Government Debt to GDP, List by Country
The highest gross Government debt as a percentage of GDP among countries tracked by Trading Economics was recorded in Japan (220% of GDP), Greece (143%) and Italy (119%). Debt to GDP ratio was also high in Singapore, Belgium, Ireland, United States and Portugal - above 90%. In Iceland, Euro Area, Sri Lanka, Canada, Germany, France, Hungary, United Kingdom, Israel, Egypt, Austria and Brazil, public debt was recorded between 70% and 80% of GDP. Government debt as a percent of GDP, also known as debt-to-GDP ratio, is the amount of national debt a country has in percentage of its Gross Domestic Product. Basically, Government debt is the money owed by the central government to its creditors. There are two types of government debt: net and gross. Gross debt is the accumulation of outstanding government debt which may be in the form of government bonds, credit default swaps, currency swaps, special drawing rights, loans, insurance and pensions. Net debt is the difference between gross debt and the financial assets that government holds. The higher the debt-to-GDP ratio, the less likely the country will pay its debt back, and more likely the country is to default on its debt obligations.