The graph shows national debt in China related to gross domestic product until 2024, with forecasts to 2030. In 2024, gross national debt ranged at around 88 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 2024, the estimated national debt of Japan amounted to about 250 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.

The statistic shows the 20 countries with the lowest national debt in 2023 in relation to the gross domestic product (GDP). The data refer to the debts of the entire state, including the central government, the provinces, municipalities, local authorities and social insurance. In 2023, Russia's estimated level of national debt reached about 19.66 percent of the GDP, ranking 17th of the countries with the lowest national debt. National debt and GDP The debt-to-GDP ratio is an indicator of a country’s ability to produce and sell goods in order to pay back any present debts, however these countries should not retain newer debts in the process. Many economists believe that if a country is able to produce more without impairing its own economical growth, it can be considered more stable, particularly for the future. However, the listed countries, with the exception of Russia and Saudi Arabia, are not necessarily economic first-world powers. Additionally, economically powerful countries such as the United States and France maintain one of the highest debt-to-GDP ratios, signifying that occurring debt does not necessarily damage the state of the economy and is sometimes necessary in order to help develop it. Saudi Arabia has maintained one of the lowest debt-to-GDP ratios due to its high export rates, which primarily consist of petroleum and petroleum goods. Given the significance of oil in today’s world, Saudi Arabia produces enough oil and earns enough revenue to maintain a high GDP and additionally refrain from incurring debt.

The Fiscal Monitor surveys and analyzes the latest public finance developments, it updates fiscal implications of the crisis and medium-term fiscal projections, and assesses policies to put public finances on a sustainable footing.

Country-specific data and projections for key fiscal variables are based on the April 2020 World Economic Outlook database, unless indicated otherwise, and compiled by the IMF staff. Historical data and projections are based on information gathered by IMF country desk officers in the context of their missions and through their ongoing analysis of the evolving situation in each country; they are updated on a continual basis as more information becomes available. Structural breaks in data may be adjusted to produce smooth series through splicing and other techniques. IMF staff estimates serve as proxies when complete information is unavailable. As a result, Fiscal Monitor data can differ from official data in other sources, including the IMF's International Financial Statistics.

The country classification in the Fiscal Monitor divides the world into three major groups: 35 advanced economies, 40 emerging market and middle-income economies, and 40 low-income developing countries. The seven largest advanced economies as measured by GDP (Canada, France, Germany, Italy, Japan, United Kingdom, United States) constitute the subgroup of major advanced economies, often referred to as the Group of Seven (G7). The members of the euro area are also distinguished as a subgroup. Composite data shown in the tables for the euro area cover the current members for all years, even though the membership has increased over time. Data for most European Union member countries have been revised following the adoption of the new European System of National and Regional Accounts (ESA 2010). The low-income developing countries (LIDCs) are countries that have per capita income levels below a certain threshold (currently set at $2,700 in 2016 as measured by the World Bank's Atlas method), structural features consistent with limited development and structural transformation, and external financial linkages insufficiently close to be widely seen as emerging market economies. Zimbabwe is included in the group. Emerging market and middle-income economies include those not classified as advanced economies or low-income developing countries. See Table A, "Economy Groupings," for more details.

Most fiscal data refer to the general government for advanced economies, while for emerging markets and developing economies, data often refer to the central government or budgetary central government only (for specific details, see Tables B-D). All fiscal data refer to the calendar years, except in the cases of Bangladesh, Egypt, Ethiopia, Haiti, Hong Kong Special Administrative Region, India, the Islamic Republic of Iran, Myanmar, Nepal, Pakistan, Singapore, and Thailand, for which they refer to the fiscal year.

Composite data for country groups are weighted averages of individual-country data, unless otherwise specified. Data are weighted by annual nominal GDP converted to U.S. dollars at average market exchange rates as a share of the group GDP.

In many countries, fiscal data follow the IMF's Government Finance Statistics Manual 2014. The overall fiscal balance refers to net lending (+) and borrowing ("") of the general government. In some cases, however, the overall balance refers to total revenue and grants minus total expenditure and net lending.

