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At the end of the third quarter of 2019, the government debt to GDP ratio in the euro area (EA19) stood at 86.1%, compared with 86.4% at the end of the second quarter of 2019. In the EU28, the ratio decreased from 80.4% to 80.1%. Compared with the third quarter of 2018,

the government debt to GDP ratio fell in both the euro area (from 87.1% to 86.1%) and the EU28 (from 81.4% to 80.1%). At the end of the third quarter of 2019, debt securities accounted for 80.8% of euro area and for 81.6% of EU28 general government debt. Loans made up 15.5% and 13.6% respectively and currency and deposits represented 3.8% of euro area and 4.8% of EU28 government debt. Due to the involvement of EU Member States' governments in financial assistance to certain Member States, quarterly data on intergovernmental lending (IGL) is also published. The share of IGL as percentage of GDP at the end of the third quarter of 2019 amounted to 1.9% in the euro area and to 1.4% in the EU28. These data are released by Eurostat, the statistical office of the European Union.

Government debt at the end of the third quarter 2019 by Member State.    The highest ratios of government debt to GDP at the end of the third quarter of 2019 were recorded in Greece (178.2%), Italy (137.3%), Portugal (120.5%), Belgium (102.3%) and France (100.5%) and the lowest in Estonia (9.2%), Luxembourg (20.2%) and Bulgaria (20.6%).

Compared with the second quarter of 2019, four Member States registered an increase in their debt to GDP ratio at the end of the third quarter of 2019 and twenty-three a decrease, while the ratio remained stable in Germany. Increases in the ratio were observed in Romania (+1.4 percentage points – pp), France (+0.9 pp), Slovenia (+0.4 pp) and Bulgaria (+0.2 pp). The largest decreases were recorded in Cyprus (-9.2 pp), Malta (-2.3 pp), the Netherlands (-1.7 pp), Finland (-1.5 pp), Greece (-1.4 pp), Ireland (-1.3 pp), Croatia and Czechia (both -1.2 pp).