The average level of government debt to GDP ratios in the European Union and the Euro currency area increased rapidly following the Global Financial Crisis of 2007-2008 and subsequent recession, peaking in the Eurozone at 93.2 percent of GDP. This figure was exceeded once more in 2020 due to increased borrowing due to the COVID-19 pandemic, with the Eurozone average now being over 90% of yearly production.
The debt to GDP ratio measures the stock of government debt which is yet to be paid off in relation to the Gross Domestic Product of a country or region, which is the monetary value of goods and services produced and sold in a year. This ratio gives a clearer picture of debt sustainability than by looking at the absolute value of debt, as a country with a large economy may be able to easily pay off debts which seem large in absolute terms, but are in fact small in comparison to GDP.
Government Debt as a percentage of Gross Domestic Product (GDP) for the European Union and Eurozone from 2000 to 2022
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Eurostat. (October 23, 2023). Government Debt as a percentage of Gross Domestic Product (GDP) for the European Union and Eurozone from 2000 to 2022 [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1378708/government-debt-eu-government-debt-eurozone/
Eurostat. "Government Debt as a percentage of Gross Domestic Product (GDP) for the European Union and Eurozone from 2000 to 2022." Chart. October 23, 2023. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1378708/government-debt-eu-government-debt-eurozone/
Eurostat. (2023). Government Debt as a percentage of Gross Domestic Product (GDP) for the European Union and Eurozone from 2000 to 2022. Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1378708/government-debt-eu-government-debt-eurozone/
Eurostat. "Government Debt as a Percentage of Gross Domestic Product (Gdp) for The European Union and Eurozone from 2000 to 2022." Statista, Statista Inc., 23 Oct 2023, https://www.statista.com/statistics/1378708/government-debt-eu-government-debt-eurozone/
Eurostat, Government Debt as a percentage of Gross Domestic Product (GDP) for the European Union and Eurozone from 2000 to 2022 Statista, https://www.statista.com/statistics/1378708/government-debt-eu-government-debt-eurozone/ (last visited July 22, 2024)
Government Debt as a percentage of Gross Domestic Product (GDP) for the European Union and Eurozone from 2000 to 2022 [Graph], Eurostat, October 23, 2023. [Online]. Available: https://www.statista.com/statistics/1378708/government-debt-eu-government-debt-eurozone/
