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Government Debt to GDP by Country, 2001 to 2025

Japan's government debt was 204.8% of GDP in 2025, the highest of any economy with GDP above $100 billion, per the IMF; Greece fell to 146.6%.

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What the data shows

  • In 2025, Japan ranks #1 with 204.8%, ahead of Singapore (165.7%) and Greece (146.6%).
  • Japan holds #1 for the whole period, 2001 to 2025.
  • Biggest climber: United States, from #9 in 2001 to #5 in 2025.
  • Japan grew 1.6× between 2001 and 2025.

About this chart

Japan has had the highest government debt-to-GDP ratio of any economy with GDP above $100 billion in every year since 2003, at 204.8% in 2025 (Argentina led in 2002). The measure is IMF general government gross debt as a share of GDP, covering all levels of government. The 2024 and 2025 values are IMF estimates that may be revised, and definitions differ across countries. The chart shows the 12 highest 2025 ratios among economies with GDP of at least $100 billion.

Singapore is second at 165.7%. Greece peaked at 209.9% in 2020 and has since fallen to 146.6%, while Italy was 137.1% in 2025. The United States rose from 53.5% in 2001 to 132.6% in 2020 and stood at 124.4% in 2025. China went from 33.1% in 2010 to 98.6%, the United Kingdom from 35.0% in 2001 to 102.1%, and Ukraine from 60.5% in 2020 to 107.1%.

The data

Source: IMF, World Economic Outlook database via IMF DataMapper API, indicator GGXWDG_NGDP (General government gross debt, % of GDP). Retrieved November 4, 2026. Shows the 12 economies with the highest 2025 ratio among those with 2025 GDP of at least US$100 billion (smaller states such as Sudan or Lebanon excluded by that filter). Values for the latest years (2024-2025) are IMF estimates and may be revised; projections beyond 2025 are not shown. US data begins 2001 in this IMF series. Definitions differ across countries. Argentina (2002 ratio 147.2%) is not shown because its 2025 ratio is lower.

Government Debt to GDP by Country, General government gross debt, % of GDP, 2001-2025, 2001–2025
Date🇯🇵 Japan🇸🇬 Singapore🇬🇷 Greece🇮🇹 Italy🇺🇸 United States🇫🇷 France🇨🇦 Canada🇧🇪 Belgium🇺🇦 Ukraine🇬🇧 United Kingdom🇪🇸 Spain🇨🇳 China
2001126.8%94.5%110.5%108.5%53.5%59.3%81.5%108.2%35.3%35.0%54.1%24.2%
2002134.6%96.3%107.9%105.9%55.9%61.3%79.6%105.4%32.3%35.5%51.2%25.5%
2003140.2%99.1%104.3%105.1%59.0%65.4%75.9%101.7%28.3%36.8%47.7%26.4%
2004148.8%95.7%105.5%104.7%66.4%66.9%71.9%97.2%23.9%39.8%45.3%25.9%
2005153.4%92.7%109.9%106.2%65.8%68.2%70.6%95.1%17.1%41.0%42.4%26.0%
2006152.1%86.5%105.3%106.3%64.5%65.4%69.9%91.5%14.3%42.1%39.0%25.2%
2007150.4%87.8%104.6%103.5%65.0%65.5%67.2%87.3%11.8%43.1%35.7%28.8%
2008153.6%97.9%110.9%105.8%73.9%69.8%70.4%93.2%19.7%50.7%39.6%26.6%
2009172.9%101.7%128.5%116.1%87.1%84.1%81.8%99.9%34.1%64.6%53.1%33.9%
2010178.6%98.7%147.8%118.8%95.7%86.3%84.0%100.2%39.1%75.5%60.3%33.1%
2011190.6%103.1%175.1%119.1%100.0%88.7%84.3%102.7%35.5%81.0%69.5%33.0%
2012197.1%106.7%164.3%125.9%103.7%91.7%87.0%104.3%36.1%84.0%89.6%33.9%
2013201.2%98.2%180.5%131.9%105.0%94.6%87.7%105.0%39.0%84.8%100.0%36.6%
2014203.6%97.7%182.8%134.8%105.0%96.2%85.8%106.6%70.3%86.4%104.4%39.4%
2015200.1%102.1%180.0%134.8%105.5%97.0%92.3%105.6%79.3%87.3%102.4%40.9%
2016202.1%105.9%183.7%134.2%107.5%98.1%92.5%105.5%79.5%87.2%102.0%50.0%
2017203.1%107.3%182.6%133.7%106.5%98.8%91.0%102.5%71.6%85.9%101.1%53.7%
2018203.7%109.2%189.6%134.2%107.7%98.5%90.8%100.1%60.4%85.3%99.7%55.7%
2019206.3%127.7%183.7%133.9%108.8%98.2%90.1%97.7%50.5%84.5%97.6%59.9%
2020228.8%147.1%209.9%154.4%132.6%114.9%118.1%111.4%60.5%104.4%119.2%70.6%
2021222.6%139.9%197.8%145.8%125.0%112.8%112.6%108.7%48.9%103.0%115.6%72.1%
2022228.0%153.3%179.2%138.4%119.2%111.4%103.5%103.3%77.7%97.1%109.2%77.3%
2023220.1%170.4%165.5%133.9%120.0%109.5%105.1%102.5%81.2%98.3%105.2%84.1%
2024213.6%165.8%155.4%134.7%122.3%112.6%110.0%103.9%89.7%99.4%101.4%90.5%
2025204.8%165.7%146.6%137.1%124.4%115.5%113.6%107.9%107.1%102.1%100.5%98.6%

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Frequently asked questions

Which country has the highest debt to GDP ratio?

Japan, at 204.8% of GDP in 2025 according to IMF estimates, among economies with GDP above $100 billion. Singapore was second at 165.7% and Greece third at 146.6%.

What is the US debt-to-GDP ratio?

The IMF estimates US general government gross debt at 124.4% of GDP in 2025, up from 53.5% in 2001 and 132.6% in 2020. This covers all levels of government, not only federal debt.

Where does this data come from?

IMF, World Economic Outlook database via IMF DataMapper API, indicator GGXWDG_NGDP (General government gross debt, % of GDP). Retrieved November 4, 2026. Shows the 12 economies with the highest 2025 ratio among those with 2025 GDP of at least US$100 billion (smaller states such as Sudan or Lebanon excluded by that filter). Values for the latest years (2024-2025) are IMF estimates and may be revised; projections beyond 2025 are not shown. US data begins 2001 in this IMF series. Definitions differ across countries. Argentina (2002 ratio 147.2%) is not shown because its 2025 ratio is lower. You can download the full table as a CSV from this page.

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