The statistic shows the national debt of the United States from 2019 to 2022 in relation to the gross domestic product (GDP), with projections up until 2029. In 2022, the national debt of the United States was at around 120.03 percent of the gross domestic product. See the US GDP for further information. US finances There has been a dramatic increase in the public debt of the United States since 1990, although the month-to-month change has been quite stable over the last few months. Public debt is defined as the amount of money borrowed by a country to cover budget deficits. A ranking of individual state debt in the United States shows that California is leading by a clear margin, with more than double the amount of runner-up New York. Vermont, North Dakota and South Dakota are the states with the lowest amount of debt. Even before the recession of 2008, the national debt of the United States had been increasing steadily and excessively, and it is predicted to rise even further. Budget cuts and fewer job opportunities as a result of the crisis are taking their toll on the American economy, which is still recovering. Trade figures as well as unemployment are still below average. Subsequently, the national debt and the national debt of the United States per capita have more or less quadrupled since the 1990s. Interestingly, the United States is not even among the top ten of countries with the highest public debt in relation to gross domestic product in international comparison. Japan, Greece and Italy – among others – report far higher figures than the United States.

In 2023, the gross federal debt in the United States amounted to around 93,500 U.S. dollars per capita. This is a moderate increase from the previous year, when the per capita national debt amounted to about 92,528 U.S. dollars. The total debt accrued by the U.S. annually can be accessed here. Federal debt of the United States The level of national debt held by the United States government has risen sharply in the years following the Great Recession. Federal debt is the amount of debt the federal government owes to creditors who hold assets in the form of debt securities. As with individuals and consumers, there is a common consensus among economists that holding debt is not necessarily problematic for government so long as the public debt is held at a sustainable level. Although there is no agreed upon ratio of debt to gross domestic product, the increasing debt held by the Federal Reserve has become a major part of the political discourse in the United States. Politics and the national debt In recent years, debate over the debt ceiling has been of concern to domestic politicians, the owners of federal debt, and global economy as a whole. The debt ceiling is a legislated maximum amount that national debt can reach intended to impose a degree of fiscal prudence on incumbent governments. However, as national debt has grown the debt ceiling has been reached, thus forcing legislative action by Congress. In both 2011 and 2013, new legislation was passed by Congress allowing the debt ceiling to be raised. The Budget Control Act of 2011 and the No Budget, No Pay Act of 2013 successively allowed the government to avoid defaulting on national debt and therefore avert a potential economic crisis.

Graph and download economic data for Central government debt, total (% of GDP) for OECD Members (GCDODTOTLGDZSOED) from 1990 to 2022 about OECD Economies, debt, government, and GDP.

Households Debt in Canada increased to 100.39 percent of GDP in the fourth quarter of 2024 from 100.32 percent of GDP in the third quarter of 2024. This dataset provides - Canada Households Debt To Gdp- actual values, historical data, forecast, chart, statistics, economic calendar and news.

In September 2023, the national debt of the United States had risen up to 33.17 trillion U.S. dollars. The national debt per capita had risen to 85,552 U.S. dollars in 2021. As represented by the statistic above, the public debt of the United States has been continuously rising.

U.S. public debt Public debt, also known as national and governmental debt, is the debt owed by a nations’ central government. In the case of the U.S., national debt is owed by the federal government to Treasury security holders. Generally speaking, government debt increases with government spending, and can be decreased through taxes. During the COVID-19 pandemic, the U.S. government increased spending significantly to finance virus infrastructure, aid, and various forms of economic relief.

International public debt

Venezuela leads the global ranking of the 20 countries with the highest public debt in 2021. In relation to the Gross Domestic Product (GDP), Venezuela's public debt amounted to around 306.95 percent of GDP. Eritrea was ranked fifth, with an estimated debt of 170 percent of the Gross Domestic Product.

The national debt of the United Kingdom is forecasted to grow from 87 percent in 2022 to 70 percent in 2027, in relation to the Gross Domestic Product. These figures include England, Wales, Scotland as well as Northern Ireland.

Greece had the highest national debt among EU countries as of the 4th quarter of 2020 in relation to the Gross Domestic Product. Germany ranked 13th in the EU, with its national debt amounting to 69 percent of GDP in the same time period.

