The second largest reduction in public debt in the European Union, after Portugal, Greece had in 2023, but that remained by far the highest in the regionaccording to data announced by Eurostat.
Specifically, General Government debt decreased by 10.8 percentage points to 161.9% of GDP from 172.7% in 2022.
In absolute terms, the decrease was smallabout 100 million euros as the debt was formed to 356.695 billion euro from 356.796 billion euros in 2022. The large reduction as a percentage of GDP is explained by significant increase in nominal GDP to 220.3 billion euro last year from 206.6 billion euro in 2022.
I had the highest debt after Greecen Italy (137.3%), France (110.6%), Spain (107.7%) and Belgium (105.2%).
On the other hand, the lowest debt was in Estonia (19.6%), Bulgaria (23.1%), Luxembourg (25.7%) and Denmark (29.3%).
In compared to the third quarter of 2023Greece also noted the second largest decrease, after Portugaland specifically by 3.7 percentage points.
Reduction of the deficit to 1.6% of GDP
The reduction of the general government deficit (including interest) to 3.5 billion contributed to the debt reduction. euros or 1.6% of GDP from 5.1 billion euros or 2.5% of GDP in 2022.
According to Eurostat, the reduction in the deficit resulted from a greater reduction in public expenditure – to 50.5% from 53.1% in 2022 – than a reduction in public revenue to 48.9% from 50.6%.
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