According to recently published data from the Croatian National Bank, the public debt of Croatia has declined for the first time since 1999. At the end of March this year Croatia's public debt was 288.3 billion Kunas, less than the same period last year when 293.09 billion Kunas of public debt was recorded. It is a significant decrease of 1.6 per cent or 4.7 billion Kunas.
The Croatian Chamber of Commerce said that a decline of public debt was due to the continuation of positive budget activities. The latest data from Eurostat confirmed that Croatia found its place among the EU countries with the biggest decline in public debt in the first quarter of 2016.
Compared to the first quarter last year Greece had the biggest increase in public debt (5.8 percentage points), followed by Finland (3.7), Latvia (2.9) and Lithuania (2.1). On the other hand, the biggest decline in public debt had Ireland (-16.7), Netherlands (-4.3), Denmark (-4.1) whilst Germany, Croatia and Malta all recorded 3.3 percentage points decline in public debt.
In terms of public debt to GDP ratio Greece had the largest public debt (176,3 % of GDP), followed by Italy (135,4%) and Portugal (128,9%).
The lowest public debt was recorded in Estonia, only 9.6 per cent of GDP, followed by Luxembourg (21.8%) and Bulgaria (30.3%).