What does debt-to-GDP ratio mean?

It compares a government's total gross debt to the size of its economy, expressed as a percentage. A ratio of 100 percent means the government owes the equivalent of one full year of the country's economic output.

Which country has the highest debt-to-GDP?

Among large economies Japan is the highest, with gross government debt well above 200 percent of GDP. Much of it is held domestically by Japanese institutions and the central bank, which makes it more sustainable than the headline suggests.

Is a high ratio always bad?

Not necessarily. What matters is whether a government can service its debt cheaply and in its own currency. A wealthy country borrowing at low rates in its own currency can sustain a higher ratio than a developing economy borrowing in foreign currency.

Is this gross or net debt?

These figures are general government gross debt, which counts all liabilities without subtracting financial assets the government holds. Net debt figures, which deduct those assets, are usually lower.

How current are these numbers?

They are rounded recent estimates in the style of IMF World Economic Outlook data and shift each year with deficits and growth. Use them for comparison; consult the IMF or national treasuries for exact, dated figures.

National Debt as % of GDP by Country

Email me this result

Get this tool's output sent to your inbox, plus one useful tool a week. No spam, unsubscribe any time.

How much governments owe, country by country

This reference shows general government gross debt as a percentage of GDP for countries worldwide. You can search for a country and sort the table to see the full spread, from economies carrying debt well above their annual output down to those with very light public debt.

How it works

The ratio is government gross debt / annual GDP x 100. It puts a country’s borrowing in proportion to the size of its economy, so a large absolute debt in a large economy can be a smaller burden than a modest debt in a small one. Gross debt counts all government liabilities, while net debt subtracts financial assets the state holds and is usually lower. A ratio above 100% means public debt exceeds a full year of national output. Sustainability depends less on the headline number than on the currency the debt is issued in, the interest rate paid, and who holds it — Japan’s very high ratio is largely domestic and low-cost, which makes it more manageable than the figure alone implies.

Tips and notes

Sort ascending to see fiscally conservative economies — several Gulf and Nordic states, plus Russia, sit well below 40%.
Compare countries of similar development levels; the ratio means different things for an advanced economy and an emerging one.
These are rounded recent estimates. For authoritative, dated figures use the IMF World Economic Outlook database or national treasury publications.