EU debt rises; Italy’s reaches 137.9 percent of GDP

Brussels – The public debt to GDP ratio in the European Union rose in the first months of 2025. During the first quarter, it increased from 81 percent to 81.8 percent. In Italy, where the increase is almost threefold, at 2.5 percentage points, the debt now stands at 137.9 percent of the national GDP. 

The increase is generalized and affects the 20 countries that share the single currency: in the first quarter of the year, debt in the euro area rose from 87.4 percent to 88 percent of GDP. The situation compared with a year ago is less alarming: the increase compared to the first quarter of 2024 was 0.6 percentage points for the EU and 0.2 points for the euro area.

The picture taken by Eurostat shows the individual components: for the EU, the general government debt comprised 83.6 percent of debt securities, 13.9 percent loans, and 2.5 percent cash and deposits.

 The highest ratios of public debt to GDP were recorded in Greece (152.5 percent), Italy (137.9 percent), France (114.1 percent), Belgium (106.8 percent), and Spain (103.5 percent). Conversely, those with the books most in order were Bulgaria (23.9 percent), Estonia (24.1 percent), Luxembourg (26.1 percent), and Denmark (29.9 percent).

 From January to March 2025, sixteen Member States recorded an increase in the debt ratio, while it decreased in ten Member States, and remained stable in the Czech Republic. The most significant increases were observed in Austria and Slovakia (both +3.5 percentage points), Slovenia (+2.9 percentage points), Italy (+2.5 percentage points), Lithuania (+2.4 percentage points), Poland (+2.2 percentage points), and Belgium (+2.1 percentage points). Greece (-1.1 percentage points) was among the virtuous countries in this sense. Together with Ireland (-3.7 percentage points) and Latvia (-1.2 percentage points), it was among the countries that have managed to reduce their public debt.