The government debt in the eurozone rose to 88.7% of GDP at the end of the first quarter of 2024, according to Eurostat, up from 88.2% at the end of the fourth quarter of 2023.

Although Greece has the highest debt as a percentage of GDP, it recorded the largest drop on a quarterly basis and the second largest on an annual basis.

The highest government debt-to-GDP ratios at the end of the first quarter of 2024 were recorded in Greece (159.8%), Italy (137.7%), France (110.8%), Spain (108.9%), Belgium (108.2%) and Portugal (100.4%), and the lowest were recorded in Bulgaria (22.6%), Estonia (23.6%) and Luxembourg (27.2%).

The eurozone deficit shrank in the first quarter, to 3.2% of GDP from 4%.

At the end of Q1 2024, general government debt consisted of 83.9% euro area and 83.4% EU debt, 13.6% euro area and 14.0% EU loans, and 2.6% foreign exchange and deposits in both the euro area and the EU.