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New Zealand - Government Net Debt to GDP

New Zealand's government net debt to GDP ratio hit 45.2% in 2024, a level not seen since 1994. This increase from 39.3% in 2023 resulted from core Crown expenses growing by $11.4 billion to $139.0 billion, outpacing a $8.2 billion rise in tax revenue to $120.6 billion. The government's strategy targets reducing expenses relative to GDP and lowering net core Crown debt towards 40%. New Zealand's record low net debt to GDP was 4.4% in 1974 and record high was 54.8% in 1992.

Yearly Historical Data (1972-2024)

(in %)
Year Government Net Debt to GDP
2024 45.2%
2023 39.3%
2022 35.4%
2021 29.8%
2020 26.3%
2019 18.6%
2018 19.5%
2017 21.6%
2016 23.9%
2015 24.7%
2014 25.3%
2013 25.5%
2012 23.6%
2011 19.5%
2010 13.6%
2009 9%
2008 5.4%
2007 7.6%
2006 9.8%
2005 12.7%
2004 16.1%
2003 17.9%
2002 19.5%
2001 20.4%
2000 22.6%
1999 23.9%
1998 29.1%
1997 29.7%
1996 34.7%
1995 42.1%
1994 45.3%
1993 50.8%
1992 54.8%
1991 44.9%
1990 47.5%
1989 42.4%
1988 39.2%
1987 43.8%
1986 39.6%
1985 38%
1984 29.6%
1983 26.8%
1982 20.3%
1981 16.9%
1980 15.7%
1979 14.3%
1978 8.5%
1977 7.7%
1976 8.6%
1975 4.9%
1974 4.4%
1973 5.8%
1972 5.8%
New Zealand - Government Net Debt to GDP : Definition
New Zealand government net debt to GDP shows the country's debt burden. It's calculated by dividing net government debt by gross domestic product. Net debt equals total government debt minus financial assets. GDP measures the total value of goods and services produced.
Indicator Last Value Prior Value Period
Current Account to GDP Ratio -5.7% -6.6% Dec'24
Interest Rate 2.5% 3% Oct'25
Private Credit (% GDP) 141.22% 146.12% 2023