Net incurrence of liabilities, total (% of GDP) by country
Net incurrence of government liabilities includes foreign financing (obtained from nonresidents) and domestic financing (obtained from residents), or the means by which a government provides financial resources to cover a budget deficit or allocates financial resources arising from a budget surplus. The net...
Countries reporting
136
Highest
20.3%
Palau
Lowest
-2.9%
Kiribati
Median
3.1%
Years covered
53
1972–2024
Data points
3,371
What the numbers show
Net incurrence of liabilities, total (% of GDP) is currently reported for 136 countries. The highest value is 20.3% in Palau; the lowest is -2.9% in Kiribati.
The median across all reporting countries is 3.1%, and the mean is 3.8%.
The gap between the highest and lowest reporting country is a factor of about 7.
Over the past decade 82 countries rose and 51 fell. The largest increase was in United Arab Emirates (up 26,011.7%), and the largest decrease in East Timor (down 995.6%).
Net incurrence of liabilities, total: full country ranking
| # | Country | Latest | Year | 10-year change | Trend |
|---|---|---|---|---|---|
| 1 | Palau | 20.3% | 2020 | up 321.6% | volatile |
| 2 | Ukraine | 18.3% | 2024 | up 42.9% | volatile |
| 3 | Maldives | 14.9% | 2021 | up 155.9% | volatile |
| 4 | Finland | 13.5% | 1994 | up 710.2% | volatile |
| 5 | Malawi | 11.8% | 2024 | up 219.3% | volatile |
| 6 | Egypt | 10.4% | 2012 | down 35.0% | falling |
| 7 | Bulgaria | 10.1% | 1994 | — | rising |
| 8 | Sri Lanka | 10.1% | 2023 | up 93.9% | flat |
| 9 | Israel | 9.9% | 2024 | up 786.7% | volatile |
| 10 | Guinea-Bissau | 9.5% | 2024 | up 353.7% | rising |
| 11 | Senegal | 9.4% | 2023 | up 201.8% | rising |
| 12 | Cape Verde | 9.3% | 2020 | down 21.0% | volatile |
| 13 | Panama | 9.0% | 2024 | up 0.8% | falling |
| 14 | Singapore | 8.7% | 2024 | up 137.4% | flat |
| 15 | Bahrain | 8.5% | 2020 | down 16.2% | volatile |
| 16 | Italy | 8.0% | 1991 | down 21.9% | rising |
| 17 | Brazil | 7.3% | 2024 | up 35.4% | rising |
| 18 | Mexico | 7.2% | 2024 | up 102.5% | rising |
| 19 | United States | 7.0% | 2024 | up 62.0% | volatile |
| 20 | United Kingdom | 7.0% | 2024 | up 2.6% | volatile |
| 21 | Nepal | 7.0% | 2021 | up 359.0% | volatile |
| 22 | India | 6.7% | 2022 | up 38.2% | falling |
| 23 | North Macedonia | 6.6% | 2024 | down 10.2% | volatile |
| 24 | Bhutan | 6.4% | 2020 | up 2,509.4% | volatile |
| 25 | Burkina Faso | 6.4% | 2024 | up 135.1% | rising |
| 26 | Serbia | 6.3% | 2012 | up 657.2% | volatile |
| 27 | Peru | 6.0% | 2021 | up 2,434.7% | volatile |
| 28 | Jordan | 5.9% | 2023 | down 49.6% | volatile |
| 29 | Austria | 5.9% | 1994 | up 33.7% | rising |
| 30 | Kenya | 5.9% | 2023 | up 6.4% | flat |
| 31 | Colombia | 5.8% | 2024 | up 58.3% | volatile |
| 32 | South Africa | 5.6% | 2024 | up 7.5% | rising |
| 33 | Niger | 5.6% | 1980 | — | rising |
| 34 | Rwanda | 5.6% | 2023 | up 132.7% | volatile |
| 35 | Togo | 5.5% | 2023 | up 530.3% | volatile |
| 36 | Portugal | 5.4% | 1994 | down 37.8% | falling |
| 37 | Morocco | 5.3% | 2023 | down 12.2% | volatile |
| 38 | Mauritius | 5.2% | 2024 | up 12.6% | volatile |
| 39 | Turkey | 5.1% | 2024 | up 457.4% | volatile |
| 40 | Canada | 5.0% | 2024 | up 679.6% | volatile |
