Public Debt (% of GDP)
Public debt, sometimes also referred to as government debt, represents the total outstanding debt (bonds and other securities) of a country’s central government. It is often expressed as a ratio of Gross Domestic Product (GDP). Public debt can be raised both externally and internally, where external debt is the debt owed to lenders outside the country and internal debt represents the government’s obligations to domestic lenders. Public debt is an important source of resources for a government to finance public spending and fill holes in the budget. Public debt as a percentage of GDP is usually used as an indicator of the ability of a government to meet its future obligations.
The table below shows public debt as a percentage of Gross Domestic Product (GDP) by country for the last five years.
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Public Debt Data
| 2014 | 2015 | 2016 | 2017 | 2018 | |
|---|---|---|---|---|---|
| Albania | 70.0 | 72.7 | 72.4 | 70.1 | - |
| Algeria | 7.7 | 8.7 | 20.4 | 27.5 | - |
| Angola | 39.8 | 57.1 | 75.7 | 68.5 | - |
| Argentina | 44.7 | 52.6 | 53.3 | 57.1 | - |
| Armenia | 43.7 | 48.7 | 56.8 | 58.8 | - |
| Australia | 34.1 | 37.8 | 40.5 | 40.7 | - |
| Austria | 84.0 | 84.7 | 83.0 | 78.2 | - |
| Azerbaijan | 14.4 | 35.0 | 50.7 | 53.2 | - |
| Bahrain | 42.6 | 60.3 | 71.7 | 79.8 | - |
| Bangladesh | 35.3 | 33.7 | 33.3 | 32.5 | - |
| Belarus | 32.9 | 46.9 | 47.2 | 47.2 | - |
| Belgium | 108 | 106 | 106 | 103 | - |
| Belize | 77.7 | 80.9 | 87.3 | 95.0 | - |
| Bolivia | 38.0 | 41.3 | 46.6 | 50.9 | - |
| Bosnia and Herzegovina | 45.9 | 45.5 | 44.1 | 39.0 | - |
| Botswana | 17.3 | 17.2 | 15.6 | 14.1 | - |
| Brazil | 56.3 | 65.5 | 69.9 | 74.1 | - |
| Brunei | 3.2 | 3.0 | 3.0 | 2.8 | - |
| Bulgaria | 27.1 | 26.2 | 29.6 | 25.6 | - |
| Cambodia | 31.9 | 31.2 | 29.1 | 30.0 | - |
| Canada | 109 | 115 | 115 | 112 | - |
| Chile | 15.0 | 17.3 | 21.0 | 23.5 | - |
| China | 14.9 | 15.5 | 16.2 | 16.4 | - |
| Colombia | 38.1 | 42.9 | 43.8 | 44.9 | - |
| Costa Rica | 38.5 | 41.0 | 45.1 | 48.7 | - |
| Croatia | 84.0 | 83.7 | 80.5 | 77.8 | - |
| Cyprus | 108 | 108 | 106 | 95.8 | - |
| Czech Republic | 42.2 | 40.0 | 36.8 | 34.7 | - |
| DR Congo | - | - | - | - | - |
| Denmark | 44.3 | 39.8 | 37.2 | 35.5 | - |
| Dominican Republic | 36.0 | 35.1 | 36.9 | 38.9 | - |
| Ecuador | 29.6 | 33.0 | 38.2 | 44.6 | - |
| Egypt | 89.3 | 93.1 | 103 | 108 | - |
| El Salvador | 69.5 | 70.8 | 72.7 | 73.7 | - |
| Estonia | 10.5 | 9.9 | 9.2 | 9.2 | - |
| Ethiopia | 54.5 | 56.1 | 59.0 | 61.1 | - |
| Eurozone | 92.0 | 90.1 | 89.2 | 87.1 | - |