The fiscal gross and net debt data reported in the Fiscal Monitor are drawn from official data sources and IMF staff estimates. While attempts are made to align gross and net debt data with the definitions in the IMF's Government Finance Statistics Manual, as a result of data limitations or specific country circumstances, these data can sometimes deviate from the formal definitions.

Key information about India Private Debt: % of Nominal GDP

• India Private Debt accounted for 51.51 % of its Nominal GDP in Mar 2022, compared with a ratio of 51.82 % in the previous quarter
• India Private Debt contribution to Nominal GDP ratio is updated quarterly, available from Mar 1997 to Mar 2022, with an average share of 50.05 %
• The data reached an all-time high of 56.38 % in Mar 2021 and a record low of 24.04 % in Sep 1997

CEIC calculates quarterly Private Debt as % of Nominal GDP from quarterly Private Debt and quarterly Nominal GDP. The International Monetary Fund provides Private Debt in local currency. Ministry of Statistics and Programme Implementation provides Nominal GDP in local currency based on SNA 2008 at 2011-12 prices. Private Debt as % of Nominal GDP prior to Q1 2012 is calculated from Nominal GDP based on a combination of SNA 2008 and SNA 1993, at 2004-2005 prices and prior to Q1 2005 is based on SNA 1993, at 1999-2000 prices. Private Debt includes Financial Sector.

The ratio of national debt to gross domestic product (GDP) in South Korea was forecast to continuously increase between 2024 and 2030 by in total 6.7 percentage points. After the tenth consecutive increasing year, the ratio is estimated to reach 59.19 percent and therefore a new peak in 2030. Notably, the ratio of national debt to gross domestic product (GDP) was continuously increasing over the past years.This indicator describes 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 key insights for the ratio of national debt to gross domestic product (GDP) in countries like China, Japan, and Taiwan.

The statistic shows Japan's national debt from 2020 to 2023 in relation to gross domestic product (GDP), with projections up until 2030. In 2023, the national debt of Japan amounted to about 239.97 percent of the gross domestic product. An eye on Japan’s national debt Japan’s national debt ranks first among countries with the highest debt levels in the world, far surpassing the debt levels of Greece - which ranks number two - whose financial crisis has been in the spotlight recently. Italy is third, followed by Jamaica, Lebanon and Enritrea. Currently, Japan’s national debt amounts more than a thousand trillion yen and the country’s debt is predicted to keep rising for the foreseeable future, albeit only slightly. Japan’s national debt is not without consequence for the global economy, because the country claims the fourth-largest share in global gross domestic product. Therefore, the effects on the global economy would and could have a much greater global impact than that of a country such as Greece - considering its share of the global economy adjusted for purchase power parity was less than 0.29 percent in 2011. The debt levels of China, the United States and India should also be watched closely as they together make up the largest share of global GDP. At the moment, Japan’s inflation rate is among the lowest in the world, but as Japan attempts to reduce its national debt, this could change.

Maldives MV: Central Government Debt: Total: % of GDP data was reported at 57.298 % in 2011. This records an increase from the previous number of 54.885 % for 2010. Maldives MV: Central Government Debt: Total: % of GDP data is updated yearly, averaging 39.898 % from Dec 1990 (Median) to 2011, with 22 observations. The data reached an all-time high of 57.298 % in 2011 and a record low of 27.273 % in 2004. Maldives MV: 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 Maldives – Table MV.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;

The magnitude of government debt and debt-to-GDP ratios varies depending on which measure of debt is used. To promote international comparability, the IMF, the OECD and the World Bank have agreed on a set of standard debt measures, which are defined in the Public Sector Debt Statistics Guide for Compilers and Users and the Government Finance Statistics Manual 2014. Government gross debt is shown in four categories: D1 to D4. D1 is the narrowest measure, comprising only two financial instruments: debt securities and loans. D4 (‘total gross debt’) is the broadest measure and includes debt securities, loans, Special Drawing Rights, currency and deposits, other accounts payable and insurance, pensions and standardised guarantees.

