Eurostat: Euro area debt rises to 87.7% – Romania posts the largest deficit
Eleven EU countries had deficits of 3% or more in 2025. Germany came in at 2.9%, while Greece remains the most indebted at more than 145% of economic output.
Archive image · Photo: Carlos Goulão / Wikimedia Commons, CC BY-SA 3.0 (cropped and resized)
Government debt in the euro area rose to 87.7% of gross domestic product in 2025, up from 86.6% a year earlier. Across the EU it climbed from 80.3% to 81.5%. That is according to the second fiscal notification for 2025, published on Wednesday by the EU statistics office Eurostat. The euro area deficit was unchanged at 3.0%, and the EU deficit at 3.1%.
The largest deficits were reported by Romania at 7.8%, Poland at 7.2%, Belgium at 5.2% and France at 5.1%. In total, eleven member states were at or above 3%. Only Cyprus, Denmark, Greece, Ireland and Portugal recorded surpluses. Germany posted a deficit of 2.9% and a debt ratio of 62.8%.
The most indebted are Greece at 145.4%, Italy at 136.7%, France at 115.7%, Belgium at 108.1% and Spain at 100.5%. The lowest ratios are in Estonia at 24.0%, Luxembourg at 26.0% and Denmark at 27.2%. Twelve countries are above the 60% Maastricht threshold. According to Eurostat's quarterly figures, the euro area debt ratio rose further to 88.8% by the end of June 2026.