Debt-to-GDP ratio

BELGRADE - Serbia's public debt stood at 38.13 bln euros at end-October, accounting for 46.5 pct of GDP, according to figures released by the Ministry of Finance.

Relative to the end of last year, the debt-to-GDP ratio declined from 48 pct.

On December 31 2023, the public debt totalled 36.15 bln euros.

BELGRADE - Serbia's public debt stood at 38.15 bln euros on September 30, accounting for 46.5 pct of GDP, according to figures released by the Ministry of Finance.

Relative to the end of last year, the debt-to-GDP ratio declined from 48 pct.

On December 31, 2023, the public debt totalled 36.15 bln euros.

Greek Finance Minister Kostis Hatzidakis told Reuters that the government will maintain fiscal prudence to safeguard its growth path and emergence from a debilitating debt crisis a decade ago, even amid higher wage demands by striking teachers and ferry workers.

Scope Ratings highlights the positive outlook for Greece’s BBB- credit ratings, emphasizing that primary fiscal surpluses are expected to be maintained in the coming years. They project that Greece’s general government debt-to-GDP ratio will decrease to 150.5% by the end of this year and to 132.8% by 2029, down from a peak of 207% in 2020.

At 163.6% of GDP, debt in Greece rose to 163.6% of GDP in the second quarter of 2024, from 165.4% in the first quarter and 172.5% in the second quarter of 2023. In the eurozone, debt reached 88.1%, according to Eurostat data.

In 2023, Bulgaria maintained one of the lowest government debt-to-GDP ratios in the EU at 22.9%, as overall government deficits in the euro area and EU slightly increased. Government deficits rose to 3.6% of GDP in the euro area and 3.5% in the EU, while government debt levels fell across the region.

New data released yesterday highlights the growth in the Greek economy, suggesting more benefits for everyone. Last year, the economy grew by an additional $5 billion, leading to a real growth rate of 2.3% for 2023, compared to the previously estimated 2%. Along with this updated GDP estimate for 2023, several other economic indicators are also being revised upward.

Morningstar DBRS announced last Friday it has affirmed the credit rating of the Republic of Cyprus at BBB (high) and raised its outlook from "Stable" to "Positive."

The Canadian-based rating agency explained that the rating reflects the view that "public debt metrics are likely to continue to improve."

Bulgaria is currently experiencing a significant budget deficit, according to the latest data from Eurostat. In the first quarter of 2024, the country's seasonally adjusted budget deficit as a percentage of GDP was -5.6%. This places Bulgaria among the highest in the European Union for budget deficits relative to GDP, on par with France.

BELGRADE - Serbian Finance Minister Sinisa Mali said on Tuesday Serbia's budget and finances were stable and that there was over 6.5 bln euros in the state coffers at this time, which he noted was more than sufficient for the country to function normally.