Governments' debt to GDP ratio declines to 89.9% in eurozone

By Gokhan Ergocun

ISTANBUL (AA) — The ratio of government debt to gross domestic product (GDP) across the euro area dropped to 89.9% in the third quarter of 2023, according to official figures revealed on Monday.

The 27-member bloc's statistical department Eurostat said that as of the end of the third quarter of 2023, the ratio of general government gross debt to GDP declined from 90.3% on a quarterly basis.

The figure also slipped on the EU side from 83% to 82.6% over the same period.

On a yearly basis, the government debt to GDP declined in both the euro area (from 92.2% to 89.9%) and the EU (from 84.6% to 82.6%).

In another release, Eurostat said that in the third quarter of 2023, the seasonally adjusted general government deficit to GDP ratio stood at 2.8% in the euro area and in the EU.

"The euro area and EU deficit to GDP ratios decreased slightly compared to the second quarter of 2023," it added.