Key information about Greece Government Debt: % of GDP

• Greece Government debt accounted for 158.2 % of the country's Nominal GDP in Sep 2024, compared with the ratio of 160.0 % in the previous quarter.
• Greece government debt to GDP ratio data is updated quarterly, available from Dec 1999 to Sep 2024.
• The data reached an all-time high of 207.4 % in Mar 2021 and a record low of 96.4 % in Sep 2003.

CEIC calculates quarterly Government Debt as % of Nominal GDP from quarterly Government Debt and rolling sum of quarterly Nominal GDP. The Hellenic Statistical Authority provides Government Debt in EUR and Nominal GDP in EUR, based on ESA 2010. Government Debt prior to Q1 2012 is based on ESA 1995.


Related information about Greece Government Debt: % of GDP

• In the latest reports, Greece National Government Debt reached 413.3 USD bn in Sep 2024.
• The country's Nominal GDP reached 57.9 USD bn in Mar 2023.

Greece recorded a Government Debt to GDP of 161.90 percent of the country's Gross Domestic Product in 2023. This dataset provides the latest reported value for - Greece Government Debt to GDP - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The ratio of national debt to gross domestic product (GDP) in Greece was forecast to continuously decrease between 2024 and 2029 by in total 19.6 percentage points. After the ninth consecutive decreasing year, the ratio is estimated to reach 139.39 percent and therefore a new minimum in 2029. This indicator describes the general government gross debt in relation to the country's GDP. According to the International Monetary Fund, gross debt consists of all liabilities that require payment or payments of interest and/or principal by the debtor to the creditor at a date or dates in the future. The GDP, on the other hand, refers to the total value of final goods and services produced during a year.Find more key insights for the ratio of national debt to gross domestic product (GDP) in countries like Malta, San Marino, and Italy.

Graph and download economic data for General government gross debt for Greece (GGGDTAGRC188N) from 1980 to 2023 about Greece, gross, debt, and government.

This statistic shows the national debt of Greece from 2019 to 2023, with projections until 2029. In 2023, the national debt in Greece was around 382.04 billion U.S. dollars. In a ranking of debt to GDP per country, Greece is currently ranked third. Greece's struggle after the financial crisis Greece is a developed country in the EU and is highly dependent on its service sector as well as its tourism sector in order to gain profits. After going through a large economic boom from the 1950s to the 1970s as well as somewhat high GDP growth in the early to mid 2000s, Greece’s economy took a turn for the worse and struggled intensively, primarily due to the Great Recession, the Euro crisis as well as its own debt crisis. National debt within the country saw significant gains over the past decades, however roughly came to a halt due to financial rescue packages issued from the European Union in order to help Greece maintain and improve their economical situation. The nation’s continuous rise in debt has overwhelmed its estimated GDP over the years, which can be attributed to poor government execution and unnecessary spending. Large sums of financial aid were taken from major European banks to help balance out these government-induced failures and to potentially help refuel the economy to encourage more spending, which in turn would decrease the country’s continuously rising unemployment rate. Investors, consumers and workers alike are struggling to see a bright future in Greece, whose chances of an economic comeback are much lower than that of other struggling countries such as Portugal and Italy. However, Greece's financial situation might improve in the future, as it is estimated that at least its national debt will decrease - slowly, but steadily. Still, since its future participation in the European Union is in limbo as of now, these figures can only be estimates, not predictions.

Key information about Greece External Debt: % of GDP

• Greece External Debt accounted for 246.0 % of the country's Nominal GDP in 2023, compared with the ratio of 264.1 % in the previous year.
• Greece External Debt: % of Nominal GDP data is updated yearly, available from Dec 2003 to Dec 2023.
• The data reached an all-time high of 300.8 % in Dec 2021 and a record low of 93.6 % in Dec 2003.

CEIC calculates External Debt as % of Nominal GDP from quarterly External Debt and annual Nominal GDP. The Bank of Greece provides External Debt in EUR. Hellenic Statistical Authority provides Nominal GDP in EUR.


Related information about Greece External Debt: % of GDP

• In the latest reports of Greece, Current Account recorded a surplus of 717.7 USD mn in Aug 2024.
• Foreign Direct Investment (FDI) increased by 304.2 USD mn in Apr 2023.
• Greece Direct Investment Abroad expanded by 119.7 USD mn in Aug 2024.
• Its Foreign Portfolio Investment increased by 2.7 USD bn in Jun 2024.
• The country's External Debt reached 593,149.0 in Jun 2024.
• The country's Nominal GDP was reported at 57.9 USD bn in Mar 2023.