| 41 | Namibia | 5.0% | 2024 | up 44.7% | volatile |
| 42 | Solomon Islands | 5.0% | 2024 | up 722.9% | volatile |
| 43 | Cote d'Ivoire | 5.0% | 2023 | up 90.0% | volatile |
| 44 | Mozambique | 4.9% | 2024 | down 26.5% | falling |
| 45 | Fiji | 4.9% | 2024 | up 50.7% | volatile |
| 46 | Moldova | 4.8% | 2023 | up 366.0% | volatile |
| 47 | Philippines | 4.8% | 2024 | up 460.9% | volatile |
| 48 | Trinidad and Tobago | 4.7% | 2019 | up 3,303.4% | volatile |
| 49 | Mali | 4.4% | 2020 | up 102.2% | volatile |
| 50 | San Marino | 4.3% | 2007 | up 373.5% | volatile |
| 51 | Hungary | 4.3% | 2024 | down 17.2% | volatile |
| 52 | Bangladesh | 4.3% | 2021 | up 19.5% | rising |
| 53 | France | 4.2% | 1994 | up 21.4% | volatile |
| 54 | Uzbekistan | 4.2% | 2023 | up 7,414.9% | volatile |
| 55 | Spain | 4.1% | 2024 | down 38.1% | volatile |
| 56 | Barbados | 4.1% | 2016 | up 280.7% | rising |
| 57 | Eswatini | 4.0% | 2021 | up 321.4% | volatile |
| 58 | Malaysia | 4.0% | 2024 | up 18.3% | rising |
| 59 | Armenia | 3.9% | 2024 | up 126.1% | volatile |
| 60 | Tanzania | 3.9% | 2024 | down 1.6% | volatile |
| 61 | Uganda | 3.8% | 2024 | up 48.8% | rising |
| 62 | Central African Republic | 3.6% | 2021 | up 198.4% | volatile |
| 63 | Argentina | 3.6% | 2024 | down 25.4% | rising |
| 64 | Uruguay | 3.6% | 2024 | up 52.3% | volatile |
| 65 | Australia | 3.5% | 2022 | down 1.8% | volatile |
| 66 | Saint Vincent and the Grenadines | 3.4% | 2009 | up 151.8% | volatile |
| 67 | Saudi Arabia | 3.2% | 2024 | down 51.9% | volatile |
| 68 | Ghana | 3.2% | 2023 | down 58.5% | volatile |
| 69 | Malta | 3.1% | 1994 | up 897.7% | volatile |
| 70 | Botswana | 3.1% | 2023 | up 147.5% | volatile |
| 71 | Thailand | 3.1% | 2024 | up 107.2% | volatile |
| 72 | Myanmar | 3.0% | 2019 | up 70.4% | rising |
| 73 | Paraguay | 2.9% | 2024 | down 12.9% | volatile |
| 74 | Bosnia and Herzegovina | 2.8% | 2024 | up 22.4% | volatile |
| 75 | Dominican Republic | 2.8% | 2024 | up 11.7% | volatile |
| 76 | Cambodia | 2.8% | 2023 | up 26.1% | falling |
| 77 | Iceland | 2.6% | 2023 | up 254.0% | volatile |
| 78 | Tunisia | 2.6% | 2012 | up 84.7% | volatile |
| 79 | Costa Rica | 2.6% | 2024 | down 68.4% | falling |
| 80 | Ecuador | 2.5% | 2022 | down 68.2% | falling |
| 81 | Chile | 2.5% | 2024 | up 44.7% | volatile |
| 82 | El Salvador | 2.5% | 2024 | up 1,385.5% | volatile |
| 83 | Cameroon | 2.4% | 2021 | down 1.2% | volatile |
| 84 | Kazakhstan | 2.4% | 2023 | up 31.2% | volatile |
| 85 | Honduras | 2.3% | 2015 | up 92.9% | volatile |
| 86 | Germany | 2.3% | 1990 | up 40.1% | falling |
| 87 | Burundi | 2.2% | 2021 | up 212.8% | volatile |
| 88 | Ethiopia | 2.2% | 2024 | down 50.6% | volatile |
| 89 | Papua New Guinea | 2.1% | 2024 | down 64.2% | volatile |
| 90 | Georgia | 2.1% | 2024 | down 34.5% | volatile |
| 91 | South Korea | 2.0% | 2024 | down 26.0% | volatile |
| 92 | New Zealand | 2.0% | 2008 | up 438.2% | volatile |
| 93 | Albania | 1.9% | 2024 | down 40.0% | volatile |
| 94 | Belize | 1.7% | 2011 | down 52.2% | volatile |
| 95 | Indonesia | 1.6% | 2009 | up 102.8% | volatile |
| 96 | Micronesia (country) | 1.5% | 2020 | up 729.5% | volatile |
| 97 | Congo | 1.5% | 2021 | up 1,829.6% | volatile |
| 98 | Belarus | 1.3% | 2024 | up 480.3% | volatile |
