Eurostat: Double first in public debt for Greece – 2024-07-22 18:05:54

Public debt within the euro space stood at 88.7% of GDP on the finish of the primary quarter of 2024, up from 88.2% on the finish of the fourth quarter of 2023. Within the EU, the ratio additionally rose from 81.5% to 82.0%. Greece, though it has the best public debt as a proportion of GDP, information the biggest drop on a quarterly foundation and the second largest on an annual foundation.

In keeping with information launched by Eurostat, in comparison with the primary quarter of 2023, the ratio of public debt to GDP decreased each within the euro space (from 90.1% to 88.7%) and within the EU (from 83.0% to 82.0%).

On the finish of the primary quarter of 2024, normal authorities debt consisted of 83.9% euro space and 83.4% EU debt securities, 13.6% euro space loans and 14.0% EU and a couple of .6% forex and deposits in each the euro zone and the EU.

Public debt on the finish of the primary quarter of 2024 by Member State

The best ratios of public debt to GDP on the finish of the primary quarter of 2024 had been recorded in Greece (159.8%), Italy (137.7%), France (110.8%), Spain (108.9 %), Belgium (108.2%) and Portugal (100.4%), and the bottom had been recorded in Bulgaria (22.6%), Estonia (23.6%) and Luxembourg (27.2%). ).

The most important drop

In comparison with the fourth quarter of 2023, twenty Member States recorded a rise within the debt-to-GDP ratio on the finish of the primary quarter of 2024 and 7 a lower. The most important will increase within the ratio had been noticed in Slovakia (+4.6 proportion factors – p.p.), Estonia (+4.0 p.p.), Belgium (+3.1 p.p.), Romania (+2.8 p.m.), Hungary (+2.5 p.m.) and Austria (+2.1 p.m.), whereas decreases had been recorded in Greece (-2.1 p.m. .), Cyprus and the Netherlands (each -1.2 p.), Sweden and Eire (each -0.8 p.), Bulgaria (-0.5 p. m.) and Germany (-0.2 p.m.).

In comparison with the primary quarter of 2023, twelve Member States recorded a rise of their debt-to-GDP ratio on the finish of the primary quarter of 2024, fourteen Member States confirmed a lower, whereas the ratio remained secure in Eire. The most important will increase within the ratio had been recorded in Estonia (+6.3 pp), Finland (+4.2 pp), Poland (+3.3 pp), Slovakia (+2 .7 p.m.), in Romania (+2.2 p.m.), Lithuania (+2.1 p.m.) and Belgium (+2.0 p.m.).

The most important decreases had been noticed in Portugal (-12.0 p.m.), Greece (-9.6 p.m.), Cyprus (-6.8 p.m.), Croatia (-5.3 am), within the Netherlands (-2.8 am), Spain and Germany (each -2.2 am ).

Early repayments

Greece plans to proceed with the early reimbursement of loans totaling 8 billion euros, underscoring the nation’s progress in recovering from the debt disaster, Prime Minister Kyriakos Mitsotakis stated in an interview with Bloomberg in June.

The early reimbursement corresponds to installments of three years and is the third time that Greece has proceeded to speed up the reimbursement of the bundle of loans acquired below the primary rescue program in 2010.

A part of the funds for the early reimbursement will come from the nation’s money “cushion”, which was created through the debt disaster as a security internet. Now that the memoranda period is over, Athens has entry to debt markets and the prime minister has stated he plans to make use of 5 billion euros of these funds to make the early reimbursement.