Euro-area government debt rises to 88.8% of GDP in Q2 2026
Eurostat reports the euro-area gross government debt ratio reached 88.8% of GDP at the end of Q2 2026, up from 88.4% in Q1 and 87.3% a year earlier.
What you need to know
Eurostat reported that gross government debt in the 21-country euro area reached 88.8% of GDP at the end of Q2 2026, up from 88.4% in Q1 and 87.3% a year earlier. The EU ratio rose to 82.9%. Greece, Italy and France recorded the highest national ratios, while Estonia and Denmark had the lowest.
- Euro-area debt stood at 88.8% of GDP in Q2 2026, versus 88.4% in Q1 and 87.3% a year earlier.
- The EU ratio reached 82.9%, compared with 82.5% in Q1 and 81.4% in Q2 2025.
- Greece (140.8%), Italy (139.9%) and France (119.1%) had the highest national ratios; Estonia (26.1%) had the lowest.
Euro-area and EU ratios edge higher
Eurostat put the euro area's gross government debt at 88.8% of GDP at the end of the second quarter of 2026, up from 88.4% a quarter earlier and 87.3% a year earlier. Across the wider EU, the ratio reached 82.9%, against 82.5% in Q1 and 81.4% in Q2 2025. Eurostat said the current-quarter figures are provisional.
By instrument, debt securities made up 84.5% of euro-area debt, loans 13.1% and currency and deposits 2.4%.
Wide spread between member states
Greece recorded the highest national debt ratio at 140.8%, followed by Italy at 139.9% and France at 119.1%. Estonia had the lowest at 26.1%, with Denmark at 27.1%.
Quarterly ratios rose in fifteen member states, fell in ten and were unchanged in two. Poland had the largest increase at 3.0 percentage points; Cyprus had the largest decline, also 3.0 points.
How to read debt ratios
Eurostat noted that debt ratios describe liabilities relative to GDP. Movements in the ratio alone do not measure a government's borrowing cost or its probability of default.
Which member states had the highest and lowest government debt ratios in Q2 2026?
Greece had the highest at 140.8% of GDP, followed by Italy at 139.9% and France at 119.1%. Estonia had the lowest at 26.1%, with Denmark next at 27.1%, according to Eurostat.
Sources & context
- Euro-area debt ratio reaches 88.8% in Q2 ↗ec.europa.eu
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