EU Debt Burden in 2026: Which Countries Are Under the Most Pressure?

Europe’s debt burden increased in the first quarter of 2026. Eurostat’s latest figures show that the EU debt-to-GDP ratio rose to 82.9%, while the euro area ratio reached 88.9%.

Those averages hide large differences between countries. Greece and Italy still have the highest debt ratios, France combines the EU’s largest debt stock with a ratio above 117%, and several lower-debt countries recorded some of the fastest increases.

Data update: This article was reviewed on 31 July 2026 using Eurostat’s Q1 2026 government debt release, published on 21 July 2026. The quarterly figures are provisional. EU Debt Map’s moving counters are estimates; the debt-to-GDP ratios cited here are official Eurostat observations.

Key takeaways

• The EU government debt-to-GDP ratio increased from 81.8% in Q4 2025 to 82.9% in Q1 2026.
• The euro area ratio increased from 87.7% to 88.9%.
• The highest ratios were recorded in Greece (143.5%), Italy (138.9%), France (117.6%), Belgium (109.1%) and Spain (101.6%).
• Seventeen EU countries recorded a quarterly increase, eight recorded a decrease, and Latvia and Czechia were stable.
• Eurostat’s next quarterly government debt release is scheduled for 21 October 2026.

Europe’s debt picture in Q1 2026

At the end of the first quarter of 2026, general government gross debt stood at 82.9% of GDP across the EU and 88.9% across the euro area. Both ratios moved higher compared with the end of 2025. They were also above their levels one year earlier: 81.4% for the EU and 87.2% for the euro area in Q1 2025.

The direction matters because debt-to-GDP can rise for more than one reason. Governments may borrow more, economic growth may weaken, or both may happen at the same time. The ratio therefore measures the debt stock against the economic base available to support it.

Use the live EU debt map to compare debt amounts and recent movement, then open the official EU debt-to-GDP ranking for the comparable Q1 2026 ratios.

Total debt shows scale, not pressure

In absolute euro terms, Europe’s largest economies hold the largest debt stocks. France recorded about €3.54 trillion in general government gross debt at the end of Q1 2026. Italy followed at about €3.16 trillion, Germany at €2.90 trillion and Spain at €1.74 trillion.

Those figures show scale, but they do not tell the complete risk story. Germany’s debt stock is enormous, yet its debt-to-GDP ratio was 64.4%. France’s ratio was 117.6%, even though both countries have large and diversified economies.

This is the central distinction: the largest debt stock is not automatically the heaviest debt burden.

Debt-to-GDP shows the relative burden

Debt-to-GDP compares government debt with the value of goods and services produced by the economy. It is not a prediction of crisis, but it offers a common scale for comparing countries of very different sizes.

Greece remained first in the EU ranking at 143.5%, followed by Italy at 138.9%. France stood at 117.6%, Belgium at 109.1% and Spain at 101.6%. These were the only five EU countries above 100% in Q1 2026.

The 2026 ranking also shows why absolute debt and debt-to-GDP should be read together. France had the largest debt stock, while Greece and Italy carried larger debts relative to the size of their economies.

The five highest-debt-ratio countries

Greece — 143.5%. Greece still had the EU’s highest ratio, but it also recorded the largest quarterly decrease: 2.6 percentage points compared with Q4 2025. Compared with Q1 2025, its ratio fell by 9.4 points.

Italy — 138.9%. Italy’s ratio increased by 1.8 points during the quarter. Because Italy is one of the euro area’s largest economies, its debt path has consequences well beyond its national budget.

France — 117.6%. France combines the EU’s largest debt stock with the third-highest debt ratio. Its ratio rose by 1.9 points during the quarter and by 4.0 points compared with Q1 2025.

Belgium — 109.1%. Belgium’s ratio was 3.1 points higher than one year earlier. Its debt stock is smaller than those of the largest EU economies, but the burden is high relative to Belgian GDP.

Spain — 101.6%. Spain remained above 100%, although its year-on-year ratio fell by 1.7 points. That combination—a high level with an improving annual direction—shows why the latest value and the trend should be considered together.

Which debt ratios rose fastest?

Compared with Q4 2025, the largest increases were recorded in Hungary (+3.1 percentage points), Lithuania (+2.9), Luxembourg (+2.8), Ireland (+2.2), Croatia (+2.1), Austria (+2.0), France and Poland (both +1.9), and Italy (+1.8).

Quarterly moves can be volatile, so the annual comparison provides useful context. Compared with Q1 2025, the largest increases occurred in Finland (+5.5 points), Bulgaria (+4.8), Poland (+4.5), Romania (+4.3), France (+4.0), and Luxembourg and Belgium (both +3.1).

A fast increase does not put every country in the same position. Bulgaria’s ratio remained relatively low at 28.5%, while France and Belgium were already above 100%. A similar rise can therefore have a very different fiscal meaning depending on the starting point.

Which countries improved?

Greece recorded the largest quarterly decrease, followed by Bulgaria (-1.3 points), the Netherlands (-1.0) and Slovenia (-0.9). On an annual basis, the largest reductions occurred in Greece, Cyprus, Slovenia, Portugal, Denmark and Spain.

Falling ratios do not erase a high debt burden, but they can create more room over time. Greece illustrates this clearly: it remains first in the ranking, yet its ratio is moving down rather than up.

Why the EU’s 60% reference value matters

The EU fiscal framework uses 60% of GDP as a reference value for government debt. It is not a simple safe-versus-dangerous boundary. A country above 60% is not automatically in crisis, and a country below it is not automatically protected from fiscal stress.

The reference value is still useful because it gives readers a consistent benchmark. Countries far above 60% generally have less room to absorb higher interest costs, weak growth or new spending shocks—especially when budget deficits remain persistent.

In Q1 2026, the seasonally adjusted government deficit was 3.1% of GDP in both the EU and the euro area, according to Eurostat. Continued deficits make it harder to reduce debt ratios unless economic growth is strong enough to offset new borrowing.

What to watch before the October update

Eurostat’s next quarterly government debt release is scheduled for 21 October 2026. Three questions matter before then: whether the Q1 rise in the EU and euro area ratios continues, whether France and Italy can slow their increases, and whether countries with improving ratios can maintain that direction.

Quarterly government debt data are provisional and can be revised. The ranking should therefore be treated as the latest official snapshot, not as a permanent verdict on any country.

How EU Debt Map uses the figures

EU Debt Map stores the latest official Eurostat debt values and official percentage-of-GDP observations. The moving euro counters estimate how debt may change between official releases by extending the recent movement over time.

The live counters are educational estimates, not official real-time government statistics. The displayed reference period and debt-to-GDP ratios remain tied to Eurostat’s published quarterly data. Read the full calculation approach on the methodology page.

The bottom line

Europe’s debt burden is defined by both scale and capacity. France has the largest debt stock, Greece and Italy have the highest ratios, and Belgium and Spain also remain above 100% of GDP. At the same time, the sharpest increases are not limited to the countries at the top of the ranking.

The most useful comparison asks two questions together: how much does a government owe, and how large is that debt compared with the economy supporting it?

Sources and methodology

This article uses Eurostat’s Q1 2026 quarterly government debt and deficit releases, both published on 21 July 2026. Eurostat labels the quarterly government debt data provisional. EU Debt Map uses the official observations as the basis for its comparisons and estimated live counters.

• Eurostat: Government debt at 88.9% of GDP in the euro area, Q1 2026
• Eurostat: Seasonally adjusted government deficit at 3.1% of GDP, Q1 2026
• EU Debt Map official debt-to-GDP ranking
• EU Debt Map methodology