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Croatia among EU countries with biggest falls in debt-to-GDP ratio

ZAGREB, April 22 (2022) – Public debt-to-GDP ratios in the EU and euro area declined in the fourth quarter of 2021 thanks to the recovery of the economy from the coronavirus crisis, and Croatia was among the countries having recorded the largest declines, according to a report published Friday by Eurostat.

In the EU, the public debt-to-GDP ratio stood at 88.1% at the end of 2021, down from 89.9% at the end of September. In the euro area, the ratio was 95.6%, down 1.9 percentage points from the previous quarter.

At the end of 2020, the public deficit/GDP ratio stood at 90.0% in the EU and 97.2% in the euro zone.

Among the Member States, the highest public debt-to-GDP ratios at the end of the fourth quarter of 2021 were recorded in Greece (193.3%), Italy (150.8%), Portugal (127.4%) , in Spain (118.4%), in France (112.9%). %), Belgium (108.2%) and Cyprus (103.6%), and the lowest in Estonia (18.1%), Luxembourg (24.4%) and Bulgaria (25.1%) .

In Croatia, the consolidated public debt amounted to HRK 343.6 billion at the end of 2021, or 79.8% of GDP. At the end of September 2021, it was HRK 345.3 billion, or 82.7% of GDP, while at the end of 2020, it was HRK 330.4 billion, or 87.3% of GDP.

Compared to the fourth quarter of 2020, seven Member States recorded an increase in their debt-to-GDP ratio at the end of the fourth quarter of 2021 and twenty Member States a decrease.

Increases in the ratio were recorded in Czechia (+4.2 pp), Malta (+3.6 pp), Slovakia (+3.3 pp), Romania (+1.6 pp), Latvia ( +1.5 pp), Germany (+0.6 pp) and Bulgaria (+0.4 pp), while the largest decreases were observed in Greece (-13.1 pp), Cyprus (- 11.4 pp), Portugal (-7.8 pp), Croatia (-7.5 pp), Denmark (-5.4 pp) and Slovenia (-5.1 pp).

Compared to the third quarter of 2021, seven Member States recorded an increase in their debt-to-GDP ratio at the end of the fourth quarter of 2021, nineteen a decrease, while the ratio remained stable in Germany.

Increases in the ratio were observed in Slovakia (+1.8 percentage point – pp), Czechia (+1.5 pp), Latvia (+1.3 pp), Bulgaria (+0.9 pp) , in Romania (+0.6 pp), in Malta (+0.4 pp). ) and Sweden (+0.3 pp), while the largest decreases were recorded in Greece (-8.3 pp), Cyprus (-5.4 pp), Slovenia (-5.0 pp) and in Italy (-3.8 pp)

In Croatia, the public debt-to-GDP ratio at the end of 2021 was 2.9 percentage points lower than at the end of September 2021.

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