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Canada - Government Gross Debt to GDP

Canada's government gross debt to GDP reached 110.8% in 2024, up from 108% in 2023. This increase stems from higher federal government deficits due to increased program spending. Although nominal GDP growth offered some fiscal relief, it did not fully offset the rising debt. Canada's record low government gross debt to GDP was 46.4% in 1981 and its record high was 118.1% in 2020.

Yearly Historical Data (1981-2024)

(in %)
Year Government Gross Debt to GDP
2024 111%
2023 108%
2022 104.2%
2021 112.6%
2020 118.1%
2019 90.2%
2018 90.8%
2017 90.1%
2016 91.8%
2015 91.3%
2014 85.7%
2013 86.2%
2012 85.5%
2011 81.9%
2010 81.3%
2009 79.4%
2008 68%
2007 66.9%
2006 69.9%
2005 70.6%
2004 71.9%
2003 75.9%
2002 79.6%
2001 81.5%
2000 80.4%
1999 89%
1998 93.3%
1997 95.3%
1996 100.2%
1995 100.1%
1994 97.5%
1993 94.7%
1992 88.9%
1991 81.2%
1990 74.3%
1989 71.5%
1988 70.2%
1987 70.3%
1986 69.8%
1985 65.6%
1984 60.6%
1983 57.6%
1982 52.1%
1981 46.4%
Canada - Government Gross Debt to GDP : Definition
Canada's gross debt-to-GDP ratio shows the country's total government debt relative to its gross domestic product. It's calculated by dividing total government debt by GDP. A higher ratio indicates a larger debt burden relative to the economy's size.
Indicator Last Value Prior Value Period
Current Account to GDP Ratio -1% -0.7% Dec'24
Interest Rate 2.5% 2.75% Sep'25