Economy

Eurozone gov't debt/GDP ratio at 86.1 pct in Q3 2018

In euro area, Greece continues to have highest general government debt to GDP ratio with 182.2 pct, says Eurostat

21.01.2019
Eurozone gov't debt/GDP ratio at 86.1 pct in Q3 2018

By Muhammed Ali Gurtas

ANKARA 

The eurozone general government debt to GDP ratio stood at 86.1 percent as of the end of the third quarter of 2018, statistical office of the EU reported on Monday.

According to Eurostat, the figure saw a slight decline by falling 0.2 percentage points from 86.3 percent at the end of last year's second quarter.

On a yearly basis, the government debt to GDP ratio fell in the euro area, down from 88.2 percent at the third quarter of 2017.

Official data revealed that Greece continued to have the highest general government debt to GDP ratio with 182.2 percent, marking a debt of nearly €335 billion ($388 billion).

A year earlier, the ratio was 174.9 percent in Greece with some €313 billion ($370 billion).

Greece was followed by Italy (133.0 percent), Portugal (125.0 percent), Cyprus (110.9 percent) and Belgium with 105.4 percent.

The lowest levels were seen in Estonia (8.0 percent), Luxembourg (21.7 percent) and Bulgaria with 23.1 percent.

"Compared with the second quarter of 2018, six member states registered an increase in their debt to GDP ratio at the end of the third quarter of 2018, nineteen a decrease and the ratio remained stable in three member states," Eurostat said.

On Monday, Eurostat also announced that in the third quarter of 2018, the seasonally adjusted general government deficit to GDP ratio stood at 0.5 percent in the EA19, an increase compared with 0.3 percent in the second quarter of 2018.

"In the third quarter of 2018, total government revenue in the euro area amounted to 46.1 percent of GDP, a decrease compared with 46.2 percent in the second quarter of 2018.

"Total government expenditure in the euro area stood at 46.7% of GDP, an increase compared with 46.5% in the previous quarter," it said.

The eurozone/euro area or EA19 represents member states that use the single currency -- euro -- while the EU28 includes all member countries of the bloc.

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