| Finland | 60.2 | 63.4 | 63.0 | 61.3 | - |
| France | 94.9 | 95.6 | 98.0 | 98.4 | - |
| Georgia | 35.6 | 41.4 | 44.4 | 45.1 | - |
| Germany | 75.3 | 71.6 | 68.5 | 64.5 | - |
| Ghana | 51.2 | 54.8 | 57.1 | 57.3 | - |
| Greece | 179 | 176 | 179 | 176 | - |
| Guatemala | 24.6 | 24.3 | 24.2 | 23.8 | - |
| Haiti | 26.3 | 30.3 | 33.7 | 31.0 | - |
| Hong Kong | 0.1 | 0.1 | 0.1 | 0.1 | - |
| Hungary | 76.7 | 76.7 | 76.0 | 73.4 | - |
| Iceland | 78.8 | 65.0 | 51.2 | 43.1 | - |
| India | 67.8 | 69.9 | 69.0 | 69.8 | - |
| Indonesia | 24.7 | 27.0 | 28.0 | 29.4 | - |
| Iran | 11.8 | 38.4 | 47.5 | 39.5 | - |
| Iraq | 32.9 | 56.9 | 66.1 | 59.6 | - |
| Ireland | 104 | 76.8 | 73.5 | 68.5 | - |
| Israel | 66.1 | 63.6 | 61.8 | 59.9 | - |
| Italy | 132 | 132 | 131 | 131 | - |
| Jamaica | 138 | 121 | 114 | 101 | - |
| Japan | 236 | 232 | 236 | 235 | - |
| Jordan | 89.0 | 92.4 | 93.8 | 94.3 | - |
| Kazakhstan | 14.3 | 22.1 | 24.4 | 25.5 | - |
| Kenya | 45.9 | 50.2 | 54.5 | 56.1 | - |
| Korea | 37.3 | 39.5 | 39.9 | 39.8 | - |
| Kosovo | 10.7 | 13.1 | 14.4 | 16.2 | - |
| Kyrgyzstan | 53.6 | 67.1 | 59.1 | 58.8 | - |
| Laos | 56.5 | 56.0 | 56.4 | - | - |
| Latvia | 40.9 | 36.8 | 40.3 | 40.0 | - |
| Lebanon | 138 | 141 | 146 | 149 | - |
| Lithuania | 40.5 | 42.6 | 40.0 | 39.4 | - |
| Luxembourg | 22.7 | 22.2 | 20.7 | 23.0 | - |
| Malaysia | 52.7 | 54.4 | 52.7 | 50.7 | - |
| Malta | 63.4 | 57.9 | 55.5 | 50.2 | - |
| Mexico | 41.3 | 45.4 | 49.4 | 47.0 | - |
| Moldova | 24.5 | 27.3 | 37.5 | 28.9 | - |
| Mongolia | 57.1 | 62.1 | 87.6 | 83.5 | - |
| Montenegro | 59.9 | 66.2 | 64.4 | 64.2 | - |
| Morocco | 63.3 | 63.7 | 64.9 | 65.1 | - |
| Mozambique | 62.4 | 88.1 | 122 | 103 | - |
| Myanmar | 37.4 | 41.6 | 41.8 | 47.3 | - |
| Netherlands | 67.9 | 65.2 | 62.3 | 57.0 | - |
| New Zealand | 34.6 | 35.1 | 33.7 | 31.8 | - |
| Nigeria | 17.5 | 20.3 | 23.4 | 25.3 | - |
| North Macedonia | 38.1 | 38.1 | 39.9 | 39.5 | - |
| Norway | 27.2 | 31.7 | 35.3 | 36.0 | - |
| Oman | 4.9 | 15.5 | 32.5 | 46.9 | - |
| Pakistan | 62.7 | 61.8 | 65.5 | 65.1 | - |
| Panama | 36.5 | 37.4 | 37.3 | 37.5 | - |
| Paraguay | 13.5 | 15.1 | 17.3 | 18.2 | - |
| Peru | 19.9 | 23.3 | 23.9 | 24.9 | - |
| Philippines | 45.4 | 44.7 | 42.1 | 42.1 | - |
| Poland | 50.4 | 51.3 | 54.2 | 50.6 | - |
| Portugal | 131 | 129 | 129 | 125 | - |
| Puerto Rico | 97.8 | 95.1 | 91.8 | 91.7 | - |
| Qatar | 24.9 | 35.5 | 46.7 | 49.8 | - |
| Romania | 39.2 | 37.8 | 37.3 | 35.2 | - |
| Russia | 13.0 | 13.2 | 12.9 | 12.6 | - |
| Saudi Arabia | 1.6 | 5.8 | 13.1 | 17.2 | - |
| Serbia | 64.2 | 69.5 | 67.6 | 59.3 | - |
