Note N06. Published on 13 October 2026. Theme: Productivity and growth. Lens: Between two giants.
US public debt exceeds 120% of GDP; the EU's, 80%
In 2001, the EU owed more than the US. Today the US owes 122.3% of its GDP and the EU 81.6%. Within the EU, 12 of the 27 countries exceed the 60% set in the Treaty.
In 2024, US general government debt stood at 122.3% of GDP, according to the IMF. The EU's, at 81.6%. In 2001 it was the other way round: US debt was 53.5% and the EU's 65.6%. Since then, US debt has more than doubled; the EU's has risen by 16 points.
The two big increases came with the crises. The first, after 2008. The second, in 2020, with the pandemic: US debt went from 108.8% to 132.6% in a year, and the EU's from 79% to 91.1%. Since then the EU has brought it down to 81.6%. The US cut it to 119.2% in 2022 and it has been rising again since.
China's has multiplied by 3.7: in the IMF series, it went from 24.2% in 2001 to 90.5% in 2024, and has been above the EU since 2023. It is also the most disputed figure. In its annual review of the country, in February 2026, the IMF itself puts it at 60.9% in 2024 on the narrow definition, and at 126.6% in 2025 once the debt of local government financing vehicles is added.
Since 2001, US public debt has risen from 53.5% to 122.3% of GDP; the EU's, from 65.6% to 81.6%
General government gross debt, as % of GDP, 2001-2024
Loading the chart
Within the EU, the gaps are huge. The Treaty sets 60% of GDP as the reference value for public debt. In 2025, 12 of the 27 countries were above it, led by Greece (146.1%), Italy (137.1%) and France (115.6%). Spain, at 100.7%, ranks fifth. At the other end, Estonia owes 24.1% and Luxembourg 26.5%. The EU as a whole, 81.7%, according to Eurostat.
12 of the 27 EU countries owe more than 60% of their GDP, the Treaty reference value
General government gross debt, as % of GDP, 2025
Loading the chart