Estonia has the lowest national debt in the EU

In the first quarter of 2017 and for all 2016, Estonia had the lowest national debt-to-GDP ratio in the whole European Union.

According to Eurostat, the pan-European statistics agency, Estonia’s national debt was 9.2% of the country’s GDP in the first quarter of 2017. In Q4 2016, the debt-to-GDP ratio was 9.5%, and in Q1 2016, 9.9%.

These figures make Estonia’s national debt-to-GDP ratio the absolute lowest in the whole bloc. For example, Luxembourg, which comes second, had a 23% debt-to-GDP ratio, and Bulgaria, that comes third, 28.6% in Q1 2017.

In Q1 2017, Estonia’s national debt was €1.97 billion, which is also the lowest amount of money owed by any EU country.

Greece had the highest national debt-to-GDP ratio in the EU – 176.2% in Q1 2017. Italy comes second (134.7%) and Portugal third (130.5%).

Looking at Estonia’s neighbours, none of them is doing particularly well in their debt-to-GDP ratios – Latvia 39%, Lithuania 39.3% and Finland 62.6%.


Cover: Estonia piggy bank (the image is illustrative/Shutterstock).

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About the author: Estonian World

Estonian World is a global independent online magazine, founded in London in 2012 and headquartered in Tallinn, Estonia. The magazine has editorial representations in London, Chicago and Tallinn, and contributors all over the world, on every continent. Follow us on Facebook, Twitter, LinkedIn and Instagram.