| Singapore | 97.1 | 99.5 | 105 | 107 | - |
| Slovakia | 53.5 | 52.2 | 51.8 | 50.9 | - |
| Slovenia | 80.4 | 82.6 | 78.7 | 74.1 | - |
| South Africa | 47.0 | 49.3 | 51.5 | 53.0 | - |
| Spain | 100 | 99.3 | 99.0 | 98.1 | - |
| Sri Lanka | 72.2 | 78.5 | 79.6 | 79.1 | - |
| Sweden | 45.5 | 44.2 | 42.4 | 40.8 | - |
| Switzerland | 30.6 | 30.0 | 29.0 | 29.3 | - |
| Taiwan | 37.8 | 36.6 | 36.2 | 35.5 | - |
| Tajikistan | 27.7 | 34.7 | 42.0 | 50.4 | - |
| Tanzania | 32.6 | 38.5 | 38.3 | 38.0 | - |
| Thailand | 42.5 | 43.7 | 40.7 | 41.2 | - |
| Trinidad and Tobago | 45.2 | 51.5 | 58.8 | 61.2 | - |
| Tunisia | 50.8 | 55.4 | 61.9 | 69.9 | - |
| Turkey | 28.8 | 27.6 | 28.3 | 28.3 | - |
| Turkmenistan | 16.8 | 21.8 | 24.1 | 28.8 | - |
| USA | 104 | 104 | 107 | 105 | - |
| Uganda | 30.7 | 33.2 | 37.0 | 40.7 | - |
| Ukraine | 69.4 | 79.1 | 80.9 | 71.8 | - |
| United Arab Emirates | 15.5 | 18.7 | 20.2 | 19.7 | - |
| United Kingdom | 87.0 | 87.9 | 87.9 | 87.1 | - |
| Uruguay | 61.4 | 64.6 | 61.6 | 65.7 | - |
| Uzbekistan | 7.8 | 8.7 | 8.6 | 20.2 | - |
| Venezuela | 28.5 | 74.7 | 92.3 | - | - |
| Vietnam | 54.7 | 57.1 | 59.7 | 58.2 | - |
| Yemen | 48.7 | 54.9 | 68.0 | 76.2 | - |
| Zambia | 36.1 | 62.3 | 60.7 | 62.7 | - |
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Public Debt Economic News
Ecuador: President Moreno announces tax reform as government struggles to alleviate fiscal challenges
November 1, 2019
In a bid to shore up public finances in accordance with its IMF-program, on 18 October President Lenín Moreno proposed a package of tax reforms, including a new tax on corporations earning more than USD 1.0 million, a tax on plastic bags and cigarettes, along with a simplification of the tax system.
Italy: A patchwork budget and timid fiscal expansion fail to address Italy’s structural problems
October 18, 2019
On 15 October, the new government formed by the Democratic Party (PD) and the Five Star Movement (M5S) submitted the draft 2020 budget to the European Commission (EC) for approval.
France: Macron unveils major tax cuts and a lower deficit in 2020 budget
October 18, 2019
On 27 September, the French government presented its draft 2020 budget, which estimates a deficit of 2.2% of GDP. This is well below the 3.1% of GDP projected this year and would mark the lowest deficit since 2001; however, it is still short of the previously planned 2.0% of GDP shortfall, while the marked reduction of the deficit stems from the absence of a one-off accounting cost owing to the transition to a new tax scheme.
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