EU Public Debt Climbs to 82.9% of GDP — Czechia One of the Few Exceptions With a Decline

The European Union's public debt reached 82.9% of GDP in the first quarter of 2026, rising both quarter-on-quarter and year-on-year, according to the European statistical agency Eurostat. Czechia's debt, by contrast, actually fell — to 44.1% of GDP — although the figure was still up compared to a year earlier.

The EU's combined public debt exceeded €15.704 trillion (379.6 trillion crowns) in the first quarter, up from more than €15.377 trillion at the end of last year. Czechia's debt over the same period rose above 3.827 trillion crowns, up from more than 3.786 trillion crowns at the end of the previous quarter, Eurostat notes. The figure represents the total amount owed by the state and all public institutions combined.

Despite the rise in Czechia's absolute debt figure, the ratio to GDP actually edged down slightly — meaning the economy grew faster than the debt itself. A year earlier, at the end of the first quarter of 2025, Czechia's debt stood at 43.3% of GDP (more than 3.535 trillion crowns), while the eurozone as a whole posted 81.4% of GDP, with total debt exceeding €14.827 trillion.

Greece remains the EU's most heavily indebted country at 143.5% of GDP, followed by Italy (138.9%), France (117.6%), Belgium (109.1%) and Spain (101.6%). Estonia has the lowest debt burden (25.2%), followed by Denmark (26.8%), Bulgaria (28.5%) and Luxembourg (29.2%).

Debt rose in 17 EU countries over the quarter, fell in nine, and stayed unchanged in one. The sharpest increases were recorded in Hungary, Lithuania and Luxembourg, while the steepest declines came in Greece, Bulgaria and the Netherlands. As for Czechia, Eurostat's accompanying commentary states the figure was unchanged from the previous quarter, even though the data table shows different numbers. On an annual basis, debt rose in 19 countries and fell in the remaining eight.

Eurozone debt stood at 88.9% of GDP at the end of the first quarter, up both quarter-on-quarter and year-on-year.

Eurostat also released figures on government budget deficits. Across the EU, the deficit narrowed to 3.1% of GDP in the first quarter from 3.4% at the end of last year's fourth quarter, though it remained above last year's level of 2.9%. In Czechia, the deficit actually widened — to 2.3% of GDP from 2.2% at the end of last year; a year earlier it also stood at 2.2%.

A look back through history: over the whole of modern Czech statehood since 1993, the lowest debt levels were recorded before 2000, when the figure never exceeded 15% of GDP, under the governments of Václav Klaus and later Josef Tošovský. Between 1999 and 2013 the debt climbed steadily, surpassing 40% of GDP — a period that saw Social Democrat prime ministers Miloš Zeman, Vladimír Špidla, Stanislav Gross and Jiří Paroubek in office, followed by Civic Democrats Mirek Topolánek and Petr Nečas, as well as non-partisan caretakers Jan Fischer and Jiří Rusnok. After that, and right up until the Covid-19 pandemic, the debt shrank — dropping below 30% of GDP in 2019 under prime ministers Bohuslav Sobotka and Andrej Babiš.

With the onset of the pandemic in 2020, debt jumped sharply — not only in Czechia but across Europe. In the first pandemic year, Czechia's figure topped 37% of GDP and kept rising in subsequent years under Prime Minister Petr Fiala. By the end of 2025, according to Eurostat, Czechia's public debt had reached 44.2% of GDP.

Under EU budget rules known as the Stability and Growth Pact, overall public debt is supposed to stay below 60% of GDP, while the budget deficit must not exceed 3% of GDP. Because of the pandemic's fallout and the need for extra financing, these rules were suspended until 2024.

Around Prague, based on reporting by seznamzpravy.cz