Tuvalu was one of the 20 countries with the lowest national debt in 2021 in relation to the GDP, while Macao had an estimated level of national debt of zero percent, the lowest of any country. The data refer to the debts of the entire state, including the central government, the provinces, municipalities, local authorities and social insurance.

Malaysia Central Government Debt: Total: % of GDP data was reported at 52.716 % in 2016. This records a decrease from the previous number of 54.464 % for 2015. Malaysia Central Government Debt: Total: % of GDP data is updated yearly, averaging 50.029 % from Dec 1990 (Median) to 2016, with 21 observations. The data reached an all-time high of 79.537 % in 1990 and a record low of 39.800 % in 2008. Malaysia Central Government Debt: Total: % of GDP data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Malaysia – Table MY.World Bank.WDI: Government Revenue, Expenditure and Finance. Debt is the entire stock of direct government fixed-term contractual obligations to others outstanding on a particular date. It includes domestic and foreign liabilities such as currency and money deposits, securities other than shares, and loans. It is the gross amount of government liabilities reduced by the amount of equity and financial derivatives held by the government. Because debt is a stock rather than a flow, it is measured as of a given date, usually the last day of the fiscal year.; ; International Monetary Fund, Government Finance Statistics Yearbook and data files, and World Bank and OECD GDP estimates.; Weighted average;

Graph and download economic data for Gross Federal Debt as Percent of Gross Domestic Product (GFDGDPA188S) from 1939 to 2023 about gross, debt, federal, GDP, and USA.

Jamaica JM: Central Government Debt: Total: % of GDP data was reported at 122.832 % in 2016. This records a decrease from the previous number of 124.743 % for 2015. Jamaica JM: Central Government Debt: Total: % of GDP data is updated yearly, averaging 122.008 % from Dec 1990 (Median) to 2016, with 27 observations. The data reached an all-time high of 232.832 % in 1991 and a record low of 72.252 % in 1996. Jamaica JM: Central Government Debt: Total: % of GDP data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Jamaica – Table JM.World Bank.WDI: Government Revenue, Expenditure and Finance. Debt is the entire stock of direct government fixed-term contractual obligations to others outstanding on a particular date. It includes domestic and foreign liabilities such as currency and money deposits, securities other than shares, and loans. It is the gross amount of government liabilities reduced by the amount of equity and financial derivatives held by the government. Because debt is a stock rather than a flow, it is measured as of a given date, usually the last day of the fiscal year.; ; International Monetary Fund, Government Finance Statistics Yearbook and data files, and World Bank and OECD GDP estimates.; Weighted average;

Graph and download economic data for Federal Outlays: Interest as Percent of Gross Domestic Product (FYOIGDA188S) from 1940 to 2024 about outlays, federal, percent, interest, GDP, and USA.

In 2023, the U.S. GDP increased from the previous year to about 27.36 trillion U.S. dollars. This increase in GDP can be attributed to a continued rebound from the impact of the coronavirus pandemic. Gross domestic product (GDP) refers to the market value of all goods and services produced within a country. In 2023, the United States has the largest economy in the world. See, for example, the Russian GDP for comparison.

What is GDP? Gross domestic product is one of the most important indicators used to analyze the health of an economy. GDP is defined by the BEA as the market value of goods and services produced by labor and property in the United States, regardless of nationality. It is the primary measure of U.S. production. The OECD defines GDP as an aggregate measure of production equal to the sum of the gross values added of all resident, institutional units engaged in production (plus any taxes, and minus any subsidies, on products not included in the value of their outputs).

GDP and national debt

Although the United States had the highest Gross Domestic Product (GDP) in the world in 2022, this does not tell us much about the quality of life in any given country. GDP per capita at purchasing power parity (PPP) is an economic measurement that is thought to be a better method for comparing living standards across countries because it accounts for domestic inflation and variations in the cost of living.

While the United States might have the largest economy, the country that ranked highest in terms of GDP at PPP was Luxembourg, amounting to around 141,333 international dollars per capita. Singapore, Ireland, and Qatar also ranked highly on the GDP PPP list, and the United States ranked 9th in 2022.

