The surplus, amounting to 1.3% of GDP, is a significant outlier in a region where most member states continued to operate in deficit. By comparison, the Eurozone reported a collective deficit of 3.1% of GDP, while the EU average stood at 3.2%.
This fiscal turnaround for Greece was driven by two key trends: a steady rise in public revenues—reaching 49.3% of GDP in 2024 from 48.2% the previous year—and a moderate decline in public spending, which dropped to 48% of GDP from 49.5%. The country also recorded a primary surplus (excluding interest payments) of €11.4 billion, or 4.8% of GDP.
The figures mark a continued fiscal recovery for a country that, just over a decade ago, was at the center of the European debt crisis. However, Greece still carries the EU’s highest debt burden, with public debt at 153.6% of GDP—far above the 60% limit set by the EU’s Stability and Growth Pact. Despite the high level, this represents a gradual downward trend.
In contrast, several EU nations saw substantial deficits in 2024. Romania led the list with a deficit of 9.3% of GDP, followed by Poland at 6.6% and France at 5.8%. A total of 12 EU countries reported deficits equal to or above the 3% threshold, breaching EU fiscal rules.
Public debt levels also varied widely across the bloc. After Greece, Italy (135.3%), France (113.0%), Belgium (104.7%), and Spain (101.8%) reported the highest debt ratios. At the other end of the spectrum, Estonia (23.6%) and Bulgaria (24.1%) maintained the lowest.
Eurostat’s report is based on the first submission of fiscal data from member states under the Excessive Deficit Procedure, following the ESA 2010 framework. The figures are expected to be revised in October 2025.
