Government debt (% of GDP)

This indicator measures general government gross debt as a percentage of GDP. Debt includes liabilities that require payment of interest and/or principal in the future. It follows the IMF World Economic Outlook definition of government debt, under the IMF Government Finance Statistics Manual (GFSM) framework. Debt is gross, that is, it is not net of government financial assets.
Comparing debt-to-GDP ratios across countries therefore reflects the stock of government liabilities relative to the size of the economy. It captures the cumulative effect of past budget deficits and surpluses. A higher ratio can signal greater fiscal pressure or borrowing needs, but it should be read alongside other indicators, such as budget balances, interest payments, and economic growth.