The D1 to D3 measures are comparable between OECD countries. D4 is the preferred measure of debt in the international accounting standards (System of National Accounts or SNA) but cross-country comparability is more difficult for D4 because countries have different approaches to recording unfunded pension liabilities for government employees.

For more information, please see the document:
Measuring Government Debt: D1-D4

China external debt for 2022 was 2.389 trillion US dollars, a 11.6% decline from 2021.

<ul style='margin-top:20px;'>

<li>China external debt for 2021 was <strong>2.702 trillion US dollars</strong>, a <strong>16.16% increase</strong> from 2020.</li>
<li>China external debt for 2020 was <strong>2.326 trillion US dollars</strong>, a <strong>10.03% increase</strong> from 2019.</li>
<li>China external debt for 2019 was <strong>2.114 trillion US dollars</strong>, a <strong>7.78% increase</strong> from 2018.</li>
</ul>Total external debt is debt owed to nonresidents repayable in currency, goods, or services. Total external debt is the sum of public, publicly guaranteed, and private nonguaranteed long-term debt, use of IMF credit, and short-term debt. Short-term debt includes all debt having an original maturity of one year or less and interest in arrears on long-term debt. Data are in current U.S. dollars.

The statistic shows the gross national debt of the United States from 2019 to 2024 in relation to the gross domestic product (GDP), with projections up until 2030. In 2024, the national debt of the United States was at around 120.79 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.

African Country data can be downloaded from the IMF for: Current account balance,- Employment,- General government gross debt,- General government net debt,- General government net lending/borrowing,- General government primary net lending/borrowing,- General government revenue,- General government structural balance,- General government total expenditure,- Gross domestic product based on purchasing-power-parity (PPP) share of world total,- Gross domestic product corresponding to fiscal year, current prices,- Gross domestic product per capita, constant prices,- Gross domestic product per capita, current prices,- Gross domestic product, constant prices,- Gross domestic product, current prices,- Gross domestic product, deflator,- Gross national savings,- Implied PPP conversion rate,- Inflation, average consumer prices,- Inflation, end of period consumer prices,- Output gap in percent of potential GDP,- Population,- Six-month London interbank offered rate (LIBOR),- Total investment,- Unemployment rate,- Volume of exports of goods,- Volume of exports of goods and services,- Volume of Imports of goods,- Volume of imports of goods and services,- IMF Copyright and Usage here https://www.imf.org/external/terms.htm

The ratio of national debt to gross domestic product (GDP) of Canada was approximately 110.77 percent in 2024. Between 1980 and 2024, the ratio rose by around 66.18 percentage points, though the increase followed an uneven trajectory rather than a consistent upward trend. The ratio is forecast to decline by about 6.66 percentage points from 2024 to 2030, fluctuating as it trends downward.The general government 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. Here it is depicted in relation to the country's GDP, which refers to the total value of goods and services produced during a year.

Key information about Algeria External Debt: % of GDP

• Algeria External Debt accounted for 1.3 % of the country's Nominal GDP in 2023, compared with the ratio of 1.3 % in the previous year.
• Algeria External Debt: % of Nominal GDP data is updated yearly, available from Dec 1970 to Dec 2023.
• The data reached an all-time high of 75.1 % in Dec 1995 and a record low of 1.3 % in Dec 2023.

CEIC calculates External Debt as % of Nominal GDP from annual External Debt and annual Nominal GDP. The Bank of Algeria provides External Debt in USD. The National Office of Statistics provides Nominal GDP in local currency based on SNA 2008. The International Monetary Fund average market exchange rate is used for currency conversions. Seasonally adjusted Nominal GDP is used due to unavailability of unadjusted GDP in annual frequency. Nominal GDP prior to 2001 is based on SNA 1993. External Debt prior to 1994 is sourced from the World Bank.


