Government Debt by Country
What Is General Government Debt?
General Government Debt (Percent of GDP) measures the total public debt obligations of central, state, and local governments as a share of a nation’s gross domestic product. By comparing debt to the size of the economy, it indicates how much output is needed to service and repay those obligations. This ratio provides a quick gauge of fiscal burden and sustainability.
Why General Government Debt Matters to a Country’s Progress
- Reflects fiscal sustainability, since high debt relative to GDP can limit future budget flexibility.
- Signals borrowing costs, as elevated debt levels often lead to higher interest rates and credit-rating risks.
- Informs policy choices, because governments rely on this metric when deciding on spending cuts or tax adjustments.
Implications for Policy & Society
- High debt can force governments to allocate more revenue to interest payments, reducing funds for social programs.
- Low debt levels give policymakers room to run countercyclical deficits, allowing more spending during downturns without risking insolvency.
- Rapid debt growth may spook investors and raise borrowing costs, prompting austerity measures that could slow growth.
- Sustainable debt management supports long-term investment in infrastructure, education, and health without overburdening taxpayers.
How to Read the Rankings
- A lower debt-to-GDP ratio indicates less borrowing burden relative to economic output.
- “Most Recent Year” shows the latest percentage of GDP; “Change” shows the difference from the prior year’s ratio.
- Sudden increases can result from crisis spending or bailouts rather than chronic fiscal mismanagement.
Ranking Highlights
- Mongolia tops the progress rankings in Government Debt to GDP, recording a drop from 64.49% to 46.79%. Venezuela follows with a reduction from 160.67% to 146.26%, while Portugal rounds out the top three, falling from 112.42% to 99.08%.
- Across all 86 countries, the average year-over-year change was -1.16 percentage points% with a median change of -0.56 percentage points%.
- Overall, 49 countries improved in this area while 37 worsened. Click on a country to open the full country scorecard and see how it performs across a range of key indicators.
| Rank | Country | Most Recent Year | Previous Year | Change |
|---|---|---|---|---|
| 1 |  Mongolia | 46.79% (2023) | 64.49% (2022) | -17.69 pp |
| 2 |  Venezuela | 146.26% (2023) | 160.67% (2022) | -14.40 pp |
| 3 |  Portugal | 99.08% (2023) | 112.42% (2022) | -13.33 pp |
| 4 |  Georgia | 41.62% (2022) | 52.51% (2021) | -10.89 pp |
| 5 |  Greece | 168.87% (2023) | 179.59% (2022) | -10.72 pp |
| 6 |  Montenegro | 61.50% (2023) | 70.55% (2022) | -9.05 pp |
| 7 |  Ethiopia | 38.74% (2023) | 46.92% (2022) | -8.18 pp |
| 8 |  Cyprus | 77.41% (2023) | 85.60% (2022) | -8.18 pp |
| 9 |  Japan | 249.67% (2023) | 256.30% (2022) | -6.63 pp |
| 10 |  Colombia | 54.32% (2023) | 60.06% (2022) | -5.74 pp |
| 11 |  Albania | 59.81% (2023) | 65.55% (2022) | -5.73 pp |
| 12 |  Iceland | 62.24% (2023) | 67.36% (2022) | -5.12 pp |
| 13 |  Honduras | 41.98% (2023) | 46.97% (2022) | -4.98 pp |
| 14 |  Croatia | 63.02% (2023) | 67.78% (2022) | -4.76 pp |
| 15 |  Serbia | 48.91% (2023) | 53.50% (2022) | -4.58 pp |
| 16 |  Spain | 105.03% (2023) | 109.40% (2022) | -4.37 pp |
| 17 |  Saint Kitts and Nevis | 55.93% (2023) | 60.20% (2022) | -4.27 pp |
| 18 |  Switzerland | 33.32% (2023) | 37.19% (2022) | -3.88 pp |
| 19 |  Mauritius | 82.90% (2023) | 86.76% (2022) | -3.86 pp |
| 20 |  Italy | 134.79% (2023) | 138.35% (2022) | -3.55 pp |
| 21 |  Netherlands | 45.02% (2023) | 48.35% (2022) | -3.33 pp |
| 22 |  Slovenia | 69.22% (2023) | 72.48% (2022) | -3.26 pp |
| 23 |  Nicaragua | 41.68% (2023) | 44.64% (2022) | -2.96 pp |
| 24 |  Micronesia | 12.42% (2023) | 14.57% (2022) | -2.15 pp |
| 25 |  Hungary | 69.44% (2023) | 71.58% (2022) | -2.14 pp |
