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Eurostat: Estonia and Germany Only Eurozone Members to Cut Government Debt in Q1

Source: Photo: AFP Photo/Scanpix

Germany and Estonia were the only two Eurozone members who managed to decrease public sector debt in the first quarter of 2013.

According to figures from Eurostat, EU's statistics office, German government debt is down from 81.9 percent of GDP at the end of last year, to 81.2 percent at the end of March.

Estonia's debt is the lowest of any of the monetary union's members, standing at 10.0 percent, down from 10.1 percent.

Ireland (debt up 7.7 percentage points), Belgium (+4.7) and Spain (+4.0) had the highest increases, while outside the zone, Latvia was the leader n the EU, cutting government debt by 1.5 percent in the first three months of this year.

In euros, public debt in the 17 Eurozone nations is 8.75 billion, or 92.2 percent of GDP.

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