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How America's debt compares with Europe's big four

Race · 30 Oct 2026

Line race of government debt as a share of GDP, 2001 to 2025, for the US, Italy, France, the UK and Germany. The US, in gold, starts at 53%, below France and Germany, passes France in 2008, peaks at 133% in 2020 and ends at 124%, second to Italy at 137%. A note at 2020 marks pandemic spending.

US government debt: 124% of GDP in 2025, up from 53% in 2001, when it was below France and Germany. Of Europe's big four only Italy owes more.

Source: IMF Fiscal Monitor, 2025