Government Debt in the EU: debt as a percentage of GDP for select countries 1995-2022

Published by Statista Research Department, Sep 2, 2024

Several European Union member states have struggled with high levels of public debt in the period since the Global Financial Crisis. In particular, Greece's debt skyrocketed during the recession which followed the crisis, culminating in a period of intense political and social upheaval during the early 2010s in which the country came close to having to leave the Euro single currency zone.

Along with Italy, Portugal, Spain and France, Greece is part of a group of EU members who have seen their debt soar to a value worth over one year's aggregate production in their economies (i.e. 100% of GDP) due to slow economic growth coupled with increasing public liabilities due to the need to provide emergency support to their domestic financial systems. Belgium, while also a part of this group of high-debt ratio countries has quite different circumstances, as its debt ratio has in fact fallen since the 1990s, remaining 20 percent below its 1995 level, even after a spike due to the COVID-19 pandemic.

Government debt as a percentage of Gross Domestic Product (GDP) for Belgium, France, Greece, Italy, Ireland, Portugal, and Spain, from 1995 to 2022

Characteristic	Greece	Italy	Portugal	France	Spain	Belgium	Ireland
2022	172.6%	141.7%	112.4%	111.8%	111.6%	104.3%	44.4%
2021	195%	147.1%	124.5%	112.9%	116.8%	108%	54.4%
2020	207%	154.9%	134.9%	114.6%	120.3%	111.8%	58.1%
2019	180.6%	134.2%	116.6%	97.4%	98.2%	97.6%	57.1%
2018	186.4%	134.5%	121.5%	97.8%	100.4%	99.9%	62.9%
2017	179.5%	134.2%	126.1%	98.1%	101.8%	102%	67.4%
2016	180.5%	134.8%	131.5%	98%	102.7%	105%	74.4%
2015	176.7%	135.3%	131.2%	95.6%	103.3%	105.2%	76.5%
2014	180.3%	135.4%	132.9%	94.9%	105.1%	107%	104%
2013	178.2%	132.5%	131.4%	93.4%	100.5%	105.5%	120.1%
2012	162%	126.5%	129%	90.6%	90%	104.8%	119.9%
2011	175.2%	119.7%	114.4%	87.8%	69.9%	103.5%	110.4%
2010	147.5%	119.2%	100.2%	85.3%	60.5%	100.3%	86.2%
2009	126.7%	116.6%	87.8%	83%	53.3%	100.2%	61.8%
2008	109.4%	106.2%	75.6%	68.8%	39.7%	93.2%	42.5%
2007	103.1%	103.9%	72.7%	64.5%	35.8%	87.3%	23.9%
2006	103.6%	106.7%	73.7%	64.6%	39.1%	91.5%	23.6%
2005	107.4%	106.6%	72.2%	67.4%	42.4%	95.1%	26.1%
2004	102.9%	105.1%	67.1%	65.9%	45.4%	97.2%	28.1%
2003	101.5%	105.5%	63.9%	64.4%	47.7%	101.7%	29.8%
2002	104.9%	106.4%	60%	60.3%	51.2%	105.4%	30.9%
2001	107.1%	108.9%	57.4%	58.3%	54%	108.2%	33.6%
2000	104.9%	109%	54.2%	58.9%	57.8%	109.6%	36.4%
1999	98.9%	113.3%	55.4%	60.5%	60.8%	115.4%	46.6%
1998	97.4%	114.1%	55.6%	61.3%	62.3%	119.2%	51.4%
1997	99.5%	116.8%	58.7%	61.4%	64.2%	124.3%	61.6%
1996	101.3%	119.1%	63.3%	60%	65.4%	129%	69.9%
1995	99%	119.4%	62.2%	56.1%	61.5%	131.3%	78.6%