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Eurozone Debt Rises to 88% of GDP as Deficit Narrows to 2.9% in Q1 2025

Spain’s public debt slid to 103.5% of GDP, ranking it fifth highest in the eurozone.

España recorta su déficit y su deuda, pero continúa entre los cinco países más endeudados de la UE
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Imagen de la sede del Banco de España

Overview

  • Eurozone public debt climbed to 88% of GDP in Q1 2025, marking a six-tenths increase from the previous quarter and surpassing last year’s level while EU debt reached 81.8% of GDP.
  • The eurozone budget deficit narrowed to 2.9% of GDP, down from 3.2% in Q4 2024 and 3.1% in Q1 2024.
  • Spain’s public debt ratio fell to 103.5% of GDP in Q1, edging down from 106.3% a year ago and ranking it fifth among eurozone members.
  • Average regional debt in Spain declined to 21.1% of GDP in 2024, with the Canary Islands at 11.6%, below the 13% legal ceiling.
  • EU member states displayed mixed fiscal trajectories, with Greece, Cyprus and Ireland cutting debt ratios and Poland, Finland and France posting increases.