| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

Home 
 
 News
 Irish
 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 International
 Property
 Innovation
 
 Analysis/Comment
 
 Asia Economy

RSS FEED


How to use our RSS feed

Follow Finfacts on Twitter

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Content Management by interactivetools.com.

News : EU Economy Last Updated: Feb 6, 2012 - 1:29 PM


Greece’s debt rose to 159.1% of GDP in Q3 of 2011 from 138.8% year earlier; Ireland's rose from 88.4% to 104.9%
By Finfacts Team
Feb 6, 2012 - 1:24 PM

Email this article
 Printer friendly page
The Eurozone (EA17) includes Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.

The EU27 includes Belgium (BE), Bulgaria (BG), the Czech Republic (CZ), Denmark (DK), Germany (DE), Estonia (EE), Ireland (IE), Greece (EL), Spain (ES), France (FR), Italy (IT), Cyprus (CY), Latvia (LV), Lithuania (LT), Luxembourg (LU), Hungary (HU), Malta (MT), the Netherlands (NL), Austria (AT), Poland (PL), Portugal (PT), Romania (RO), Slovenia (SI), Slovakia (SK), Finland (FI), Sweden (SE) and the United Kingdom (UK).

Greece’s debt rose to a ratio of 159.1% of  GDP (gross domestic product) in Q3 (the third quarter) of 2011 from 138.8% a year earlier. Ireland's ratio rose from 88.4% to 104.9%, according to Eurostat, the statistics office of the European Union, on Monday.

At the end of the third quarter of 2011, the government debt to GDP ratio in the Eurozone (EA17) stood at 87.4%, down compared with 87.7% at the end of the second quarter of 2011. In the EU27 the ratio increased from 81.7% to 82.2%. Compared with the third quarter of 2010, the government debt to GDP ratio rose in both the Eurozone (from 83.2% to 87.4%) and the EU27 (from 78.5% to 82.2%).

At the end of the third quarter of 2011, securities other than shares accounted for 79.3% of Eurozone and 79.7% of EU27 general government debt. Loans made up 18.0% of Eurozone and 15.8% of EU27 government debt. Currency and deposits represented 2.8% of Eurozone and 3.8% of EU27 government debt.

Eurostat said that due to the involvement of EU governments in financial assistance to certain member countries, and in order to obtain a more complete picture of the evolution of government debt, quarterly data on intergovernmental lending (IGL) is also published. The share of IGL in GDP at the end of the third quarter of 2011 is similar for both the Eurozone and the EU27, amounting to 0.8% and 0.6% of GDP respectively.

Compared with the second quarter of 2011, fourteen member countries registered an increase in their debt to GDP ratio at the end of the third quarter of 2011, and thirteen a decrease. The highest increases in the ratio were recorded in Hungary (+4.8 percentage points - pp), Greece (+4.4 pp) and Portugal (+3.6 pp), and the largest decreases in Italy and Malta (both -1.6 pp) and Romania (-1.0 pp). It should be noted that the change in debt ratio between two successive quarters can be influenced by seasonal patterns.

Compared with the third quarter of 2010, twenty member countries registered an increase in their debt to GDP ratio at the end of the third quarter of 2011, and seven a decrease. The highest increases in the ratio were recorded in Greece (+20.3 pp), Portugal (+18.9 pp) and Ireland (+16.5 pp), and the largest decreases in Sweden (-1.6 pp), Luxembourg (-1.4 pp) and Bulgaria (-0.9 pp).

Eurostat tables [pdf]

Related Articles
Related Articles


© Copyright 2011 by Finfacts.com

Top of Page

EU Economy
Latest Headlines
Spain's strong recovery to slow in the next few years
Italy's Mezzogiorno is Achilles' heel of Euro Area - lowest birth rate since 1862
Euro Area GDP grows at weak 0.3% in Q2 2015
German GDP up 0.4% in Q2 2015; France's GDP stagnates
Germany's Surplus: Lots of critics; Credible solutions scarce
Euro Area industrial production dips in June and May after a flat April
Greece faces two years of recession according to EU officials
High EU youth unemployment rate not as bad as it seems
Eurozone retail PMI surges to highest since January 2011
ECB monetary policy still tight for Southern Europe
German exports fell in June — surplus at record; Exports up 13.7% year-on-year
Eurozone manufacturing sector continued to expand in July
Weak euro unlikely to have significant impact on Euro Area growth
Is Euro Area Ireland's top trading partner?: EU28 is overwhelmingly UK's
German car firms boost exports from Spain, UK, Portugal, Czech Republic, Slovakia, Hungary and Romania
Flash Eurozone manufacturing/ services PMI close to four-year high despite Greek crisis
Krugman calls euro a Roach Motel; Hotel California gets 1-star grade
Greece & Euro Crisis: July 2015 articles from Finfacts
Greece and other poor countries in Euro Area will not become rich
Euro Area manufacturing/ services PMI hits four-year high in June
Western European car market: Recovery continues
Greece could become a failed state like Venezuela
Multinational companies pay on average 30% less tax than domestic competitors in EU
EU's list of 30 tax havens omits the biggest 4 in Europe
China to invest in Juncker's European investment fund
Greek talks collapse; Game theorists gambling with future — Germany's vice-chancellor
German exports and industrial production in strong rises in April
Tackling Inequality: Scandinavian countries have the most successful welfare systems in Europe
Eurozone unemployment fell by 130,000 in April 2015 — down 849,000 in 12 months
Eurozone service sector business activity slowed during May
German 2015 GDP forecast cut; Jobless level at 24-year low
Eurozone manufacturing in modest acceleration in May
FDI into Europe at record in 2014; UK on top: Germany location for future investment
Eurozone economy loses growth momentum; Jobs growth rises
Athens leak suggests Juncker has plan for Greece
Draghi will not end QE early but warns of risks
Eurozone grows faster than US and UK in Q1 2015
German GDP at slower pace, France faster in Q1 2015
Germany may cut income tax; Germans still shun risky investments
Germany had record exports and imports in March 2015