Several European Union member states have struggled with high levels of public debt in the period since the Global Financial Crisis. In particular, Greece's debt skyrocketed during the recession which followed the crisis, culminating in a period of intense political and social upheaval during the early 2010s in which the country came close to having to leave the Euro single currency zone. Along with Italy, Portugal, Spain and France, Greece is part of a group of EU members who have seen their debt soar to a value worth over one year's aggregate production in their economies (i.e. 100% of GDP) due to slow economic growth coupled with increasing public liabilities due to the need to provide emergency support to their domestic financial systems. Belgium, while also a part of this group of high-debt ratio countries has quite different circumstances, as its debt ratio has in fact fallen since the 1990s, remaining 20 percent below its 1995 level, even after a spike due to the COVID-19 pandemic.

Households Debt in Greece decreased to 39.30 percent of GDP in the third quarter of 2024 from 39.80 percent of GDP in the second quarter of 2024. This dataset provides - Greece Households Debt To Gdp- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Private Debt to GDP in Greece decreased to 116.80 percent in 2023 from 123.40 percent in 2022. Greece Private Debt to GDP - values, historical data, forecasts and news - updated on March of 2025.

Greece debt to gdp ratio for 2022 was 203.29%, a 34.21% decline from 2021.

• Greece debt to gdp ratio for 2021 was 237.49%, a 15.73% decline from 2020.
• Greece debt to gdp ratio for 2020 was 253.23%, a 40.77% increase from 2019.
• Greece debt to gdp ratio for 2019 was 212.45%, a 3.6% increase from 2018.

Debt is the entire stock of direct government fixed-term contractual obligations to others outstanding on a particular date. It includes domestic and foreign liabilities such as currency and money deposits, securities other than shares, and loans. It is the gross amount of government liabilities reduced by the amount of equity and financial derivatives held by the government. Because debt is a stock rather than a flow, it is measured as of a given date, usually the last day of the fiscal year.

Key information about Greece Private Debt: % of Nominal GDP

• Greece Private Debt accounted for 51.64 % of its Nominal GDP in Dec 2024, compared with a ratio of 50.98 % in the previous quarter
• Greece Private Debt contribution to Nominal GDP ratio is updated quarterly, available from Mar 2001 to Dec 2024, with an average share of 88.43 %
• The data reached an all-time high of 124.39 % in Mar 2013 and a record low of 45.51 % in Mar 2001

CEIC calculates quarterly Private Debt as % of Nominal GDP from monthly Private Debt and quarterly Nominal GDP. The Bank of Greece provides Private Debt in EUR. Hellenic Statistical Authority provides Nominal GDP in EUR.

Government Debt in Greece decreased to 554311.58 EUR Million in the third quarter of 2024 from 554589.54 EUR Million in the second quarter of 2024. This dataset provides the latest reported value for - Greece Central Government Debt - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The statistic shows the ratio of government expenditure to the gross domestic product (GDP) in Greece from 2019 to 2023, with projections up until 2029. In 2023, Greece's government spending amounted to about 49.86 percent of the gross domestic product. Greece's financial turmoil In 2011, the ratio of government expenditure to GDP in Greece started to decrease significantly from 53.73 percent to 46.36 percent in 2014. However, looking at Greece’s ratio compared to the other member states of the European Union, it shows that Greece - while still having a relatively high ratio - is not at the top of the list of countries with a high public ratio. Yet, Greece has a history of spending significantly more than it has been acquiring in government revenue. This unbalanced spending vs revenue situation is expected to change at some point between 2015 and 2016. When spending more than it received, Greece covered its yearly deficits by borrowing money to make up the difference. The accumulation of these deficits resulted in Greece’s growing debt, which in 2014 amounted to a total of 317.31 billion euros, and with the economic crisis, the country has had difficulties in paying back its large debts. However, it appears as if Greece is beginning to keep government spending below revenue in the near future. In order to recover, the country also needs economic growth, and according to the IMF, GDP is expected to increase after 2015 and along with it, Greece will likely see positive growth rates.

The statistic depicts Greece's gross domestic product (GDP) growth rate from 2019 to 2023, with projections up until 2029. GDP refers to the total market value of all goods and services that are produced within a country per year. It is an important indicator of the economic strength of a country. Real GDP is adjusted for price changes and is therefore regarded as a key indicator for economic growth. In 2023, Greece's real GDP increased by about 2.01 percent compared to the previous year.

Greece's national finances

Greece is viewed as a high-income economy and experienced high economic and social growth and development between the 1950s and the 1970s, which was the highest rate in the world only behind Japan. However, due to the Great Recession in 2009 as well as the Greek government-debt crisis, Greek experienced severe hits to its already somewhat struggling economy. From the mid to late 2000s, national debt escalated severely but has, since 2012, remained relatively stable, primarily due to several debt restructuring deals as well as stimulus packages from countries within the EU. Different forms of financial aid were offered to Greece from countries within the European Union in order to help maintain the country from going completely dysfunctional to the point that Greece would no longer be able to pay back its debts.

