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.

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.

• 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.

Greece - Net external debt was 115.60 % of GDP in December of 2024, according to the EUROSTAT. Trading Economics provides the current actual value, an historical data chart and related indicators for Greece - Net external debt - last updated from the EUROSTAT on July of 2025. Historically, Greece - Net external debt reached a record high of 167.50 % of GDP in June of 2021 and a record low of 49.20 % of GDP in December of 2003.

This data package includes the underlying data and files to replicate the calculations, charts, and tables presented in How to Solve the Greek Debt Problem, PIIE Policy Brief 18-10. If you use the data, please cite as: Zettelmeyer, Jeromin, Emilios Avgouleas, Barry Eichengreen, Miguel Poiares Maduro, Ugo Panizza, Richard Portes, Beatrice Weder di Mauro, and Charles Wyplosz. (2018). How to Solve the Greek Debt Problem. PIIE Policy Brief 18-10. Peterson Institute for International Economics.

Greece GR: Gross Public Debt: % of GDP: Central Government: Debt Securities: Market Value data was reported at 30.443 % in Dec 2018. This records a decrease from the previous number of 30.927 % for Sep 2018. Greece GR: Gross Public Debt: % of GDP: Central Government: Debt Securities: Market Value data is updated quarterly, averaging 86.015 % from Dec 1997 (Median) to Dec 2018, with 85 observations. The data reached an all-time high of 127.311 % in Sep 2009 and a record low of 18.992 % in Jun 2012. Greece GR: Gross Public Debt: % of GDP: Central Government: Debt Securities: Market Value 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: Central Government.

Greece: Government debt as percent of GDP: The latest value from 2023 is 161.9 percent, a decline from 172.7 percent in 2022. In comparison, the world average is 61.85 percent, based on data from 137 countries. Historically, the average for Greece from 1995 to 2023 is 139.69 percent. The minimum value, 97.4 percent, was reached in 1998 while the maximum of 207 percent was recorded in 2020.

Greece Central Government Debt: Over 5 Years data was reported at 276,176.700 EUR mn in Sep 2018. This records an increase from the previous number of 262,560.330 EUR mn for Jun 2018. Greece Central Government Debt: Over 5 Years data is updated quarterly, averaging 259,357.015 EUR mn from Dec 2014 (Median) to Sep 2018, with 16 observations. The data reached an all-time high of 276,176.700 EUR mn in Sep 2018 and a record low of 235,995.300 EUR mn in Jun 2015. Greece Central Government Debt: Over 5 Years data remains active status in CEIC and is reported by Ministry of Finance. The data is categorized under Global Database’s Greece – Table GR.F009: Central Government Debt.

Private Debt to GDP in Greece increased to 68.60 percent in 2024 from 65.90 percent in 2023. Greece Private Debt to GDP - values, historical data, forecasts and news - updated on July of 2025.

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.

Key information about Greece Total Debt: % of GDP

• Greece Total Debt accounted for 534.0 % of the country's GDP in 2024, compared with the ratio of 539.9 % in the previous quarter.
• Greece Total Debt: % of GDP data is updated quarterly, available from Dec 1997 to Sep 2024.
• The data reached an all-time high of 715.0 % in Jun 2021 and a record low of 279.2 % in Sep 1998.