quarter of 2024, sixteen Member States registered an increase in their debt to GDP ratio at the end of the third quarter of 2025 and eleven Member States registered a decrease. The largest increases in the ratio were recorded in Romania (+5.5 pp), Poland (+5.0 pp), Finland (+4.7 pp), Bulgaria (+4.1 pp) and France (+4.0 pp). The largest decreases were observed in Greece (-8.9 pp), Ireland (-7.1 pp), Cyprus (-6.1 pp), Denmark (-3.1 pp) and Latvia (-2.3 pp).
Tables
General government gross debt by Member State
General government gross debt
Millions of national currency
% of GDP
Difference in pp of GDP 2025Q3p compared with:
2024Q3
2025Q2p
2025Q3p
2024Q3
2025Q2p
2025Q3p
2024Q3
2025Q2p
EUR
13 228 782
13 676 742
13 854 637
87.7
88.2
88.5
0.8
0.3
EUR
13 253 694
13 705 122
13 886 456
87.3
87.7
88.1
0.8
0.3
EUR
14 476 738
15 047 553
15 253 172
81.3
81.9
82.1
0.9
0.3
EUR
644 385
670 703
681 157
104.8
106.2
107.1
2.3
0.8
EUR*
24 918
28 386
31 825
24.3
26.3
28.4
4.1
2.1
CZK
3 449 070
3 627 212
3 623 901
43.4
43.8
43.1
-0.3
-0.7
DKK
932 969
888 596
900 757
32.7
29.6
29.7
-3.1
0.1
EUR
2 671 637
2 733 365
2 787 631
62.0
62.3
63.0
1.0
0.7
EUR
9 386
9 461
9 410
23.8
23.2
22.9
-1.0
-0.3
EUR
215 943
207 243
208 960
40.0
33.4
32.8
-7.1
-0.5
EUR
370 820
368 609
367 852
158.6
151.9
149.7
-8.9
-2.2
EUR
1 635 731
1 690 922
1 709 330
104.2
103.5
103.2
-1.1
-0.3
EUR
3 301 444
3 416 302
3 482 180
113.7
115.9
117.7
4.0
1.8
EUR
49 968
50 932
51 838
59.2
57.5
57.2
-1.9
-0.3
EUR
2 962 913
3 071 278
3 080 915
135.6
138.3
137.8
2.2
-0.5
EUR
22 886
21 774
21 748
66.7
61.4
60.6
-6.1
-0.7
EUR
18 853
19 776
18 965
47.4
48.0
45.2
-2.3
-2.9
EUR
29 521
31 815
33 635
38.0
39.1
40.7
2.6
1.6
EUR
21 790
21 870
24 451
25.6
25.2
27.9
2.2
2.6
HUF
60 605 593
63 986 465
64 146 655
76.1
76.2
75.2
-0.8
-0.9
EUR
10 165
11 110
11 215
44.8
46.8
46.5
1.7
-0.2
EUR
469 678
491 700
493 628
42.6
42.7
42.4
-0.3
-0.4
EUR
398 538
412 280
423 892
81.6
82.2
83.7
2.1
1.5
PLN
1 897 487
2 186 171
2 221 829
53.2
58.1
58.1
5.0
0.1
EUR
272 323
287 133
294 420
95.9
96.7
97.6
1.7
0.9
RON
916 404
1 039 857
1 096 295
53.3
57.3
58.9
5.5
1.6
EUR
44 245
47 494
46 930
66.3
69.3
67.6
1.3
-1.7
EUR
77 425
83 484
83 916
60.1
62.9
62.3
2.2
-0.6
EUR
225 432
245 999
242 401
82.2
88.5
86.8
4.7
-1.7
SEK
2 040 847
2 191 695
2 174 022
32.3
33.9
33.3
1.0
-0.6
NOK
2 191 307
2 303 056
2 315 139
40.9
42.0
42.0
1.1
0.0
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
2025Q3p
2025Q3p
2025Q3p
2025Q3p
2.3
74.5
11.8
1.4
2.2
74.1
11.7
1.4
2.1
68.7
11.4
1.2
0.4
92.1
14.6
1.3
–
25.1
3.3
0.0
0.4
39.1
3.6
0.0
0.6
27.0
2.1
0.0
0.4
50.2
12.4
1.4
0.3
13.1
9.5
1.2
4.0
22.1
6.8
0.0
3.1
40.0
106.7
0.0
0.3
91.6
11.2
1.7
1.5
105.6
10.6
1.6
0.1
42.2
15.0
0.0
8.6
115.2
14.0
1.9
0.5
35.5
24.7
0.9
1.4
40.0
3.7
0.0
0.2
33.8
6.7
0.0
0.4
23.7
3.8
0.7
0.8
66.1
8.3
0.0
1.7
40.4
4.5
0.9
0.2
35.8
6.3
1.1
0.4
74.3
9.0
1.7
0.3
43.1
14.8
0.0
16.7
57.8
23.2
0.2
1.2
48.0
9.6
0.0
0.3
56.9
10.4
1.6
0.1
55.8
6.4
1.6
0.4
65.6
20.9
1.5
3.0
19.0
11.3
0.0
–
16.1
26.0
–
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, next to be notified in April 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 quarterly and annual data occur at non-coinciding publications. Differences between annual and quarterly GDP figures also occur.
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 three quarters of 2025 have been labelled provisional. Country-specific metadata are published.
Geographical Information
Up to 31 December 2025, the euro area included Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland (EA20). From 1 January 2026, the euro area also includes Bulgaria (EA21).
The aggregate data series commented on in this Euro indicator release refer to the official composition of the euro area in the most recent quarter for which data are available. Thus, Euro indicator releases with data up to the fourth quarter of 2025 comment on EA20 series, while releases with data for the first quarter of 2026 onwards will comment on EA21 series.
The European Union includes 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 (EU27).
For more information