How European Government Debt Grew During the Pandemic

European government debt increased across the board during the pandemic, but as this chart shows, the effects were felt a lot harder in some countries than they were in others. 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 figures, compiled by the UK's Office for National Statistics, reveal a 12.9 point increase across all EU countries. 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.