| 99 | Vanuatu | 1.3% | 2023 | up 763.0% | volatile |
| 100 | Russia | 1.3% | 2024 | down 17.8% | volatile |
| 101 | Azerbaijan | 1.3% | 2024 | up 6.6% | volatile |
| 102 | Guatemala | 1.2% | 2024 | down 33.3% | falling |
| 103 | Iran | 1.2% | 2006 | up 74.0% | volatile |
| 104 | Cyprus | 1.1% | 1994 | down 81.0% | falling |
| 105 | Madagascar | 1.0% | 2024 | down 60.0% | volatile |
| 106 | Democratic Republic of Congo | 1.0% | 2022 | up 3,819.4% | volatile |
| 107 | Equatorial Guinea | 0.9% | 2014 | up 273.6% | volatile |
| 108 | Gabon | 0.9% | 2021 | up 148.6% | volatile |
| 109 | Zambia | 0.8% | 2024 | down 88.1% | volatile |
| 110 | Lesotho | 0.7% | 2023 | down 69.4% | volatile |
| 111 | United Arab Emirates | 0.6% | 2024 | up 26,011.7% | volatile |
| 112 | Laos | 0.6% | 2022 | down 33.7% | volatile |
| 113 | Mongolia | 0.5% | 2024 | down 83.6% | volatile |
| 114 | Switzerland | 0.5% | 2024 | up 338.3% | volatile |
| 115 | Tajikistan | 0.4% | 2024 | — | volatile |
| 116 | Afghanistan | 0.4% | 2017 | down 84.3% | volatile |
| 117 | Bahamas | 0.4% | 2024 | down 90.7% | volatile |
| 118 | Norway | 0.3% | 1994 | down 90.6% | volatile |
| 119 | Kyrgyzstan | 0.1% | 2024 | down 97.1% | volatile |
| 120 | Andorra | 0.1% | 2024 | up 133.6% | volatile |
| 121 | Tonga | 0.0% | 2023 | up 106.7% | volatile |
| 122 | Lebanon | 0.0% | 2024 | down 99.3% | volatile |
| 123 | Marshall Islands | -0.1% | 2020 | down 125.9% | volatile |
| 124 | Netherlands | -0.1% | 1994 | down 102.0% | volatile |
| 125 | Bolivia | -0.3% | 2007 | down 109.2% | volatile |
| 126 | Iraq | -0.4% | 2019 | down 111.2% | volatile |
| 127 | Saint Lucia | -0.6% | 2010 | down 783.8% | volatile |
| 128 | Angola | -0.7% | 2024 | down 115.9% | volatile |
| 129 | Jamaica | -0.9% | 2013 | down 126.7% | volatile |
| 130 | Saint Kitts and Nevis | -1.0% | 2020 | down 150.8% | volatile |
| 131 | Seychelles | -1.2% | 2008 | down 105.6% | volatile |
| 132 | Luxembourg | -1.3% | 1994 | down 197.4% | volatile |
| 133 | East Timor | -1.9% | 2022 | down 995.6% | volatile |
| 134 | Nauru | -2.0% | 2020 | up 82.8% | volatile |
| 135 | Samoa | -2.4% | 2023 | down 154.6% | volatile |
| 136 | Kiribati | -2.9% | 2023 | up 69.1% | volatile |
Regions and income groups
Aggregates are excluded from the country ranking above so that a region can never outrank a country.
- South Asia 6.9%
- South Asia (IDA & IBRD) 6.9%
- North America 6.9%
- Latin America & Caribbean (excluding high income) 6.5%
- Latin America & the Caribbean (IDA & IBRD countries) 6.2%
- Latin America & Caribbean 6.2%
- IDA only 5.8%
- Europe & Central Asia (excluding high income) 5.8%
- Early-demographic dividend 5.0%
- High income 4.1%
- Least developed countries: UN classification 3.8%
- Africa Eastern and Southern 3.7%
About this data
Net incurrence of government liabilities includes foreign financing (obtained from nonresidents) and domestic financing (obtained from residents), or the means by which a government provides financial resources to cover a budget deficit or allocates financial resources arising from a budget surplus. The net incurrence of liabilities should be offset by the net acquisition of financial assets. This indicator is expressed as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.