USA: Government debt

* indicates monthly or quarterly data series
 USA

Government debt as percent of GDP

 Latest value 119.62
 Year 2023
 Measure percent
 Data availability 1960 - 2023
 Average 66.15
 Min - Max 39.13 - 127.38
 Source Federal Reserve System of USA
The latest value from 2023 is 119.62 percent, an increase from 116.86 percent in 2022. In comparison, the world average is 63.28 percent, based on data from 123 countries. Historically, the average for the USA from 1960 to 2023 is 66.15 percent. The minimum value, 39.13 percent, was reached in 1974 while the maximum of 127.38 percent was recorded in 2020. See the global rankings for that indicator or use the country comparator to compare trends over time.
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* indicates monthly or quarterly data series


Recent data
USA - Government debt - Recent values chart

Historical series
USA - Government debt - historical chart - 1960-2023




The government debt in the USA and other countries is calculated as the total amount owed by the national government to domestic and international lenders. It is reported as percent of GDP so that we can evaluate its magnitude relative to the size of the economy.

Government debt of about 60 percent or less of GDP is not considered a problem. The government can make payments without strain and even has some room to borrow more. If debt levels reach 80-90 percent that may have negative effects on the economy. Debt above 120 percent of GDP is quite detrimental.
Definition: Debt is the entire stock of direct government fixed-term contractual obligations to others outstanding on a particular date. It includes domestic and foreign liabilities such as currency and money deposits, securities other than shares, and loans. It is the gross amount of government liabilities reduced by the amount of equity and financial derivatives held by the government. Because debt is a stock rather than a flow, it is measured as of a given date, usually the last day of the fiscal year.

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 Related indicators Latest Reference Measure
 Government spending, percent of GDP 13.87 2022 percent
 Government spending, in dollars 3,570.08 2022 billion U.S. dollars
 Fiscal balance, percent of GDP -9.25 2023 percent
 Government debt 119.62 2023 percent
 Government expenditure 1,258.78 Q3/2024 billion
 Long-term interest rate 3.87 8/2024 percent
 Tax revenue 12.18 2022 percent
 Commercial tax rate 36.60 2019 percent
 Tax preparation time 175 2019 hours
 Number of taxes 11 2019 taxes
 Taxes on goods and services 2.74 2022 percent
 Taxes on international trade 3.05 2022 percent
 Income and profits taxes 86.73 2022 percent
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