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Euro-area Debt-to-GDP Drops to 87.8% in Q4 2025

4/23/2026

36 4 Full Breakdown

Summary

Eurostat Debt Decline

Eurostat reported the euro-area government debt-to-GDP ratio fell to 87.8 % at the end of Q4 2025.
The EU’s debt-to-GDP ratio declined to 81.7 % in Q4 2025, down from 82.0 % in Q3 2025.
Debt securities accounted for 84.1 % of euro-area debt and 83.5 % of EU debt in Q4 2025.
Loans represented 13.5 % of euro-area debt and 14.2 % of EU debt.
Greece had the highest ratio at 146.1 % and Estonia the lowest at 24.1 % in Q4 2025.

Summary

Bulgaria Joins Eurozone

Bulgaria joined the euro area on 1 January 2026, expanding membership to 21 countries.
The euro-area’s seasonally adjusted government deficit was –3.0 % of GDP in Q4 2025.
The EU’s seasonally adjusted deficit was –3.2 % of GDP in Q4 2025, deeper than the euro area.
Euro-area revenue rose to 47.3 % of GDP in Q4 2025, an increase of €36 bn from Q3 2025.
Malta posted a non-seasonally adjusted surplus of 8.3 % of GDP in Q4 2025, the highest in the EU.

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Eurostat Debt Decline

Eurostat reported the euro-area government debt-to-GDP ratio fell to 87.8 % at the end of Q4 2025.
The EU’s debt-to-GDP ratio declined to 81.7 % in Q4 2025, down from 82.0 % in Q3 2025.
Debt securities accounted for 84.1 % of euro-area debt and 83.5 % of EU debt in Q4 2025.
Loans represented 13.5 % of euro-area debt and 14.2 % of EU debt.
Greece had the highest ratio at 146.1 % and Estonia the lowest at 24.1 % in Q4 2025.

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