Papua New Guinea PG: Central Government Debt: Total: % of GDP data was reported at 31.446 % in 2015. This records an increase from the previous number of 27.070 % for 2014. Papua New Guinea PG: Central Government Debt: Total: % of GDP data is updated yearly, averaging 53.662 % from Dec 1990 (Median) to 2015, with 15 observations. The data reached an all-time high of 69.734 % in 2002 and a record low of 27.070 % in 2014. Papua New Guinea PG: Central Government Debt: Total: % of GDP data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Papua New Guinea – Table PG.World Bank.WDI: Government Revenue, Expenditure and Finance. Debt is the entire stock of direct government fixed-term contractual obligations to others outstanding on a particular date. It includes domestic and foreign liabilities such as currency and money deposits, securities other than shares, and loans. It is the gross amount of government liabilities reduced by the amount of equity and financial derivatives held by the government. Because debt is a stock rather than a flow, it is measured as of a given date, usually the last day of the fiscal year.; ; International Monetary Fund, Government Finance Statistics Yearbook and data files, and World Bank and OECD GDP estimates.; Weighted average;

Public sector net debt amounted to 88.9 percent of gross domestic product in the United Kingdom during the 2023/24 financial year, rising to 97.8 percent when the Bank of England is included. This is the highest debt incurred by the government since the early 1960s. After peaking at 251.7 percent shortly after the end of the Second World War, government debt in the UK gradually fell, before a sharp increase in the late 2000s at the time of the global financial crisis. Debt not expected to start falling until 2029/30 In 2022/23, the UK's government expenditure was approximately 1.15 trillion pounds, around 45.3 percent of GDP. This spending was financed by 1.02 trillion pounds of revenue raised, and 1.28 billion pounds of borrowing. Although the UK government can still borrow money in the future, it also needs to abide by certain fiscal rules, one of which is that debt should be falling within a five-year timeframe. Recent forecasts suggest that while this is expected to be the case, it is based on falling government deficits in the next five years. Next government faces hard choices Whoever wins the UK's 2024 general election will face tough economic choices in the coming years. Hitting fiscal targets, such as reducing the national debt, will require a careful balancing of the books, and possibly the need for either spending cuts or tax rises. The two major parties, Labour and the Conservatives, have both ruled out raising the main government tax sources, Income Tax, National Insurance, and VAT, and have so far remained silent on possible spending cuts. With limits on borrowing, and no tax rises or spending cuts, maintaining, let alone improving public services, will prove a challenging prospect for the next government.

India recorded a Government Debt to GDP of 81.59 percent of the country's Gross Domestic Product in 2023. This dataset provides - India Government Debt To GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Key information about Turkey External Debt: % of GDP

• Turkey External Debt accounted for 45.1 % of the country's Nominal GDP in 2023, compared with the ratio of 50.9 % in the previous year.
• Turkey External Debt: % of Nominal GDP data is updated yearly, available from Dec 1989 to Dec 2023.
• The data reached an all-time high of 59.6 % in Dec 2020 and a record low of 26.1 % in Dec 1990.

CEIC calculates External Debt as % of Nominal GDP from annual External Debt and quarterly Nominal GDP. Republic of Turkey, Ministry of Treasury and Finance provides External Debt in USD. Turkish Statistical Institute provides Nominal GDP in local currency. The Central Bank of the Republic of Turkey average market exchange rate is used for currency conversions. External Debt as % of Nominal GDP prior to 1998 is sourced directly from Republic of Turkey, Ministry of Treasury and Finance.


Related information about Turkey External Debt: % of GDP

• In the latest reports of Turkey, Current Account recorded a surplus of 1.9 USD bn in Oct 2024.
• Foreign Direct Investment (FDI) increased by 770.0 USD mn in Oct 2024.
• Turkey Direct Investment Abroad expanded by 974.0 USD mn in Oct 2024.
• Its Foreign Portfolio Investment increased by 9.3 USD bn in Sep 2024.
• The country's External Debt reached 525,799.9 in Sep 2024.
• The country's Nominal GDP was reported at 245.5 USD bn in Mar 2023.

