Romania debt growth among highest in EU during Q3 2025

Business Forum

22 January, 2026 at 6:00 PM

Government debt as a share of GDP rose in Q3 in both the eurozone to 88.5% from 88.2% in Q2, and in the European Union to 82.1% from 81.9%, according to data published by Eurostat.

At the end of the Q3 2025, the highest government debt-to-GDP ratios were recorded in Greece (149.7%), Italy (137.8%), France (117.7%), Belgium (107.1%) and Spain (103.2%). At the opposite end, the lowest ratios were recorded in Estonia (22.9%), Luxembourg (27.9%), Bulgaria (28.4%) and Denmark (29.7%). Romania was somewhere in the middle with a government debt-to-GDP ratio of 58.9%.

Compared to Q2 2025, 11 member states including Romania recorded an increase in their government debt-to-GDP ratio at the end of Q3 2025. The largest increases were recorded in Luxembourg (2.6 percentage points), Bulgaria (2.1 percentage points), France (1.8 percentage points), Lithuania and Romania (both with an increase of 1.6 percentage points).

Compared to Q3 2024, 16 member states recorded an increase in their government debt-to-GDP ratio at the end of the third quarter 2025, with the largest increase recorded in Romania (5.5 percentage points).

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