Greek debt-to-GDP ratio shrinks

Official data from Eurostat confirms a significant decline in Greece’s public debt for the first quarter of 2026. The national debt-to-GDP ratio reached 143.5 percent, a decrease of 9.4 percentage points compared to the same period last year. This figure marks the largest reduction among all 27 European Union member states during the first three months of the year.

The decline continues a broader trend of fiscal adjustment for the country. From the peak of 212.9 percent seen in early 2021, the ratio has dropped by 69.4 percentage points. This represents one of the most rapid fiscal corrections observed across OECD economies in recent years.

Nominal debt levels also fell during this period. Public debt dropped to 360 billion euros from 366 billion euros recorded in March 2025. Despite these improvements, Greece still maintains the highest debt-to-GDP ratio within the European Union.

The gap between Greece and the second most indebted nation, Italy, has narrowed to 4.6 percentage points. Other nations, including France, Belgium, and Spain, remain high on the list of debt-to-GDP ratios. This data reflects a ongoing effort to manage the national balance sheet amid broader economic challenges across the eurozone.