Eurozone collective debt climbs to record 92.2 Pct

The collective national debt of the 17-member eurozone has increased to an all-time high of 92.2 percent of annual economic output in the first quarter of 2013, from 90.6 percent three months earlier, statistics showed on Monday.

The figures by European Union (EU) statistics office Eurostat showed the highest ratios of government debt to GDP at the end of the first quarter were recorded in Greece at 160.5 percent, Italy at 130.3 percent, Portugal at 127.2 percent and Ireland at 125.1 percent.

The lowest ratios were recorded in Estonia at 10.0 percent, Bulgaria at18.0 percent and Luxembourg at 22.4 percent.

For EU countries,the debt to GDP ratio in 24 member states recorded an increase at the end of the first quarter of 2013 compared with the same period of last year. The highest increases in the ratio were recorded in Greece at 24.1 percent, Ireland at 18.3 percent, Spain at 15.2 percent, Portugal at 14.9 percent and Cyprus at 12.6 percent.

The latest figure showed Europe countries’ debt burden is becoming heavier. With the bloc’s GDP remain shrinking, the debt-to-GDP ratio are hard to see a decrease trend.

Source: cri.cn

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