How European Government Debt Grew During The Pandemic

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by Tyler Durden
Tuesday, Feb 01, 2022 - 07:45 AM

European government debt increased across the board during the pandemic, but as Statista's Martin Armstrong shows in the chart below, the effects were felt a lot harder in some countries than they were in others.

The figures, compiled by the UK's Office for National Statistics, reveal a 12.9 point increase across all EU countries.

Infographic: How European Government Debt Grew During the Pandemic | Statista

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Ireland, in terms of general government gross debt, saw a percentage point increase of just 0.4 from the end of Q4 2019 to the end of Q3 2021. Spain, on the other hand, now finds itself with 26.3 p.p. more.

The UK, in comparison, recorded a change of 18.8 points. UK government debt now exceeds its GDP - 103.7 percent - and is the highest rate of the post-war era, far exceeding even the levels seen as a result of the 2008 financial crisis which peaked in 2014/15 at 84.9 percent of GDP.