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.

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.

The statistic shows the national debt of the United States from 2019 to 2023, with projections up until 2029. The amount of the debt of the United States amounted to around 32.91 trillion U.S. dollars in 2023. National debt of the United States National debt in the United States is a topic of much debate and controversy, primarily due to large amounts of unnecessary spending. Despite the fact that the United States had the highest gross domestic product (GDP) in the world in 2016, along with being one of the most developed powerhouses in the world, the country suffers in many economical aspects. When analyzing the country’s imports and exports, the United States has recorded a trade deficit for more than a decade as of 2015, meaning that its imports exceeded its exports every year. However, despite being significantly affected by the world economic crisis in 2008, the country’s trade balance noticeably improved in 2009, almost halving the country’s total trade deficit. An economical aspect that did not improve during the world economic crisis was the country’s unemployment rate. The number of unemployed in the United States increased greatly in 2009 and continued to rise in 2010, however finally stabilized in the following years and has since declined yearly. When considering the total population of the United States, which amounted to roughly 322 million in 2015, a large percentage of citizens, who are capable of work, have been left without a job for roughly 7 years.

The United States recorded a Government Debt to GDP of 122.30 percent of the country's Gross Domestic Product in 2023. This dataset provides - United States Government Debt To GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Graph and download economic data for Federal Debt: Total Public Debt (GFDEBTN) from Q1 1966 to Q4 2024 about public, debt, federal, government, and USA.

Total outstanding debt of the U.S. government reported daily. Includes a breakout of intragovernmental holdings (federal debt held by U.S. government) and debt held by the public (federal debt held by entities outside the U.S. government).

Graph and download economic data for Federal Debt Held by the Public as Percent of Gross Domestic Product (FYGFGDQ188S) from Q1 1970 to Q4 2024 about public, debt, federal, GDP, and USA.

The ratio of national debt to gross domestic product (GDP) in Germany was forecast to continuously decrease between 2024 and 2029 by in total 4.9 percentage points. After the fifth consecutive decreasing year, the ratio is estimated to reach 57.82 percent and therefore a new minimum in 2029. 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.Find more statistics on other topics about Germany with key insights such as the share in the global GDP adjusted for purchasing power parity, the growth of the real the gross domestic product, and the ratio of government expenditure to the gross domestic product.

Russia recorded a Government Debt to GDP of 14.90 percent of the country's Gross Domestic Product in 2023. This dataset provides - Russia Government Debt To GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Key information about Bulgaria National Government Debt

• Bulgaria National Government Debt reached 26.5 USD bn in Oct 2024, compared with 27.2 USD bn in the previous month.
• Bulgaria National Government Debt data is updated monthly, available from Dec 2015 to Oct 2024.
• The data reached an all-time high of 27.2 USD bn in Sep 2024 and a record low of 12.6 USD bn in Dec 2015.

CEIC converts monthly Government Debt into USD. The Ministry of Finance of the Republic of Bulgaria provides Government Debt in EUR. The Federal Reserve Board period end market exchange rate is used for currency conversions. Government Debt covers Central Government only.


Related information about Bulgaria National Government Debt

• In the latest reports, Bulgaria Consolidated Fiscal Balance recorded a deficit equal to 3.8 % of its Nominal GDP in Sep 2024.
• The country's Government debt accounted for 22.4 % of its Nominal GDP in Mar 2024.
• Bulgaria Nominal GDP reached 21.9 USD bn in Mar 2023.

United States US: Central Government Debt: Total: % of GDP data was reported at 99.457 % in 2016. This records an increase from the previous number of 97.375 % for 2015. United States US: Central Government Debt: Total: % of GDP data is updated yearly, averaging 54.468 % from Sep 1989 (Median) to 2016, with 28 observations. The data reached an all-time high of 99.457 % in 2016 and a record low of 15.109 % in 2001. United States US: 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 United States – Table US.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;

Key information about Ivory Coast National Government Debt

• Ivory Coast National Government Debt reached 3.9 USD bn in Dec 2015, compared with 3.8 USD bn in the previous year.
• Ivory Coast National Government Debt data is updated yearly, available from Dec 1975 to Dec 2015.
• The data reached an all-time high of 3.9 USD bn in Dec 2015 and a record low of 19.5 USD mn in Dec 1975.

