List of European countries by national debt ratio

Public debt of European countries in% of GDP in 2014 (according to IMF estimate from October 2014)

The list of European countries by national debt ratio compares the EU countries and other countries in Europe based on the national debt ratio . This parameter relates the total national debt of the country to the gross domestic product (GDP) and thus takes into account that the economies are of different sizes.

According to the EU convergence criteria , the national debt ratio should not exceed 60 percent of economic output.

Table based on data from the International Monetary Fund (IMF)

The table shows the state debt level (gross, without offsetting state claims on third parties) relative to the respective GDP. The information is without obligations for civil servants' pensions, health care, health and pension insurance for which there is no funding. Including the hidden national debt , the debt ratio would increase many times over. All data are based on calculations by the International Monetary Fund (IMF) from April 2018. Data from 2018 onwards are estimates by the IMF.

National debt as a percentage of gross domestic product

Rank (2017)	country	EU	EURO as currency	ERM-II	Years 2000-2017										Years 2018–2023 a)
					'00	'05	'10	'11	'12	'13	'14	'15	'16	'17	'18	'19	'20	'21	'22	'23
1	Greece	Yes			103.4	101.2	148.3	170.3	157.2	175.1	180.2	178.8	183.4	181.9	191.2	181.8	177.0	172.2	168.7	165.1
2	Italy	Yes			108.6	105.7	119.3	120.7	127.0	132.5	132.5	131.5	132.0	131.5	129.7	127.5	124.9	122.0	119.2	116.6
3	Portugal	Yes			48.4	62.5	94.0	108.2	124.1	128.9	130.6	128.8	129.9	125.6	121.2	117.5	114.1	110.8	107.7	104.7
4th	Belgium	Yes			107.8	92.0	96.6	99.2	101.1	101.2	106.8	106.0	105.7	103.2	101.0	99.1	97.4	95.6	94.0	93.0
5	Cyprus	Yes			60.8	70.8	61.3	71.5	86.6	111.5	107.4	107.5	107.1	99.3	96.7	89.5	83.0	78.8	73.1	67.6
6th	Spain	Yes			59.4	43.2	61.7	70.5	85.9	93.9	100.4	99.4	99.0	98.4	96.7	95.1	93.9	92.8	91.8	90.9
7th	France	Yes			57.0	65.9	80.8	84.4	88.7	91.8	95.0	95.7	96.6	97.0	96.3	96.2	95.1	93.6	91.6	89.0
8th	United Kingdom	Yes	No	Opt out	40.5	41.7	78.5	84.3	89.1	90.6	87.4	88.2	88.2	87.0	86.3	85.9	85.2	84.5	83.6	82.5
9	Austria	Yes			66.2	64.2	72.5	73.1	74.4	74.5	83.8	84.3	83.7	78.8	75.4	72.0	69.3	66.8	64.9	63.2
10	Croatia	Yes	No	planned	k. A.	38.2	42.6	47.4	54.2	60.2	85.8	85.4	82.7	78.4	75.5	72.6	69.6	66.5	63.2	60.7
11	Ukraine	No	No		45.3	17.7	40.5	36.8	37.4	40.9	70.3	79.3	81.2	75.6	78.4	76.9	71.7	66.9	63.0	59.4
12	Slovenia	Yes			29.0	26.3	37.9	46.2	53.3	70.0	80.3	82.6	78.4	75.4	72.1	69.8	68.0	66.5	65.3	64.4
13	Albania	requested	No	planned	69.6	57.1	58.8	60.4	62.9	72.0	71.9	74.0	73.3	71.2	71.3	68.5	65.5	62.7	60.9	59.1
14th	Hungary	Yes	No	planned	55.7	61.7	82.1	82.1	79.8	79.3	75.2	73.9	73.3	69.9	67.4	65.9	64.7	64.0	63.6	61.8
15th	Montenegro	requested	Yes	Foreign currency	k. A.	38.6	40.9	46.0	54.0	58.0	63.6	68.8	67.5	69.7	69.7	66.5	61.2	57.0	52.6	49.3
16	Ireland	Yes			36.3	26.2	87.4	98.9	111.4	116.1	104.6	77.1	72.9	68.5	67.1	64.9	61.0	58.8	55.6	52.4
