How large is each government's debt compared with its economy, and how has it changed since 1980?
In the IMF World Economic Outlook (October 2026), general government gross debt in each country's latest actual year ranges from 0.49% of GDP in Liechtenstein (2024) to 357.45% in Lebanon (2021) across 184 countries; of the 28 countries with an IMF Global Debt Database figure for 1980, 20 have a higher ratio in 2024 than in 1980; and Norway's gross debt of 54% of GDP in 2025 compares with a net debt of -160.39% in 2025.
general government gross debt, % of GDP
050100150200
Year varies by country (2009–2026) · grey: no figure
Latest figure for each country
Too small or not separate on this map: Tuvalu, West Bank and Gaza. Each colour is one figure per country: one year, not an average, for the year shown in the ranking and when you point at a country.With "How sure" on, hatching marks countries whose latest figure has a trust score below 60 (Low or Very low).
All countries
Each source's value links to its publisher; point at it for the source and year. A value in brackets is shown but doesn't count, and pointing at it says why. Retrieved 2026-10-27.
General government net debt, % of GDP (IMF World Economic Outlook, October 2026), actual years from 1980
Each line is the source that counts most for that group.
Norway
Japan
United States
Italy
Germany
United Kingdom
France
| Group | Figure | Year | Trust |
|---|---|---|---|
| Norway | -160.39 | 2025 | 71 Moderate |
| Japan | 141.14 | 2024 | 71 Moderate |
| United States | 96.7 | 2025 | 71 Moderate |
| Italy | 127.7 | 2025 | 71 Moderate |
| Germany | 47.12 | 2025 | 71 Moderate |
| United Kingdom | 93.61 | 2025 | 71 Moderate |
| France | 108.36 | 2025 | 71 Moderate |
Show every year as a table
| Year | Norway | Japan | United States | Italy | Germany | United Kingdom | France |
|---|---|---|---|---|---|---|---|
| 1980 | 0.11 | 17.03 | – | – | – | 41.99 | – |
| 1981 | -0.63 | 20.61 | – | – | – | 44.2 | – |
| 1982 | -1.35 | 24.81 | – | – | – | 43.98 | – |
| 1983 | -2.4 | 29.37 | – | – | – | 42.51 | 13.35 |
| 1984 | -3.57 | 31.72 | – | – | – | 43.02 | 15.37 |
| 1985 | -4.55 | 33.01 | – | – | – | 42.68 | 23.02 |
| 1986 | -5.93 | 35.77 | – | – | – | 41.58 | 25.77 |
| 1987 | -6.03 | 33.07 | – | – | – | 38.69 | 24.98 |
| 1988 | -10.25 | 27.85 | – | 95.3 | – | 34.87 | 25.13 |
| 1989 | -9.98 | 21.89 | – | 97.9 | – | 29.38 | 25.26 |
| 1990 | -9.97 | 18.67 | – | 101.19 | – | 26.15 | 26.05 |
| 1991 | -11.84 | 16.9 | – | 104.5 | – | 25.25 | 28.62 |
| 1992 | -11.09 | 18.96 | – | 111.98 | – | 26.74 | 31.61 |
| 1993 | -10.22 | 23.13 | – | 122.99 | – | 31.11 | 36.19 |
| 1994 | -9.68 | 28.96 | – | 129.33 | – | 36.26 | 42.13 |
| 1995 | -12.87 | 33.71 | – | 109.93 | 41.44 | 40.23 | 46.78 |
| 1996 | -14.19 | 38.35 | – | 110.68 | 44.3 | 43.24 | 50.15 |
| 1997 | -16.18 | 44.05 | – | 108.27 | 45.54 | 40.24 | 51.16 |
| 1998 | -17.91 | 53.52 | – | 106.04 | 46.93 | 38.3 | 51.61 |
| 1999 | -18.82 | 62.67 | – | 104.15 | 48.15 | 37.1 | 51.57 |
| 2000 | -21.49 | 66.76 | – | 100.18 | 45 | 31.77 | 50.65 |
| 2001 | -29.87 | 73.48 | 34.45 | 100.27 | 46.16 | 30.55 | 50.63 |
| 2002 | -29.57 | 82.24 | 36.68 | 98.13 | 48.68 | 31.36 | 52.32 |
| 2003 | -33.78 | 88.46 | 38.82 | 98.55 | 52.4 | 32.99 | 56.14 |
| 2004 | -38.65 | 93.26 | 47.38 | 98.01 | 54.85 | 35.92 | 57.74 |
| 2005 | -44.48 | 93.18 | 45.96 | 98.41 | 57.22 | 37.11 | 59.83 |
| 2006 | -52.07 | 92.18 | 44.39 | 98.64 | 55.95 | 37.67 | 58.9 |
| 2007 | -49.56 | 93.46 | 44.06 | 96.34 | 53.12 | 38.04 | 59.05 |
| 2008 | -47.32 | 104.54 | 49.75 | 97.94 | 52.84 | 44.9 | 61.51 |
| 2009 | -42.07 | 119.19 | 60.57 | 107.02 | 59.47 | 57.92 | 71.48 |
| 2010 | -45.39 | 127.7 | 66.97 | 108.86 | 61.28 | 68.48 | 75.35 |
| 2011 | -46.1 | 138.85 | 73.52 | 109.96 | 59.48 | 72.86 | 78.15 |
| 2012 | -47.58 | 142.56 | 77.8 | 115.16 | 58.75 | 75.61 | 82.01 |
| 2013 | -58.23 | 141.09 | 78.87 | 120.67 | 57.82 | 76.59 | 85.01 |
