Greece’s Public Debt on the Rise



Greece’s public debt is the highest in terms of its ratio to the GDP in both the European Union and the Eurozone

Greece’s public debt reached €334.988 billion in the third quarter of 2018, an increase of €21.493 billion over that of the same quarter in 2017, the Greek National Statistical Authority (ELSTAT) said on Monday.

The Greek statistical authority noted that Greek public debt in the third quarter of 2017 was €313.495 billion.

At the same time, the European Union’s Statistic Authority, Eurostat, announced on Monday that the Eurozone’s public debt represented 86.1 percent of the E.U.’s GDP for the third quarter of 2018.

The Eurozone’s debt fell by 2.1 percent compared to the same quarter of 2017.

Greece continues to hold the Eurozone’s highest ratio of public debt compared to its GDP, with 182.2 per cent, followed by Italy at 133 percent and Portugal at 125 percent.

The lowest level of public debt among Eurozone member states was recorded in Estonia, with its government owing an amount equivalent to only 8 percent of the nation’s gross domestic product.

According to the figures published by ELSTAT, Greece’s revenues from income and property taxes during the third quarter of 2018 increased by €446 million, totaling 23.7 percent of total tax revenues for the quarter.

Several sources of revenue recorded a slight increase compared to the third quarter of 2017 as well. The total amount of money brought in by the Greek government in July, August and September of 2018 was €23.260 billion, an increase of €302 million compared to 2017.

Public spending in Greece for the same period was higher by an amount of €441 million, reaching €20.892 billion.

The spending included social benefits, public sector salaries and many other types of expenditures.