17th	Germany	Yes			60.2	68.6	82.5	80.0	81.0	78.4	74.7	71.0	68.2	64.1	58.8	55.7	52.2	48.7	45.5	42.3
18th	Serbia	requested	No	planned	241.7	56.3	46.5	49.5	62.4	65.8	71.9	76.0	73.1	61.5	58.5	55.1	52.1	51.0	49.9	49.1
19th	Finland	Yes			42.5	39.9	46.6	47.3	51.8	54.7	60.2	63.6	63.0	61.4	60.5	59.6	57.8	56.3	54.6	53.0
20th	Netherlands	Yes			50.7	49.2	59.0	61.3	66.5	68.6	67.9	64.6	61.8	56.7	53.5	50.9	49.0	47.4	44.9	42.5
21st	Malta	Yes			53.9	68.0	65.9	68.8	70.5	72.2	63.8	58.7	56.2	52.6	48.6	45.9	43.1	41.2	40.0	38.0
22nd	Poland	Yes	No	planned	36.8	47.1	54.9	56.2	55.6	57.1	50.2	51.1	54.1	51.4	50.8	49.8	48.6	47.4	46.2	45.0
23	Belarus	No	No		k. A.	8.4	39.5	45.9	38.5	37.0	37.3	53.0	53.5	51.0	49.5	50.0	49.6	47.5	46.1	43.2
24	Slovakia	Yes			50.3	34.2	41.0	43.6	52.7	55.4	53.5	52.3	51.8	50.4	49.0	46.6	43.9	42.3	41.0	40.3
25th	Switzerland	No	No	special agreements	59.9	70.1	48.9	49.1	49.2	48.3	43.7	43.6	43.3	42.8	41.8	41.1	39.6	38.2	36.9	35.6
26th	Bosnia and Herzegovina	No		No currency board	34.7	25.5	39.1	40.8	44.6	42.5	45.0	45.5	44.0	41.0	39.3	38.4	37.8	37.2	35.8	34.3
27	Iceland	Application withdrawn	No		38.5	25.3	93.0	99.3	96.9	89.9	81.8	67.6	52.7	40.9	38.4	34.9	32.1	29.2	25.3	23.5
28	Sweden	Yes	No	intentionally missed, no opt-out	53.9	50.4	39.4	38.7	38.3	40.5	45.5	44.2	42.1	40.9	38.0	34.4	32.0	30.6	29.3	27.9
29	North Macedonia	requested	No		47.9	39.5	24.5	27.9	33.4	35.9	38.0	38.1	39.5	39.2	41.2	42.2	43.5	44.9	44.8	45.6
30th	Moldova	No	No		83.4	35.9	26.9	24.1	24.5	23.8	36.0	44.8	42.1	37.7	39.7	42.0	41.9	41.8	41.9	41.7
31	Romania	Yes	No	planned	29.5	17.6	31.1	34.3	38.2	39.4	40.5	39.3	39.1	36.9	37.9	39.0	40.0	41.0	41.9	42.6
32	Norway	No	No		28.5	43.1	43.3	29.0	29.5	29.5	28.2	33.1	36.7	36.7	36.7	36.7	36.7	36.7	36.7	36.7
33	Lithuania	Yes			k. A.	8.4	39.5	45.9	38.5	37.0	40.5	42.5	40.1	36.5	34.1	31.4	28.9	26.6	24.6	22.7
34	Denmark	Yes	Opt out	Yes (voluntarily)	52.4	37.8	42.8	46.4	45.4	44.5	43.9	39.6	37.6	36.4	35.9	35.1	34.1	32.8	31.4	29.8
35	Czech Republic	Yes	No	planned	17.8	28.4	38.4	41.4	46.2	46.0	42.2	40.0	36.7	34.6	32.9	31.3	29.4	27.6	26.0	24.5
36	Latvia	Yes			12.4	11.8	39.7	37.5	36.4	35.0	38.5	34.9	37.3	34.8	32.9	31.9	30.6	29.3	28.1	26.9
37	Turkey	requested	No		51.6	50.8	40.1	36.5	32.7	31.8	28.8	27.8	28.3	28.4	27.8	27.9	28.0	28.0	28.1	28.1
38	Bulgaria	Yes	No currency board	planned	75.3	29.4	14.9	15.4	17.5	16.4	26.4	25.6	27.4	23.9	23.6	22.9	21.8	20.8	19.8	18.9
39	Luxembourg	Yes			6.2	6.1	19.5	18.7	21.7	23.1	22.7	22.0	20.8	23.0	22.9	22.8	22.4	22.1	21.8	21.7
40	Kosovo	No	Yes		k. A.	k. A.	15.6	13.9	15.9	16.2	16.7	18.9	19.6	20.9	22.3	24.8	26.8	27.7	28.9	30.0
41	Russia	No	No		59.9	15.9	11.3	11.6	12.6	13.9	15.6	15.9	15.6	17.4	18.7	19.5	20.0	20.0	20.1	20.4
42	Estonia	Yes			5.1	4.5	6.5	6.1	9.7	9.8	10.4	10.0	9.4	8.8	8.5	8.1	7.6	7.1	6.8	6.4

a) Estimates

Graphical representations of the national debt ratio of European countries

See also

• List of countries by national debt ratio

Web links

• IMF: World Economic Outlook Database
• CIA World Factbook: Public debt

Individual evidence

1. ^ Report for Selected Countries and Subjects. Retrieved April 22, 2018 (American English).