Countries
How countries pay their way
What each government owes, what that debt costs, whether the country earns more abroad than it spends, and how investors rate it. Each profile links to the stories and mechanics that explain the numbers.
Compared
Government finances this year
Japan carries the heaviest debt of the countries we follow, at about 199% of GDP. 7 of the 10 run budget deficits above 3% of GDP, the EU’s limit. Brazil pays the most in interest, about 7.8% of GDP: what a debt costs depends on interest rates as much as on its size.
| Country | Debt% of GDP | Budget balance% of GDP | Interest cost% of GDP | Current account% of GDP | S&P rating |
|---|---|---|---|---|---|
| Japan | 199% | −1.4% | 0.3% | +4.6% | A+ |
| Singapore | 166% | +3.7% | – | +16.7% | AAA |
| Italy | 138% | −2.9% | 3.9% | +0.7% | BBB+ |
| United States | 127% | −8.5% | 3.6% | −3.9% | AA+ |
| France | 118% | −5.4% | 2.5% | −0.7% | A+ |
| China | 104% | −8.0% | 1.1% | +4.0% | A+ |
| United Kingdom | 102% | −3.8% | 2.6% | −3.3% | AA |
| Brazil | 97% | −8.1% | 7.8% | −2.4% | BB |
| India | 83% | −7.5% | 5.3% | −1.5% | BBB |
| Germany | 65% | −4.3% | 0.9% | +4.5% | AAA |
Sources and notes
- Government finances, current account, growth, inflation and unemployment: IMF World Economic Outlook and Fiscal Monitor, via the IMF DataMapper (checked 2026-10-24). The IMF publishes them in April and October.
- 2026 figures are IMF estimates, and later years are IMF forecasts. Earlier years are actual data, sometimes revised.
- Debt is general government gross debt: central, regional and local government and social security. Interest cost is net interest, worked out as the primary balance minus the overall balance.
- Credit ratings: long-term foreign-currency ratings from S&P Global, Moody’s and Fitch, checked on the date shown. Agencies can change them at any time.
- Policy rates, 10-year yields, monthly inflation and exchange rates: as on The numbers page.