Estonia shines in latest Eurostat report on country debt

Estonia’s gross debt/GDP ratio of 6.1% is the lowest of all European countries covered by the latest publication of official Eurostat figures – but the stricken economies of Portugal, Ireland, Italy and Greece are still still well off the eurozone and EU 27 averages.

According to the figures – tabled below – Greece’s debt burden amounts to over 170% of its GDP. And considering the official Eurostat report that the country’s deficit hit 9.4% in the past year, then the figures again reinforce the view that there is very little room to spare for adjustments to the country’s path to austerity.

Ireland’s overall debt load is slightly better, but it’s deficit in the past year hit 13.4%.

What the figures also show is that while there is a clear divide between the nominally better off northern versus southern European economies, there are exceptions.

Bulgaria, Romania and the Czech Republic are among the better performing economies on this measure, alongside the Baltic States, and Sweden.

In generaly, however, the imbalances between the eurozone members are vividly outlined in the latest figures.


Country Gross debt/GDP %
Estonia 6.1
Bulgaria 16.3
Luxembourg 18.3
Romania 33.4
Sweden 38.4
Lithuania 38.5
Czech Republic 40.8
Latvia 42.2
Slovakia 43.3
Denmark 46.6
Slovenia 46.9
Finland 49
Poland 56.4
Netherlands 65.5
Spain 69.3
Malta 70.9
Cyprus 71.1
Austria 72.4
Germany 80.5
Hungary 81.4
EU 27 82.5
UK 85
France 86
Eurozone 87.3
Belgium 97.8
Ireland 106.4
Portugal 108.1
Italy 120.7
Greece 170.6

Source: Eurostat

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