Related information about Algeria External Debt: % of GDP

• In the latest reports of Algeria, Current Account recorded a deficit of 3.0 USD bn in Dec 2019.
• Foreign Direct Investment (FDI) increased by 440.0 USD mn in Dec 2023.
• Algeria Direct Investment Abroad expanded by 83.6 USD mn in Dec 2023.
• The country's External Debt reached 3,838.0 in Dec 2019.
• The country's Nominal GDP was reported at 51.3 USD bn in Dec 2022.

Key information about China Private Debt: % of Nominal GDP

• China Private Debt accounted for 194.17 % of its Nominal GDP in Dec 2024, compared with a ratio of 195.45 % in the previous quarter
• China Private Debt contribution to Nominal GDP ratio is updated quarterly, available from Dec 1992 to Dec 2024, with an average share of 122.20 %
• The data reached an all-time high of 195.76 % in Jun 2024 and a record low of 80.44 % in Sep 1995

CEIC calculates quarterly Private Debt as % of Nominal GDP from quarterly Private Debt and quarterly Nominal GDP. The International Monetary Fund provides Private Debt in local currency. The National Bureau of Statistics provides Nominal GDP in local currency.

The statistic shows the ratio of government expenditure to the gross domestic product (GDP) in Greece from 2020 to 2023, with projections up until 2029. In 2023, Greece's government spending amounted to about 49.55 percent of the gross domestic product. Greece's financial turmoil In 2011, the ratio of government expenditure to GDP in Greece started to decrease significantly from 53.73 percent to 46.36 percent in 2014. However, looking at Greece’s ratio compared to the other member states of the European Union, it shows that Greece - while still having a relatively high ratio - is not at the top of the list of countries with a high public ratio. Yet, Greece has a history of spending significantly more than it has been acquiring in government revenue. This unbalanced spending vs revenue situation is expected to change at some point between 2015 and 2016. When spending more than it received, Greece covered its yearly deficits by borrowing money to make up the difference. The accumulation of these deficits resulted in Greece’s growing debt, which in 2014 amounted to a total of 317.31 billion euros, and with the economic crisis, the country has had difficulties in paying back its large debts. However, it appears as if Greece is beginning to keep government spending below revenue in the near future. In order to recover, the country also needs economic growth, and according to the IMF, GDP is expected to increase after 2015 and along with it, Greece will likely see positive growth rates.

The ratio of national debt to gross domestic product (GDP) in Micronesia was forecast to continuously decrease between 2024 and 2030 by in total 7.33 percentage points. According to this forecast, in 2030, the ratio will have increased for the fourth consecutive year to 3.59 percent. This indicator describes 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 key insights for the ratio of national debt to gross domestic product (GDP) in countries like Samoa, Papua New Guinea, and Marshall Islands.

This graph shows the state debt per capita in the United States for the 2013 fiscal year. In 2013, the state of Alabama had a total per capita debt of 14,173 U.S. dollars. Average state debt per capita amounted to 16,178 U.S. dollars.

The national debt of the United Stated can be found here. State debt National debts, also known as public debt and government debt, are the amount of money borrowed by states to cover their budget deficits. Nearly all governments use the debt method to finance operations and projects. Government debt can be seen as an indirect debt on taxpayers.

The public debt of the United States has been rising steadily for the last decades from 3,233.31 billion U.S. dollars in 1990 to 17,156.12 billion U.S dollars in 2013.

Although the United States’ debt is significantly high, the country with the highest public debt in 2014, in relation to the gross domestic product (GDP), was Japan. Japan had an estimated debt of about 246.16 percent in relation to the gross domestic product, according to IMF data. Nigeria was among the countries with the lowest national debt in 2014 in relation to the gross domestic product (GDP), with an estimated level of national debt reached about 15.91 percent of the GDP.

Much of the U.S. public debt is held by foreign investors, debt holders like nations or institutions which lent money to the United States. About 47 percent of the U.S. public debt is hold by foreign investors, while the Federal Reserve Bank holds 10 percent of the U.S public debt. As of August 2014, China and Japan are the major foreign holders of U.S. treasury debt. According to the Federal Reserve and U.S. Department of the Treasury, China held 1,270.9 billion U.S. dollars, while Japan held 1,220.1 billion U.S. dollars.

