The public deficit of the eurozone and the European Union decreased to 3.1% of GDP in the first quarter of 2026, according to Eurostat. Spain recorded a deficit of 1.9%, well below the community average.
The public deficit of the eurozone and the European Union stood at 3.1% of GDP during the first quarter of 2026, according to data published this Tuesday by the community statistical office Eurostat. This figure represents a slight decrease compared to the previous quarter, when the eurozone recorded a deficit of 3.2% and the EU of 3.4%.
However, on a year-on-year basis, the deficit has increased: in the eurozone it rose from 2.8% in the first quarter of 2025 to the current 3.1%, while in the EU it increased from 2.9% to 3.1%. This rise reflects increased public spending in some countries to address economic and social challenges.
Income and expenditure: relative stability
Public revenues in the eurozone remained stable at 47.1% of GDP, a tenth lower than in the previous quarter. Eurostat clarifies that this slight decline is not due to lower collection, but because nominal Gross Domestic Product grew at a greater rate. In absolute terms, revenues increased by about 1 billion euros.
In the EU, revenues represented 46.6% of GDP, down from 46.7% in the previous quarter, although they also grew in absolute terms by about 9 billion euros. On the expenditure side, the eurozone reduced its spending by 1 billion euros, standing at 50.2% of GDP, while the EU cut its spending by 2 billion, down to 49.8%.
Spain among the best with a deficit of 1.9%
Among member states, the highest deficit figures were recorded by Bulgaria (7.6%), Hungary (6.6%), Belgium (4.8%), Romania (3.6%) and Slovakia (3.4%). In contrast, Spain recorded a deficit of 1.9% of GDP, well below the community average and the 3% set by the Stability and Growth Pact.
The largest surpluses were seen in Cyprus (4.4%), Ireland (2.4%) and Denmark (2%). For readers interested in the Spanish economy, these figures confirm that Spain is maintaining a path of fiscal consolidation, although public debt remains high.
Public debt: Greece, Italy and France lead
Public debt in the eurozone increased to 88.9% of GDP, up from 87.7% in the previous quarter. In the EU, the ratio rose to 82.9% from 81.8%. Year-on-year, it also grew: from 87.2% to 88.9% in the eurozone and from 81.4% to 82.9% in the EU.
The countries with the highest debt levels were Greece (143.5%), Italy (138.9%), France (117.6%), Belgium (109.1%) and Spain (101.6%). In contrast, the lowest levels were recorded in Estonia (25.2%), Denmark (26.8%), Bulgaria (28.5%) and Luxembourg (29.2%).
For investors and analysts, the increase in debt in the eurozone is a factor to watch, especially in a context of high interest rates. The composition of the debt shows that 84.3% consists of debt securities in the eurozone, 13.2% loans, and 2.5% cash and deposits.
In summary, the evolution of the deficit and debt in the first quarter of 2026 reflects a cyclical improvement, but with latent risks. The next update from Eurostat, scheduled for the third quarter, will allow for an assessment of whether the trend consolidates.
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