| 2014 | -72.15 | 140.1 | 79.74 | 122.93 | 54.38 | 78.29 | 87.67 |
| 2015 | -82.46 | 140.42 | 79.96 | 123.75 | 51.58 | 78.83 | 88.62 |
| 2016 | -81.06 | 142.87 | 81.02 | 123.07 | 48.77 | 78.28 | 89.87 |
| 2017 | -76.09 | 144.33 | 79.33 | 123 | 44.56 | 76.5 | 89.46 |
| 2018 | -68.67 | 146.7 | 79.99 | 123.38 | 41.88 | 75.66 | 89.42 |
| 2019 | -71.56 | 148.2 | 81.62 | 122.96 | 39.61 | 74.79 | 88.99 |
| 2020 | -76.03 | 160.8 | 95.99 | 141.42 | 44.98 | 91.89 | 101.61 |
| 2021 | -80.25 | 157.51 | 95.09 | 133.98 | 45.77 | 89.79 | 100.53 |
| 2022 | -61.48 | 159.7 | 91.19 | 127.88 | 45.59 | 87.56 | 101.08 |
| 2023 | -106.42 | 149.33 | 93.77 | 123.88 | 45.28 | 89.93 | 101.41 |
| 2024 | -149.31 | 141.14 | 95.66 | 125.34 | 45.36 | 91.96 | 104.46 |
| 2025 | -160.39 | – | 96.7 | 127.7 | 47.12 | 93.61 | 108.36 |
About this data
Every source on this page (5)
Who is behind the sources
- 100% International body
Each publisher, its funding and its own description
- International Monetary Fund (IMF) · International bodyFunding: Quota subscriptions from its member countries, sized to each economy; its running costs are paid mainly from income on its lending. sourceIn its own words: “…works to achieve sustainable growth and prosperity for all of its 191 member countries.” source, retrieved 2026-10-27
- Eurostat · International bodyFunding: EU budget; Eurostat is a Directorate-General of the European Commission. The gender-based violence survey was run with the EU Agency for Fundamental Rights (FRA) and the European Institute for Gender Equality (EIGE), also EU-funded. sourceIn its own words: “Our mission is to provide high-quality statistics and data on Europe.” source, retrieved 2026-10-27
- IMF World Economic Outlook (October 2026), general government gross debt (GGXWDG_NGDP)Used for 184 countries; counts toward 172. Years 2009 to 2026. Retrieved 2026-10-27.Not counted where: it republishes Eurostat.Open the publisher's page
- IMF Global Debt Database (September 2025), central government debt (CG_DEBT_GDP)Used for 164 countries; counts toward 69. Years 1962 to 2025. Retrieved 2026-10-27.Not counted where: it republishes IMF WEO; it republishes Eurostat.Open the publisher's page
- Eurostat, government deficit and debt under the excessive deficit procedure (gov_10dd_edpt1)Used for 27 countries; counts toward 27. Years 2025. Retrieved 2026-10-27.Open the publisher's page
- IMF Global Debt Database (September 2025), general government debt (GG_DEBT_GDP)Used for 82 countries; counts toward 14. Years 2024 to 2025. Retrieved 2026-10-27.Not counted where: it republishes IMF WEO; it republishes Eurostat.Open the publisher's page
- IMF World Economic Outlook (October 2026), general government net debt (GGXWDN_NGDP)Used for 7 countries; counts toward 7. Years 2024 to 2025. Retrieved 2026-10-27.Open the publisher's page
Why the numbers differ (6)
- Gross and net debt: gross debt counts what the government owes; net debt subtracts the financial assets that match debt instruments. For Norway, WEO gives gross debt of 54% of GDP and net debt of -160.39% for 2025; for Canada, 113.58% gross and 10.43% net for 2025. (source, retrieved 2026-10-27)
- General and central government: the GDD central government line leaves out state and local governments and, in many countries, social security funds. For Norway the GDD gives 14.88% of GDP for central government in 2024, against 54% for general government in WEO (2025). (source, retrieved 2026-10-27)
- Market and face value: WEO records, country by country, how debt is valued. It gives current market value for Japan and Norway, face value for Germany, France and Italy, and nominal value for the United States and the United Kingdom. Eurostat's Maastricht debt is always at face value and consolidated within general government. When interest rates rise, the market value of existing bonds falls below their face value, so the two measures move apart.