Greece’s economy primarily strives in the service sector and benefits exceptionally from its tourist industry. However, due to a failing tourist industry as well as struggles with properly managing imports and exports, struggles within the country are further increasing. More competent leadership, cutting costs as well as new structural reforms are necessary in order to slowly bring Greece back to an economically stable country.

In the third quarter of 2024, Greece's national debt was the highest in all the European Union, amounting to 158 percent of Greece's gross domestic product. In spite of Greece's total being high by EU standards, it marks a substantial decrease from the historical high point reached by the country's national debt of 207 percent of GDP in 2020. Italy, France, Spain, Belgium, and Portugal also all have government debt worth over one year's production of their economies, while the small Baltic country of Estonia has the smallest national debt when compared with GDP, at only 24 percent. In debitum incrementum?A country’s national debt, also known as government debt or public debt, is defined as all borrowings owed by the government of a country. It usually comprises internal debt – owed to other governmental departments – and external debt, which is held by the public and is owed to government bond owners. National debt can be caused by a struggling economy in general, or by low tax income, which usually leads to money being borrowed from other governments for support, which in turn cannot be paid back right away. At first glance, a high national debt is not always a sign of a struggling economy – but since increasing debt can slow down economic growth significantly, it is imperative for the respective government to seek a steady reduction in the long run.

Greece GR: Gross Public Debt: % of GDP: Budgetary Central Government: Debt Securities data was reported at 37.857 % in Jun 2018. This records a decrease from the previous number of 37.894 % for Mar 2018. Greece GR: Gross Public Debt: % of GDP: Budgetary Central Government: Debt Securities data is updated quarterly, averaging 62.010 % from Mar 2007 (Median) to Jun 2018, with 46 observations. The data reached an all-time high of 133.152 % in Dec 2011 and a record low of 36.797 % in Dec 2017. Greece GR: Gross Public Debt: % of GDP: Budgetary Central Government: Debt Securities data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Greece – Table GR.World Bank.QPSD: Gross Public Debt: % of GDP: Budgetary Central Government.

This dataset provides values for GOVERNMENT DEBT TO GDP reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

Key information about Greece External Debt: Short Term: % of GDP

• Greece External Debt: Short Term accounted for 79.9 % of the country's Nominal GDP in 2023, compared with the ratio of 85.1 % in the previous year.
• Greece External Debt: Short Term: % of Nominal GDP data is updated yearly, available from 2003 to 2023.
• The data reached an all-time high of 98.3 % in 2011 and a record low of 15.0 % in 2004.

CEIC calculates Short Term External Debt as % of Nominal GDP from quarterly Short Term External Debt and annual Nominal GDP. Short Term External Debt is calculated as the sum of Short Term External Debt breakdowns for General Government, Central Bank, Other Deposit Taking Corporations and Other Sectors. The Bank of Greece provides Short Term External Debt in EUR. Hellenic Statistical Authority provides Nominal GDP in EUR.


Related information about Greece External Debt: Short Term: % of GDP

• In the latest reports of Greece, Current Account recorded a surplus of 717.7 USD mn in Aug 2024.
• Foreign Direct Investment (FDI) increased by 304.2 USD mn in Apr 2023.
• Greece Direct Investment Abroad expanded by 119.7 USD mn in Aug 2024.
• Its Foreign Portfolio Investment increased by 2.7 USD bn in Jun 2024.
• Greece External Debt: Short Term value stood at 189.9 USD bn in Dec 2023.
• The country's Nominal GDP was reported at 57.9 USD bn in Mar 2023.

This statistic shows the percentage change on the previous year for general government consolidated gross debt as a share of gross domestic product (GDP) in Greece from 2011 to 2017. The largest change in this period occurred in 2012 when there was a decline of -26.8 percent.

Key information about Greece National Government Debt

• Greece National Government Debt reached 413.3 USD bn in Sep 2024, compared with 395.7 USD bn in the previous quarter.
• Greece National Government Debt data is updated quarterly, available from Dec 1999 to Sep 2024.
• The data reached an all-time high of 495.1 USD bn in Jun 2011 and a record low of 122.4 USD bn in Jun 2001.

CEIC converts quarterly Government Debt into USD. Hellenic Statistical Authority provides Government Debt in EUR based on ESA 2010. The Federal Reserve Board period end market exchange rate is used for currency conversions. Government Debt prior to Q1 2012 is based on ESA 1995.