Deficit and debt of the general government

In national accounting, the concept of budget deficit is used when the State budget is in deficit: State revenues are lower than expenditures, and therefore the budgetary balance is negative (reimbursements of maturing loans are included in expenditures). Likewise, public administrations – which are greater than the State since these include territorial administrations and social security administrations – experience a public deficit when public expenditures on a year exceed public revenues; the balance of public finances is hence negative. Concretely, in the majority of countries public budgets (measured annually) are very often in deficit; in the opposite case, there is a budget surplus. A distinction is made between the primary deficit, which corresponds to the deficit calculated without taking into account the debt service (i.e. the interests paid on the debt and the part of loans to be reimbursed during the year) of the final deficit.

The Maastricht Treaty defines the general government as the entity comprising the central administration (State), local authorities (municipalities) as well as social security bodies (art. 104 of the EC Treaty).

For information related to EU Member states’ public debt, please consult the website of the EFC Sub-Committee on EU Sovereign Debt Markets.

Notification (as of 26.03.2025)

General government consolidated gross debt level at nominal value oustanding at end of year (in millions of EUR)

 

2021

2022

2023

2024 2025

Status

final final final half-final estimated  

Gross debt

17.664 19.107 20.268 22.654 24.252

In % of GDP

24,18% 24,90% 25,02% 26,31% 26,93%

GDP

73.039 76.731 80.992 86.104 90.053

General government consolidated gross debt level at nominal value oustanding at end of year (by category / in millions of EUR)

 

Term

ESA Codes

2021

2022

2023

2024

2025

Currency and deposits

 

AF.2

330

341

352

363

373

Securities others than shares

 

AF.3

14.218

15.719

16.731

19.228

20.478
 

short term

AF.31

0,0

0,0

0,0

0,0 0,0
 

long term

AF.32

14.218

15.719

16.731

19.228 20.478

Loans

 

AF.4

3.116

3.048

3.184

3.062 3.401

 

short term loans

AF.41

40

67

116

84 84

 

long term loans

AF.42

3.076

2.981

3.068

2.978 3.317

TOTAL

 

 

17.664    

19.107

20.268

22.654

24.252

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