Lowest level

Just before the credit crisis, at the end of September 2008, the debt-to-GDP ratio stood at 44.1 percent. A peak of 68.9 percent was reached in 2015, after which it started to decline. During the coronavirus pandemic, debt briefly increased by more than 6 percentage points of GDP to over 55 percent of GDP. At the end of September 2023, the gross debt ratio stood at 45.9 percent, more than 9 percentage points below GDP.