Key information about Chile External Debt: % of GDP

• Chile External Debt accounted for 71.7 % of the country's Nominal GDP in 2023, compared with the ratio of 75.9 % in the previous year.
• Chile External Debt: % of Nominal GDP data is updated yearly, available from Dec 1971 to Dec 2023.
• The data reached an all-time high of 115.5 % in Dec 1985 and a record low of 23.9 % in Dec 1973.

CEIC calculates External Debt as % of Nominal GDP from monthly External Debt and quarterly Nominal GDP. The Central Bank of Chile provides External Debt in USD based on BPM6 and Nominal GDP in local currency. The Central Bank of Chile average market exchange rate is used for currency conversions. External Debt as % of Nominal GDP prior to 2003 is calculated from External Debt based on BPM5 and Nominal GDP sourced from the International Monetary Fund. External Debt as % of Nominal GDP prior to 1996 is calculated from External Debt and Nominal GDP sourced from the World Bank. Nominal valuation was used for BPM5 data compilation, while BPM6 uses market values generally.


Related information about Chile External Debt: % of GDP

• In the latest reports of Chile, Current Account recorded a deficit of 103.9 USD mn in Mar 2024.
• Foreign Direct Investment (FDI) increased by 326.1 USD mn in Jun 2024.
• Chile Direct Investment Abroad expanded by 409.2 USD mn in Jun 2024.
• Its Foreign Portfolio Investment increased by 261.8 USD mn in Jun 2024.
• The country's External Debt reached 244,465.2 in Jun 2024.
• The country's Nominal GDP was reported at 86.4 USD bn in Mar 2023.

Key information about Vietnam Private Debt: % of Nominal GDP

• Vietnam Private Debt accounted for 128.68 % of its Nominal GDP in Sep 2023, compared with a ratio of 128.08 % in the previous quarter
• Vietnam Private Debt contribution to Nominal GDP ratio is updated quarterly, available from Dec 2010 to Sep 2023, with an average share of 101.66 %
• The data reached an all-time high of 129.36 % in Jun 2022 and a record low of 73.83 % in Sep 2012

CEIC calculates quarterly Private Debt as % of Nominal GDP from quarterly Private Debt and quarterly Nominal GDP. The International Monetary Fund provides Private Debt in local currency. General Statistics Office provides Nominal GDP in local currency. Private Debt includes Financial Sector.

Key information about Poland External Debt: % of GDP

• Poland External Debt accounted for 49.6 % of the country's Nominal GDP in 2023, compared with the ratio of 53.3 % in the previous year.
• Poland External Debt: % of Nominal GDP data is updated yearly, available from Dec 1995 to Dec 2023.
• The data reached an all-time high of 76.3 % in Dec 2016 and a record low of 32.4 % in Dec 1996.

CEIC calculates External Debt as % of Nominal GDP from quarterly External Debt and annual Nominal GDP. Narodowy Bank Polski provides External Debt in local currency based on BPM6. Statistics Poland provides Nominal GDP in local currency based on ESA 2010. External Debt as % of Nominal GDP prior to 2004 is calculated from External Debt based on BPM5 and Nominal GDP based on ESA 1995. External Debt as % of Nominal GDP prior to 1995 is calculated from External Debt sourced from the World Bank and Nominal GDP sourced from the International Monetary Fund.


Related information about Poland External Debt: % of GDP

• In the latest reports of Poland, Current Account recorded a deficit of 3.1 USD bn in Aug 2024.
• Foreign Direct Investment (FDI) increased by 2.9 USD bn in Aug 2024.
• Poland Direct Investment Abroad expanded by 192.0 USD mn in Aug 2024.
• Its Foreign Portfolio Investment increased by 2.2 USD bn in Jun 2024.
• The country's External Debt reached 434,774.0 in Jun 2024.
• The country's Nominal GDP was reported at 188.2 USD bn in Dec 2022.