household debts in Romania

Gross debt in Romania

General government debt of Romania refers to the debts of the state, their states and municipalities, and also of public sector institutions such as social security funds.

The government debt in the period from 2000 to 2021 was between 8.4 billion and 138.8 billion USD. The highest level of the last years at 139 billion US Dollar was reached in 2021. The budget deficit in the same year was 20.3 billion USD.

Based on the number of inhabitants, this is a debt of 7,260 USD per person. For comparison, the average debt per person in the same year in the European Union was 35,341 USD.

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Gross debt of the last 21 years in billion USD

This is how much debt Romania can afford

In accordance with the Maastricht Treaty, government debt in Romania is aggregated for the federal, state and local governments as well as state institutions, and therefore includes the debt of all public budgets. As it is gross debt, the government's assets are not deducted. According to the EU convergence criteria, each EU country must meet certain requirements. For the debt budget, these two conditions in particular are decisive:
  • Consolidated gross debt may not exceed 60% of gross domestic product (GDP).
  • The budget deficit, i.e. new annual debt, may not exceed 3% of GDP.
Between 2000 and 2021, Romania never exceeded the 60% ceiling. The budget deficit was above the 3 percent limit only 12 times. If a country repeatedly fails to comply with these limits, infringement proceedings can be initiated on the part of the EU. During the COVID years in particular, aid programs were launched in most countries to offset the consequences of the economic downturn. Around half of all EU countries were therefore unable to comply with these limits.

At the end of 2021, the debt of all EU countries averaged 92 percent.

YearRomania total% of GDPper capitaEU per capita
20008.38 bn USD22.49%373 USD10,328 USD
200110.45 bn USD25.87%472 USD10,404 USD
200211.43 bn USD24.82%526 USD11,368 USD
200312.78 bn USD22.11%592 USD14,148 USD
200414.20 bn USD18.95%662 USD16,162 USD
200515.66 bn USD15.91%734 USD16,918 USD
200615.16 bn USD12.42%715 USD17,549 USD
200720.86 bn USD11.95%999 USD19,574 USD
200826.44 bn USD12.34%1,287 USD22,721 USD
200937.92 bn USD21.78%1,862 USD23,701 USD
201049.26 bn USD29.62%2,433 USD25,145 USD
201162.31 bn USD33.99%3,093 USD28,417 USD
201263.36 bn USD37.13%3,159 USD27,784 USD
201371.78 bn USD37.62%3,592 USD30,021 USD
201478.29 bn USD39.15%3,932 USD30,832 USD
201567.25 bn USD37.81%3,394 USD26,170 USD
201669.15 bn USD37.32%3,510 USD26,655 USD
201773.67 bn USD35.06%3,761 USD27,535 USD
201884.50 bn USD34.73%4,339 USD29,172 USD
201988.53 bn USD35.27%4,570 USD27,927 USD
2020118.66 bn USD47.21%6,159 USD32,227 USD
2021138.81 bn USD48.86%7,260 USD35,341 USD

Comparison of gross debt per capita with the European Union in U.S. dollars

      Romania       European Union

Budget deficit in Romania

household debts in RomaniaThe budget deficit of a country is the result of all its claims and liabilities. This includes incomes and expenses, repayments and building of new debts in other countries, but also domestic positions of the government, such as social insurance, local authorities and communities. It is the financial balance of the economic accounts. In simple terms: If a country at the end of the year has more money than at at the beginning, it is a surplus. If it is less, it is called a deficit.

The budget deficit in Romania in the period between 1998 and 2022 varied between 814.64 million euros and 23.27 billion euros. In 2022, Romania reached a balance of -19 billion euros.

In ratio to population, this equals a new indebtedness of 972 euros per capita in Romania in 2022. For comparison, the average debt per capita in the European Union in the same year was 1,254 euros.

Budget deficit of the past 24 years

YearRomania total% of GDPper capitaEU per capita
1998-1,333.69 M USD-3.20%-59 USD-398 USD
1999-1,588.79 M USD-4.42%-71 USD-204 USD
2000-1,752.35 M USD-4.70%-78 USD112 USD
2001-1,417.47 M USD-3.51%-64 USD-299 USD
2002-920.07 M USD-2.00%-42 USD-565 USD
2003-889.35 M USD-1.54%-41 USD-840 USD
2004-834.66 M USD-1.11%-39 USD-920 USD
2005-814.64 M USD-0.83%-38 USD-822 USD
2006-2,626.21 M USD-2.15%-124 USD-568 USD
2007-4,774.82 M USD-2.73%-229 USD-360 USD
2008-11,542.99 M USD-5.39%-562 USD-1,085 USD
2009-15,825.12 M USD-9.09%-777 USD-2,021 USD
2010-11,507.34 M USD-6.92%-568 USD-1,970 USD
2011-10,727.03 M USD-5.85%-532 USD-1,463 USD
2012-6,876.89 M USD-4.03%-343 USD-1,220 USD
2013-4,326.95 M USD-2.27%-217 USD-1,027 USD
2014-2,385.32 M USD-1.19%-120 USD-851 USD
2015-961.49 M USD-0.54%-49 USD-574 USD
2016-4,719.71 M USD-2.55%-240 USD-421 USD
2017-5,339.98 M USD-2.54%-273 USD-263 USD
2018-6,860.31 M USD-2.82%-352 USD-134 USD
2019-10,866.43 M USD-4.33%-561 USD-191 USD
2020-23,271.18 M USD-9.26%-1,208 USD-2,317 USD
2021-20,329.43 M USD-7.16%-1,063 USD-1,852 USD
2022-18,591.14 M USD-972 USD-1,254 USD

(negative numbers = deficit)
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