Government deficit in the first three quarters of 2025 amounts to 11 billion
Statistics Netherlands | CBS
Source published: 24 December 25
Government deficit in the first three quarters of 2025 amounts to 11 billion
In the first three quarters of 2025, the government spent 11 billion euros more than it received. This article discusses the size of the deficit and its impact on government debt.
In the first three quarters of 2025, the government spent 11 billion euros more than it received. The government deficit is thus 9 billion euros larger than in the same period of 2024. Government debt at the end of the third quarter stood at 494 billion euros. This is 42.4 percent of the gross domestic product (GDP). This was reported by Statistics Netherlands (CBS) based on provisional figures on public finances.
In the 2025 autumn memorandum, the Ministry of Finance expects a deficit of the government of 21.9 billion euros for the whole of 2025, or 1.8 percent of the GDP. The deficit for 2024 was nearly 11 billion euros, of which 3 billion euros arose in the first three quarters and 8 billion euros in the last quarter of 2024. The deficit for 2025 stands at 11 billion euros after three quarters. Translated into annual figures, as the sum of the past four quarters, this is 19 billion euros, or 1.6 percent of GDP.
Fourth quarter
billion euros
* provisional figures
Government expenditures and revenues exceed 500 billion euros
Government expenditures in the first three quarters of 2025 were 22 billion euros higher than in the first three quarters of 2024. This increase is visible in almost all spending categories, from government personnel salaries to benefits and transfers abroad. The largest relative increase was in transfers abroad, mainly due to contributions to the European Union and support for Ukraine. Government expenditures on an annual basis, calculated as the sum of the last four quarters, exceeded 500 billion euros for the first time. Since the start of the coronavirus crisis, government expenditures on an annual basis have risen by about half, from nearly 350 billion euros in 2019 to 521 billion euros this year. As a percentage of GDP, government expenditures grew by 2.6 percentage points during this period, from 42.1 percent of GDP to 44.7 percent.
Government revenues also exceeded 500 billion euros on an annual basis. Unlike expenditures, government revenues as a percentage of GDP have declined compared to 2019, by 0.9 percentage points to 43.1 percent of GDP this year. The collective burden as a percentage of GDP decreased by 0.6 percentage points during this period, while other revenues, including natural gas revenues, decreased by 0.3 percentage points of GDP.
Expenditures
billion euros
1) measured as the sum of four quarters
*provisional figures
Debt ratio decreased despite deficit, lowest level in 30 years
The government debt stood at 494 billion euros at the end of the third quarter of 2025. The debt has increased by 3 billion euros since the beginning of the year. The increase in debt is significantly less than the deficit of 11 billion euros over the first three quarters of 2025. This is because part of the deficit was financed from financial assets. For example, government deposits decreased by 4 billion euros, and accrued assets decreased by 9 billion euros. On the other hand, the government lent 5 billion euros more in 2025, largely loans to the state-owned company Tennet for strengthening the electricity grid. These loans increased government debt.
Despite the increase in debt in euros, the debt ratio decreased by 1.4 percentage points since the beginning of the year to 42.4 percent. This is because the total size of the Dutch economy grew relatively stronger than government debt. As a result, the debt ratio has reached its lowest point in the past 30 years.
In the 2025 autumn memorandum, the Ministry of Finance expects government debt to rise to 524.5 billion euros by the end of the year, or 44.2 percent of GDP.
Government debt ratio (EMU)
% GDP
The government balance and debt ratio are important indicators of the state of public finances in a country. The European standards for these are a maximum deficit of 3 percent in a year and a maximum debt of 60 percent of GDP at the end of the year.
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