Portuguese debt is second only to Greek and Italian
Portugal recorded a debt of 130.5% of Gross Domestic Product (GDP) in the third quarter of 2021, the third largest debt in the European Union, according to information released Friday by the EU statistical office.
Eurostat reports that, at the end of the third quarter of 2021, the public debt-to-GDP ratio in the euro area stood at 97.7%, compared to 98.3% at the end of the second quarter of 2021. 9% of the EU as a whole, from 90.1% in this period.
With the third largest public debt in the EU in the third quarter of last year, Portugal was only behind Greece (200.7%) and Italy (155.3%).
Spain (121.8%), France (116.0%), Belgium (111.4%) and Cyprus (109.6%) are also on the list of Member States with the highest public debt to debt ratios. GDP at the end of the third quarter of 2021. Conversely, the lowest ratios were recorded in Estonia (19.6%), Bulgaria (24.2%) and Luxembourg (25.3%).
Eurostat contextualizes that, “both in the euro area and in the EU, the reduction in the public debt-to-GDP ratio at the end of the third year was due to an increase in GDP, while the debt continued and the increase due to the financing needs of the actions planned to mitigate the economic and social impact of the pandemic.”
Compared with the third quarter of 2020, the third quarter of public debt to GDP96.6% to 97.7%) as in the EU (from 89.2% to 90.1%) .
Still in the comparison of the member states, 15 members registered an increase in their debt-to-GDP ratio at the end of the quarter of 2021 and 12 member states a reduction.
The largest increases, pp, in the ratio recorded in Spain (+7 percentage points –pp), Malta (+5.7 pp), Austria (+5 percentage points (+5 pp) and Romania +5.5 pp), while the biggest decreases were observed in Cyprus (-6.4 pp), Ireland (-3.6 pp), Netherlands (-2.5 pp), Denmark (-2.4 pp), Croatia (-2.3 pp ) and Sweden (-2.2 pp).