| 26 |  Germany | 62.66% (2023) | 64.79% (2022) | -2.13 pp |
| 27 |  Kyrgyzstan | 44.72% (2023) | 46.82% (2022) | -2.11 pp |
| 28 |  Costa Rica | 61.60% (2023) | 63.50% (2022) | -1.90 pp |
| 29 |  Slovakia | 56.05% (2023) | 57.74% (2022) | -1.70 pp |
| 30 |  Nauru | 20.11% (2023) | 21.72% (2022) | -1.62 pp |
| 31 |  Kiribati | 11.72% (2023) | 13.30% (2022) | -1.58 pp |
| 32 |  Tajikistan | 30.93% (2023) | 32.50% (2022) | -1.57 pp |
| 33 |  Türkiye | 29.26% (2023) | 30.80% (2022) | -1.54 pp |
| 34 |  France | 110.64% (2023) | 111.95% (2022) | -1.31 pp |
| 35 |  Panama | 52.39% (2023) | 53.68% (2022) | -1.29 pp |
| 36 |  Australia | 49.01% (2023) | 50.26% (2022) | -1.25 pp |
| 37 |  Malta | 50.40% (2023) | 51.63% (2022) | -1.23 pp |
| 38 |  Marshall Islands | 18.67% (2023) | 19.81% (2022) | -1.14 pp |
| 39 |  Turkmenistan | 4.67% (2023) | 5.77% (2022) | -1.11 pp |
| 40 |  Philippines | 56.47% (2023) | 57.39% (2022) | -0.92 pp |
| 41 |  Austria | 77.55% (2023) | 78.41% (2022) | -0.86 pp |
| 42 |  Peru | 31.17% (2023) | 31.85% (2022) | -0.68 pp |
| 43 |  Belarus | 40.72% (2023) | 41.30% (2022) | -0.58 pp |
| 44 |  Indonesia | 39.60% (2023) | 40.14% (2022) | -0.54 pp |
| 45 |  Vietnam | 34.37% (2023) | 34.74% (2022) | -0.37 pp |
| 46 |  Bulgaria | 32.92% (2023) | 33.11% (2022) | -0.19 pp |
| 47 |  South Korea | 37.85% (2018) | 38.01% (2017) | -0.16 pp |
| 48 |  Czech Republic | 42.38% (2023) | 42.52% (2022) | -0.14 pp |
| 49 |  Denmark | 29.66% (2023) | 29.70% (2022) | -0.04 pp |
| 50 |  Democratic Republic of the Congo | 14.37% (2023) | 14.35% (2022) | +0.02 pp |
| 51 |  Canada | 107.50% (2023) | 107.37% (2022) | +0.13 pp |
| 52 |  Ireland | 43.27% (2023) | 43.14% (2022) | +0.13 pp |
| 53 |  Kazakhstan | 19.87% (2017) | 19.68% (2016) | +0.19 pp |
| 54 |  Lithuania | 38.29% (2023) | 38.03% (2022) | +0.26 pp |
| 55 |  United Arab Emirates | 32.44% (2023) | 32.06% (2022) | +0.38 pp |
| 56 |  Poland | 49.59% (2023) | 49.20% (2022) | +0.40 pp |
| 57 |  Moldova | 35.31% (2023) | 34.90% (2022) | +0.40 pp |
| 58 |  Cambodia | 25.73% (2023) | 25.04% (2022) | +0.69 pp |
| 59 |  United Kingdom | 101.15% (2023) | 100.43% (2022) | +0.72 pp |
| 60 |  Brazil | 84.68% (2023) | 83.94% (2022) | +0.74 pp |
| 61 |  Belgium | 105.17% (2023) | 104.28% (2022) | +0.89 pp |
| 62 |  Luxembourg | 25.67% (2023) | 24.73% (2022) | +0.94 pp |
| 63 |  Thailand | 54.73% (2023) | 53.74% (2022) | +0.99 pp |
| 64 |  Russia | 19.55% (2023) | 18.51% (2022) | +1.04 pp |
| 65 |  Estonia | 19.31% (2023) | 18.27% (2022) | +1.04 pp |
| 66 |  Bosnia and Herzegovina | 32.22% (2023) | 31.01% (2022) | +1.20 pp |
| 67 |  El Salvador | 84.68% (2023) | 83.35% (2022) | +1.34 pp |
| 68 |  India | 83.02% (2023) | 81.68% (2022) | +1.34 pp |
| 69 |  Romania | 48.85% (2023) | 47.49% (2022) | +1.36 pp |
| 70 |  Israel | 61.94% (2023) | 60.49% (2022) | +1.45 pp |
| 71 |  Chile | 39.41% (2023) | 37.80% (2022) | +1.62 pp |
| 72 |  Latvia | 43.57% (2023) | 41.78% (2022) | +1.79 pp |
| 73 |  Uzbekistan | 32.51% (2023) | 30.53% (2022) | +1.99 pp |
| 74 |  Tanzania | 46.87% (2023) | 44.85% (2022) | +2.02 pp |
| 75 |  Saint Vincent and the Grenadines | 87.14% (2023) | 84.66% (2022) | +2.48 pp |
| 76 |  United States | 123.01% (2023) | 120.44% (2022) | +2.57 pp |
| 77 |  Sweden | 36.37% (2023) | 33.75% (2022) | +2.62 pp |
| 78 |  North Macedonia | 54.50% (2023) | 51.56% (2022) | +2.95 pp |
| 79 |  Finland | 77.03% (2023) | 73.94% (2022) | +3.08 pp |
| 80 |  Malaysia | 69.76% (2023) | 65.50% (2022) | +4.26 pp |
| 81 |  Ukraine | 82.33% (2023) | 77.72% (2022) | +4.61 pp |
| 82 |  Nigeria | 46.41% (2023) | 39.70% (2022) | +6.71 pp |
| 83 |  China | 84.38% (2023) | 77.39% (2022) | +6.99 pp |
| 84 |  Egypt | 95.93% (2023) | 88.53% (2022) | +7.40 pp |
| 85 |  Norway | 44.00% (2023) | 36.27% (2022) | +7.73 pp |
| 86 |  Yemen | 81.21% (2023) | 65.84% (2022) | +15.37 pp |
Source: IMF DataMapper. Only countries with complete data (both points within the past 10 years) are shown.