site.btaBulgaria Sees Second Highest Government Debt Increase in EU in Q3 2025

At the end of the third quarter of 2025, Bulgaria’s general government gross debt to GDP ratio stood at 28.4%, marking an increase on both a quarterly and annual basis, according to the latest Eurostat data published Thursday on the agency’s website.

Compared with the second quarter of 2025, Bulgaria’s ratio rose by 2.1 percentage points, one of the largest quarter-on-quarter increases among EU Member States. A larger quarterly rise was recorded only in Luxembourg, at 2.6 percentage points.

On an annual basis, compared with the third quarter of 2024, Bulgaria’s government debt increased by 4.1 percentage points, placing the country among those with the most pronounced increases in the EU. Higher annual growth over the period was recorded in Romania (5.5 percentage points), Poland (5.0 percentage points) and Finland (4.7 percentage points).

Despite the increase, Bulgaria remains among the countries with the lowest government debt levels in the European Union, alongside Estonia (22.9%), Luxembourg (27.9%) and Denmark (29.7%).

At the end of the third quarter of 2025, the government debt-to-GDP ratio in the euro area (comprising 20 countries – EA20) reached 88.5%, up from 88.2% at the end of the previous quarter, while in the EU as a whole it rose to 82.1% from 81.9%. On an annual basis, debt also increased – from 87.7% to 88.5% in the euro area and from 81.3% to 82.1% in the EU. When Bulgaria is included (euro area of 21 countries – EA21), the currency union’s government debt ratio in the third quarter stands at 88.1%.

The highest government debt-to-GDP ratios in the EU at the end of the third quarter of 2025 were registered in Greece (149.7%), Italy (137.8%), France (117.7%), Belgium (107.1%) and Spain (103.2%).