- Instruments: WEO lists which liabilities each country's gross debt includes. Some include insurance, pension and standardised guarantee schemes and other accounts payable; Maastricht debt counts only currency and deposits, debt securities and loans.
- Releases: the GDD (September 2025) took most of its recent general government figures from the 2025 WEO, and WEO has since revised them. For Japan the GDD gives 236.66% of GDP for 2024; WEO October 2026 gives 213.59% for the same year and 213.59% for 2024. Lines copied from another line are shown but not counted twice. (source, retrieved 2026-10-27)
- Eurostat and WEO for EU countries: WEO says it takes the debt data of several EU members from Eurostat; where it says so, the WEO line is marked as a copy. Small differences remain because Eurostat's October release is later than the data WEO used.
Common mistakes (3)
- Reading gross debt alone for countries with large government financial assets, such as Norway: the government owns more financial assets than it owes, so net debt is below zero. (source, retrieved 2026-10-27)
- Treating WEO forecast years as data: WEO tables run several years ahead. This page keeps only the years WEO marks as actual for each country. (source, retrieved 2026-10-27)
- Forgetting that the ratio changes when GDP is revised, even if the debt does not. Istat revised Italy's national accounts in September 2026, and Eurostat flags a break in Italy's series from 2010. (source, retrieved 2026-10-27)
Context (3)
- Eurostat metadata for government deficit and debt: the Maastricht debt definition, consolidation, valuation and country notes. Retrieved 2026-10-27.
- IMF World Economic Outlook dataset, with per-country metadata on coverage, valuation, instruments and the latest actual year. Retrieved 2026-10-27.
- IMF Global Debt Database, with the source of each span of years for each country. Retrieved 2026-10-27.
Sources considered and not used (9)
- IMF World Economic Outlook forecast years: Years after each country's latest actual year are IMF staff projections, not recorded debt. (source, retrieved 2026-10-27)
- IMF World Economic Outlook, MAC, SRB, TWN: WEO gives these series without the country metadata that marks the latest actual year, so actual and forecast years cannot be told apart; they are left out. (source, retrieved 2026-10-27)
- IMF Global Debt Database, central government only (1 country): Where the GDD has a central government figure but no source has a general government figure, the row is left out rather than showing a narrower measure as the main figure. (source, retrieved 2026-10-27)
- IMF World Economic Outlook and Global Debt Database, AFG, HKG, MUS, RWA, SGP, SRB, THA, TWN, VEN, YEM: Fiscal-year countries for which WEO does not say which year it files each fiscal year under, and countries without WEO fiscal-year metadata, so a year could not be assigned without guessing; their series are left out. (source, retrieved 2026-10-27)
- IMF World Economic Outlook and Global Debt Database, Mauritius: WEO's country note says "In the past the authorities shifted from FY to CY and have now returned to fiscal year reporting" without saying when, so it is not known which years are fiscal years. (source, retrieved 2026-10-27)
- IMF Global Debt Database, public sector and nonfinancial public sector debt: These add public corporations to government, a wider unit than general government. (source, retrieved 2026-10-27)
- IMF Fiscal Monitor net debt (GGXWDN_G01_GDP_PT): The same IMF staff fiscal data as the WEO net debt series used here. (source, retrieved 2026-10-27)
- IMF Working Paper 18/111, Global Debt Database: Methodology and Sources: The IMF website returned an access error (HTTP 403) to a script on 27 October 2026, so the paper could not be read; the source of each GDD figure is taken from the dataset's own per-series source field instead. (source, retrieved 2026-10-27)
- Eurostat, EU and euro area totals: Aggregates of member states, not countries. (source, retrieved 2026-10-27)
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