The public debt/GDP ratio decreased in the eurozone
The relationship between public debt and Gross Domestic Product (GDP) of the eurozone stood at 90.3 percent in the second quarter of the year.
The European Statistical Office (Eurostat) announced the public debt and budget deficit data of the European Union (EU) and the Euro Zone corresponding to the second quarter of 2023.
Consequently, the public debt/GDP ratio in the eurozone, which was 90.7 percent in the first quarter, became 90.3 percent in the second quarter.
In the EU, the public debt/GDP ratio, which was 83.4 percent in the first quarter, stood at 83.1 percent in the second quarter.
TOTAL PUBLIC DEBT 12.6 TRILLION TL
The rate in question was determined at 85.9 percent in the EU and 93.5 percent in the euro zone in the second quarter of 2022.
On the other hand, the total public debt reached 12 trillion 604 billion euros in the euro area and 13 trillion 676 billion euros in the EU.
THE HIGHEST DEBT RATE IS IN GREECE
Among EU member countries, the country with the highest public debt-to-GDP ratio in the second quarter of 2023 was Greece, at 166.5 percent.
They were followed by Italy with 142.4 percent, France with 111.9 percent, Spain with 111.2 percent, Portugal with 110.1 percent and Belgium with 106 percent.
During that period, the countries with the lowest public debt-to-GDP ratio were Estonia with 18.5 percent, Bulgaria with 21.5 percent and Luxembourg with 28.2 percent.
Under EU rules, under normal circumstances, member countries’ public debts should not exceed 60 percent of their GDP. When this limit is exceeded, the EU Commission must be informed of the measures to be implemented and effective action must be taken.
THE BUDGET DEFICIT INCREASED
The budget deficit-to-GDP ratio in the eurozone, which was 2.7 percent in the second quarter of last year, rose to 3.3 percent in the third quarter and remained unchanged compared to the first quarter.
In the EU, it increased from 2.3 percent to 3.2 percent, an increase of 0.1 points compared to the first quarter of the year. (AA)
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