The ratio of national debt to gross domestic product (GDP) in Suriname was forecast to continuously decrease between 2024 and 2029 by in total 25.3 percentage points. After the seventh consecutive decreasing year, the ratio is estimated to reach 60.41 percent and therefore a new minimum in 2029. Depicted here is the general government gross debt in relation to the country's GDP. According to the International Monetary Fund, gross debt consists of all liabilities that require payment or payments of interest and/or principal by the debtor to the creditor at a date or dates in the future. The GDP, on the other hand, refers to the total value of final goods and services produced during a year.Find more statistics on other topics about Suriname with key insights such as the average inflation rate, the total population, and the gross domestic product in current prices.

Household debt to GDP, in percent in Turkey, June, 2024 The most recent value is 9.7 percent as of June 2024, a decline compared to the previous value of 10.5 percent. Historically, the average for Turkey from March 1990 to June 2024 is 8.83 percent. The minimum of 0.1 percent was recorded in March 1990, while the maximum of 19.5 percent was reached in December 2013. | TheGlobalEconomy.com

The graph shows national debt in China related to gross domestic product until 2023, with forecasts to 2029. In 2023, gross national debt ranged at around 84 percent of the national gross domestic product.

The debt-to-GDP ratio

In economics, the ratio between a country's government debt and its gross domestic product (GDP) is generally defined as the debt-to-GDP ratio. It is a useful indicator for investors to measure a country's ability to fulfill future payments on its debts. A low debt-to-GDP ratio also suggests that an economy produces and sells a sufficient amount of goods and services to pay back those debts. Among the important industrial and emerging countries, Japan displayed one of the highest debt-to-GDP ratios. In 2023, the estimated national debt of Japan amounted to about 255 percent of its GDP, up from around 180 percent in 2004. One reason behind Japan's high debt load lies in its low annual GDP growth rate.

Development in China

China's national debt related to GDP grew slowly but steadily from around 23 percent in 2000 to 34 percent in 2012, only disrupted by the global financial crisis in 2008. In recent years, China increased credit financing to spur economic growth, resulting in higher levels of debt. China's real estate crisis and a difficult global economic environment require further stimulating measures by the government and will predictably lead to even higher debt growth in the years ahead.

Ghana GH: General Government: Gross Debt: % of GDP data was reported at 60.700 % in 2023. This records a decrease from the previous number of 62.630 % for 2022. Ghana GH: General Government: Gross Debt: % of GDP data is updated yearly, averaging 61.665 % from Dec 1990 (Median) to 2023, with 34 observations. The data reached an all-time high of 111.945 % in 2000 and a record low of 26.216 % in 2006. Ghana GH: General Government: Gross Debt: % of GDP data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Ghana – Table GH.IMF.FM: Government Finance Statistics.

Peru PE: Central Government Debt: Total: % of GDP data was reported at 23.214 % in 2016. This records an increase from the previous number of 22.564 % for 2015. Peru PE: Central Government Debt: Total: % of GDP data is updated yearly, averaging 26.239 % from Dec 1990 (Median) to 2016, with 16 observations. The data reached an all-time high of 189.246 % in 1990 and a record low of 18.391 % in 2013. Peru PE: Central Government Debt: Total: % of GDP data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Peru – Table PE.World Bank: Government Revenue, Expenditure and Finance. Debt is the entire stock of direct government fixed-term contractual obligations to others outstanding on a particular date. It includes domestic and foreign liabilities such as currency and money deposits, securities other than shares, and loans. It is the gross amount of government liabilities reduced by the amount of equity and financial derivatives held by the government. Because debt is a stock rather than a flow, it is measured as of a given date, usually the last day of the fiscal year.; ; International Monetary Fund, Government Finance Statistics Yearbook and data files, and World Bank and OECD GDP estimates.; Weighted average;

Throughout the 1970s, Yugoslavia's GDP grew each year at annual rates ranging from 3.6 to 8.5 percent. Unlike the rest of the Eastern Bloc, Yugoslavia had a socialist economy with elements of market capitalism and was more open to trade outside of the communist sphere. However, Yugoslavia was greatly affected by the oil crises of the period, and its national debt (to both the Eastern and Western Blocs) and unemployment rates both rose significantly in the late 1970s. These economic difficulties persisted into the 1980s, where GDP growth fell in several years until the eventual collapse of the economy at the end of the decade.