CEIC converts annual Government Debt into USD. The Central Bank of West African States provides Government Debt in local currency. The International Monetary Fund period end market exchange rate is used for currency conversions.


Related information about Ivory Coast National Government Debt

• In the latest reports, Ivory Coast Consolidated Fiscal Balance recorded a deficit equal to 5.9 % of its Nominal GDP in Dec 2022.
• The country's Government debt accounted for 8.6 % of its Nominal GDP in Dec 2015.
• Ivory Coast Nominal GDP reached 13.2 USD bn in Dec 2022.

Germany recorded a Government Debt to GDP of 62.90 percent of the country's Gross Domestic Product in 2023. This dataset provides the latest reported value for - Germany Government Debt to GDP - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Finland recorded a Government Debt to GDP of 75.80 percent of the country's Gross Domestic Product in 2023. This dataset provides - Finland Government Debt To GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Key information about Sri Lanka Government Debt: % of GDP

• Sri Lanka Government debt accounted for 96.9 % of the country's Nominal GDP in Sep 2024, compared with the ratio of 98.0 % in the previous quarter.
• Sri Lanka government debt to GDP ratio data is updated quarterly, available from Mar 2014 to Sep 2024.
• The data reached an all-time high of 120.9 % in Jun 2022 and a record low of 72.0 % in Mar 2018.

CEIC calculates quarterly Government Debt as % of Nominal GDP from quarterly Government Debt and rolling sum of quarterly Nominal GDP. The Central Bank of Sri Lanka provides Government Debt in local currency. The Department of Census and Statistics provides Nominal GDP in local currency. Government Debt as % of Nominal GDP prior to Q4 2015 is calculated from Nominal GDP based on old methodology.


Related information about Sri Lanka Government Debt: % of GDP

• In the latest reports, Sri Lanka National Government Debt reached 96.5 USD bn in Sep 2024.
• The country's Nominal GDP reached 20.9 USD bn in Mar 2023.

Government Debt in Jamaica decreased to 2225640.35 USD Million in December from 2236808.70 USD Million in November of 2024. This dataset provides - Jamaica Government Debt- actual values, historical data, forecast, chart, statistics, economic calendar and news.

In the fiscal year 2023, the initial budget for national debt service expenditure of the national government in Japan amounted to approximately 25.7 trillion Japanese yen. Around 27 trillion yen in expenditure on debt service was planned according to the general account budget.

Key information about Canada Government Debt: % of GDP

• Canada Government debt accounted for 69.4 % of the country's Nominal GDP in Mar 2024, compared with the ratio of 66.9 % in the previous year.
• Canada government debt to GDP ratio data is updated yearly, available from Mar 1962 to Mar 2024.
• The data reached an all-time high of 83.6 % in Mar 1996 and a record low of 33.1 % in Mar 1977.

CEIC calculates Government Debt as % of Nominal GDP from annual Government Debt and quarterly Nominal GDP. The Department of Finance Canada provides Government Debt in local currency. Statistics Canada provides Nominal GDP in local currency based on CSNA 2012/SNA 2008. Government Debt as % of Nominal GDP is in annual frequency, ending in March of each year.


Related information about Canada Government Debt: % of GDP

• In the latest reports, Canada National Government Debt reached 1,519.8 USD bn in Mar 2024.
• The country's Nominal GDP reached 520.3 USD bn in Mar 2023.

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.

Question 2.1.5a: Does the government publicly disclose the level of national debt?, 2.1.5b: Is the most recent publicly available information on the national debt disaggregated by currency denomination (i.e. foreign or domestic)?