Romania had the fifth-lowest public debt in the European Union as well as one of the lowest budget deficits when compared to its gross domestic product (GDP).

Romania’s government debt represented 38.4% of its GDP at the end of December 2015.

Estonia had the lowest debt to GDP ratio, of under 10%, followed by Luxembourg (21.4%), Bulgaria (26.7%), and Latvia (36.4%), according to the EU statistical office Eurostat. At the other end, Greece (177%), Italy (133%), and Portugal (129%) were the most indebted countries in the EU.

The public debt to GDP ratio was 85.2% in the EU and 90.7% in the Euro area.

Romania also had one of the lowest budget deficit to GDP ratios in the EU, of -0.7%, in 2015. Lithuania (-0.2%) and the Czech Republic (-0.4%) had lower deficits while Luxembourg, Germany, and Estonia had budget surpluses and Sweden reported budgetary balance.

Overall, the budget deficit in the EU amounted to -2.4% of the GDP, in 2015, down from 4.3% in 2012.

editor@romania-insider.com