According to the final[1] data of government finance statistics for the fourth quarter of 2024, the total consolidated debt of all general government sub-sectors[2] reached EUR 49.3bn at the end of December 2024, down by EUR 0.7bn (or 1.4%) from the end of September 2024 and up by EUR 1.0bn (or 2.1%) from the end of December 2023.
Measured against the annual GDP[3], the total debt stood at 57.6% of GDP at the end of December 2024, which is a decrease of 4.2 percentage points on an annual basis from 61.8% of GDP at the end of December of the year before. The debt-to-GDP ratio decreased by 2.0 percentage points from the end of the previous quarter.
Figure 1 Consolidated general government debt and debt-to-GDP ratio
The decrease in the debt-to-GDP ratio of 4.2 percentage points on an annual basis was influenced by the increase in nominal GDP, which contributed to the decrease in the ratio by 5.4 percentage points, while debt grew in nominal terms in the same period, contributing to the increase in the ratio by 1.2 percentage points.
Figure 2 Relative annual change in general government debt
According to the structure of the general government debt by financial instruments[4], at the end of December 2024, long-term debt securities accounted for the largest share (65.0%), followed by loans and deposits (28.3%), and short-term debt securities (6.6%). Stock of short-term debt securities increased by EUR 1.2bn (or 57.0%) from December 2023 and recorded the largest relative increase in the total debt structure, having risen from 4.3% to 6.6%.
Figure 3 Unconsolidated general government debt by debt instruments
Statistical time series: Table I3 General government debt (ESA 2010)
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Data are confirmed by EUROSTAT within EDP notification process (EXCESSIVE DEFICIT PROCEDURE REPORT, REPUBLIC OF CROATIA, APRIL 2025 ). ↑
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This debt excludes the cross claims of institutions within the same sub-sector and between sub-sectors, the so-called Maastricht debt. ↑
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Calculated as the sum of the preceding four quarterly GDP figures. ↑
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Data on the structure of general government debt by main debt instruments and debt maturity are available only for unconsolidated general government debt. Unconsolidated debt is the Maastricht debt increased by cross claims of different units within the general government sector. ↑