The European Union’s public debt amounts to a whopping 13.784 billion euros. However, although the amount appears alarming, it has actually been decreasing for the last few years, after peaking in 2021 due to the coronavirus pandemic.
In the third quarter of 2023, public debt averaged 82.6% of GDP in the EU, compared to 84.6% in the same period in 2022.
As for the 19 countries which have adopted the euro, the percentage of public debt in relation to their GDP rose to 90%. However, when examining the details, the disparities between countries are vast.
Luxembourg fares better than most, with public debt corresponding to 25.7% of its GDP. This means the Grand Duchy is the country with the third lowest amount of debt in the EU, behind Estonia (18.2%) and Bulgaria (21%).
When comparing Luxembourg to its direct neighbours, public debt in this country is four times less than in France, where public debt is 111.9% of its GDP - or 3,000 billion euros. Belgium is also one of six countries in the EU whose public debt exceeds 100% of their GDP, with a rate of 108%.
In Germany, debt represents 64.8% of its GDP, suggesting somewhat better control over public spending. Greece (165.5%) has by far the highest debt ratio in the European Union, ahead of Italy (140.6%) and Spain (109.8%), according to figures published by Eurostat.
