The latest Eurostat data for Q3 2025 show a clear deterioration in the seasonally adjusted EU-wide deficit position, while public debt ratios continued edging up overall — but with sharp divergences between Member States. The EU’s average government deficit increased from 2.9% from Q2 to 3.2% in Q3 and total debt to GDP rose from 82.1% to 88.5%.
The largest debt to GDP ratios are in Greece (149.7%), Italy (137.8%), France (117.7%), Belgium (107.1%) and Spain (103.2%).
The countries that recorded the largest quarter-on-quarter deteriorations in the deficit-to-GDP ratio from Q2 to Q3 were Hungary (-2.6%s), Latvia (-2%), Portugal (-1.6%), Germany (-0.8%) and Belgium (-0.7%).
In the same period, the largest debt ratios increased in Luxembourg (2.6%), Bulgaria (2.1%), France (1.8%), Lithuania (1.6%), Romania (1.6%) and Austria (1.5%).
A rise in expenditure and a decrease in revenue marked these changes with expenditure forming 49.9% of GDP (up from 49.5%), while revenue slipped marginally to 46.7% (from 46.8%).
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