ISTANBUL

The ratio of government debt to gross domestic product (GDP) across the euro area stood at 88.7% in the first quarter of 2024, according to official figures revealed on Monday.

The 27-member bloc's statistical department Eurostat said that as of the end of the first quarter of 2024, the ratio of general government gross debt to GDP increased from 88.2% on a quarterly basis.

The figure also increased on the EU side from 81.5% to 82.0% over the same period.

On a yearly basis, the government debt to GDP declined in both the euro area (from 90.1% to 88.7%) and the EU (from 83.0% to 82.0%).

In another release, Eurostat said that in the first quarter of 2024, the seasonally adjusted general government deficit to GDP ratio stood at 2.6% in the euro area and in the EU.