Statistics -> Debt in Selected Countries

Debt in Group of 7 (G7) Countries

The table below shows the total debt as a % of GDP, and debt per person in G7 countries for 2025.  The information is gathered from sources which are listed below the table. The 2025 amounts are estimates.

What is the significance of these numbers?

The government gross debt is used as an indicator of the financial stability of the country.

Once the government gross debt nears 100% of GDP, financial alarm bells start to ring, and purchasers of that country's debt (t-bills, bonds) may demand higher interest rates.  Another factor affecting the interest rates is the amount of debt held by citizens of the country, vs the amount of debt held outside of the country.

Japan is an example where approximately 90% of the debt is held by its own citizens and institutions, which helps stabilize their debt market.

As you can see by the table below, debt exceeds 100% of GDP in every G7 country except Germany, in April 2025.

	Debt as % of GDP					Total Debt
Country	Gov't Gross Debt	Household Debt	Total Debt	GDP 2025 $trillions	Population 2025 millions	$trillions	per person $US
Canada	113%	109%	222%	$2.2	41.6	4.9	$117,788
France	116%	77%	193%	3.2	68.6	6.2	90,379
Germany	65%	56%	121%	4.7	84.9	5.7	67,138
Italy	137%	54%	191%	2.4	59.0	4.6	77,966
Japan	235%	69%	304%	4.2	123.3	12.8	103,812
United Kingdom	104%	93%	197%	3.8	69.9	7.5	107,296
United States	122%	80%	202%	30.5	342.4	61.6	179,907

Notes:

• All amounts are in US$.
• The government gross debt includes all levels of government.
• Corporate debt and bank debt are not included in the debt totals.
• The last column shows the debt per person, not per household.  The total debt for a family of 4 in Canada would be $471,152.
• Total debt is calculated based on Total debt as a % of GDP x GDP.
• We confirmed with the Organization for Economic Cooperation and Development (OECD, quoted as a source for the IMF information) that the Canada debt includes Federal, Provincial, Territorial and Local governments, and the Canada and Quebec Pension Plans, and does not include financial or non-financial public corporations.

Information sources:

• International Monetary Fund (IMF) World Economic Outlook Database for April 2025:
  • Government Gross Debt as % of GDP
  • GDP in US$
  • Population
• IMF Household debt, all instruments - Household debt as % of GDP for 2021, could not find data for later years.

Tax Tip:  Reduce your own debt, and pressure your government to reduce its debt.

 

Revised: