USA: Government debt

* indicates monthly or quarterly data series

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
For that indicator, we provide data for the USA from 1960 to 2023. The average value for the USA during that period was 66.15 percent with a minimum of 39.13 percent in 1974 and a maximum of 127.38 percent in 2020. The latest value from 2023 is 119.62 percent. For comparison, the world average in 2023 based on 84 countries is 68.39 percent. 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 values chart
USA - Government debt - Recent values chart

Historical chart
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 value Reference Measure
 Government spending, percent of GDP 14.03 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 1,198.70 Q3/2023 billion
 Long-term government bond yield 4.38 9/2023 percent
 Tax revenue 12.32 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 1.82 2022 percent
 Taxes on international trade 2.03 2022 percent
 Income and profits taxes 57.72 2022 percent
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