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.

What is the National Debt as % of GDP by Country?

Searchable, sortable reference of general government gross debt as a percentage of GDP for countries worldwide, from high-debt economies like Japan and Greece to low-debt ones, based on recent IMF-style estimates. It runs free in your browser on Gera Tools, with nothing uploaded.

National Debt as % of GDP by Country

Name: National Debt as % of GDP by Country
Creator: Gera Tools
License: https://creativecommons.org/licenses/by/4.0/

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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 × 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.

What actually makes debt sustainable

The headline ratio is only the starting point. Four factors drive whether a government can carry a given debt load:

Currency of denomination. Debt issued in a country’s own currency, with its own central bank, carries far less liquidity risk than foreign-currency borrowing. A country that issues debt in its own currency cannot be forced into default the way a country borrowing in dollars or euros can — though it faces different inflation risks.
Interest rate relative to growth. If the economy grows faster than the interest the government pays on its debt, the ratio falls over time without any surplus. If interest rates exceed growth, debt is self-reinforcing. This dynamic, sometimes written as r > g, was central to public debates about debt sustainability in the 2010s.
Who holds it. Japan’s gross debt is very high but roughly 90% is held domestically by Japanese institutions and the central bank, making capital flight risk low. A country where foreign investors hold the majority of bonds is more exposed to sudden shifts in risk appetite.
Fiscal space. Countries with stable tax bases, low primary deficits, and credible institutions have more room to carry high ratios than those without.

Reading the table

Above 100% does not automatically signal crisis — the United States, Japan, and several eurozone members have operated well above this level for extended periods.
Below 30% is often cited as very conservative, leaving substantial headroom for stimulus or emergency borrowing.
Sudden rises in the ratio matter more than the level: a jump from 40% to 80% in a few years signals a shock worth investigating, even if 80% is manageable in absolute terms.
Sort ascending to find economies with very light public debt — several Gulf states, which fund spending largely through commodity revenues and sovereign wealth funds rather than bond markets, appear here.

Tips and notes

Compare countries of similar development levels; the ratio means different things for an advanced economy issuing in its own currency and an emerging one with foreign-currency debt.
These are rounded recent estimates. For authoritative, dated figures use the IMF World Economic Outlook database or national treasury publications.