FX.co ★ National debt of five EU members exceeds 100% of GDP

Belgium has been included on the list of the European Union members with a public debt amounting more than 100% of GDP. In January-March 2013, its national debt increased by 4.7% on quarter-to-quarter to 104.5% of GDP, the EU statistics agency says. According to Eurostat, to date, the number of such countries jumped to five.
In absolute terms, the government debt of Belgium raised from €375.4 billion to €394.2 billion. That was not first time when it exceeds the 100% of GDP level. In the first quarter of 2012, Belgian public debt was estimated at €378.7 or 101.8% of GDP.
The debt of other countries that is huge as it is has gone up too. On an annual basis, the government debt of Greece soared by 24% to 160.5% of GDP, of Ireland – by 18.3% to 125.1%, of Portugal and Italy went through the roof by 24.9% to 127.2% and by 6.5% to 130.3%, relatively.
In general, the European Union managed to reduce the national debts on year-to-year basis of Denmark, Latvia, and Lithuania. Comparing with the fourth quarter of 2012, Germany and Estonia succeeded in clearing their public debts. Besides, the arrearage of the latter is the smallest in the EU – 10% of GDP.
Europe has been suffering the recession since the European Union foundation in 1999. Five EU members had to apply for the international credit support. The current economic downturn is the second one for the last four years. According to forecast of the European Central Bank, the EU economy will shrink by 0.6% in 2013.