In Romania, persistently very large public deficits observed between 2020 and 2025 have kept the public debt on a rapidly rising path. Between end-2019 and end-2025, Romania had the highest increase in public debt among EU member states (cumulative increase of 24.1% of GDP).
Although the public deficit is on the decrease, it remains high (around 6% of GDP according to the official 2026 target), which continues to push the public debt-to-GDP ratio upward.
The continued increase in public debt, driven by persistent large fiscal deficits, is a key concern for rating agencies, which still consider the possibility of a downgrade of the sovereign rating to non-investment grade status.
