Pubblicato in: Banche Centrali, Devoluzione socialismo, Unione Europea

Eurostat. 2020Q4. I debiti degli stati sono al 98% del pil del blocco europeo.

Giuseppe Sandro Mela.

2021-04-28.

2021-04-25__ Eurostat Q4 001

Eurostat. Government debt up to 98.0% of GDP in euro area.

2021-04-25__ Eurostat Q4 002

Fourth quarter of 2020. Government debt up to 98.0% of GDP in euro area. Up to 90.7% of GDP in EU.

At the end of the fourth quarter of 2020, still impacted by policy responses to the COVID-19 containment measures, which materialised in increased financing needs, the government debt to GDP ratio in the euro area stood at 98.0%, compared with 97.2% at the end of the third quarter of 2020. In the EU, the ratio increased from 89.7% to 90.7%. Compared with the fourth quarter of 2019, the government debt to GDP ratio rose in both the euro area (from 83.9% to 98.0%) and the EU (from 77.5% to 90.7%): the increases are due to two factors – government debt increasing, and GDP decreasing.

At the end of the fourth quarter of 2020, debt securities accounted for 82.1% of euro area and for 81.8% of EU general government debt. Loans made up 14.6% and 15.1% respectively and currency and deposits represented 3.3% of euro area and 3.2% of EU government debt. Due to the involvement of EU Member States’ governments in financial assistance to certain Member States, quarterly data on intergovernmental lending (IGL) are also published. The share of IGL as percentage of GDP at the end of the fourth quarter of 2020 amounted to 2.0% in the euro area and to 1.7% in the EU.

Government debt at the end of the fourth quarter 2020 by Member State

The highest ratios of government debt to GDP at the end of the fourth quarter of 2020 were recorded in Greece (205.6%), Italy (155.8%), Portugal (133.6%), Spain (120.0%), Cyprus (118.2%), France (115.7%), and Belgium (114.1%), and the lowest in Estonia (18.2%), Luxembourg (24.9%) and Bulgaria (25.0%).

Compared with the third quarter of 2020, seventeen Member States registered an increase in their debt to GDP ratio at the end of the fourth quarter of 2020 and ten a decrease. The largest increases in the ratio were observed in Hungary (+6.5 percentage points – pp), Spain (+6.0 pp), Greece (+5.9 pp), Austria (+5.0 pp), Romania (+4.2 pp) and Portugal (+3.1 pp). The largest decreases were recorded in Ireland (-2.8 pp), Latvia and Luxembourg (both -1.2 pp), and Cyprus (-1.0 pp).

Compared with the fourth quarter of 2019, all Member States registered an increase in their debt to GDP ratio at the end of the fourth quarter of 2020. The largest increases in the ratio were recorded in Greece (+25.1 pp), Spain (+24.5 pp), Cyprus (+24.2 pp), Italy (+21.2 pp) and France (+18.1 pp).

Compared with the fourth quarter of 2019, all Member States registered an increase in their debt to GDP ratio at the end of the fourth quarter of 2020. The largest increases in the ratio were recorded in Greece (+25.1 pp), Spain (+24.5 pp), Cyprus (+24.2 pp), Italy (+21.2 pp) and France (+18.1 pp).

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