Hong Kong SAR, China Government Debt to GDP
General government gross debt as % of GDP GGXWDG_NGDP
Hong Kong SAR, China's government debt to gdp was 11.66% in 2025, ranked 174th globally. This represents a 26.1% increase from 2024. Data from IMF WEO, covering 2004–2025.
Overview
Hong Kong SAR, China's government debt to gdp stood at 11.66% in 2025, a rise of +2.41% from 2024. The IMF projects 11.66% by 2025. Hong Kong SAR, China ranked 174th globally.
Hong Kong SAR’s government debt-to‑GDP ratio has risen sharply from 1.93 in 2004 to an all‑time high of 11.66 in 2025, placing the territory at rank 174 globally. The trough of the series occurred in 2018 when the ratio fell to just 0.05, reflecting a period of fiscal restraint before the recent expansionary fiscal response to external shocks. The latest figure of 11.66 exceeds the ratios of peers such as the Marshall Islands (10.60) and Haiti (11.81), underscoring a relative increase in fiscal leverage within the group of small open economies. The 22‑year coverage shows a clear upward trajectory, driven by higher public spending and debt issuance to support social services and infrastructure. If fiscal consolidation measures are introduced or economic growth accelerates, the debt‑to‑GDP ratio could stabilise or decline, altering the current upward path.
Data & projection
| Year | Government Debt to GDP | YoY change | Rank |
|---|---|---|---|
| 2030* IMF | 14.48% | - | - |
| 2029* IMF | 14.53% | - | - |
| 2028* IMF | 14.55% | - | - |
| 2027* IMF | 14.12% | - | - |
| 2026* IMF | 14.02% | - | - |
| 2025* IMF | 11.66% | - | - |
| 2025 | 11.66% | +2.41% | #174 |
| 2024 | 9.25% | +2.92% | #7 |
| 2023 | 6.33% | +2.05% | #5 |
| 2022 | 4.28% | +2.34% | #4 |
| 2021 | 1.94% | +0.94% | #2 |
| 2020 | 1.00% | +0.73% | #2 |
| 2019 | 0.27% | +0.22% | #1 |
| 2018 | 0.05% | −0.00% | #1 |
| 2017 | 0.06% | −0.00% | #1 |
| 2016 | 0.06% | −0.00% | #1 |
| 2015 | 0.06% | −0.00% | #1 |
| 2014 | 0.07% | −0.45% | #1 |
| 2013 | 0.52% | −0.03% | #3 |
| 2012 | 0.54% | −0.03% | #3 |
| 2011 | 0.57% | −0.05% | #2 |
Detected Pattern
Analysis
Hong Kong SAR, China matched the Export Boom Cycle pattern in 2017. Historically, 71% of countries showing this pattern (546 out of 768) saw government debt to gdp improve within 24 months. View full analysis →
Frequently Asked Questions
Hong Kong SAR, China's government debt to gdp was 11.66% in 2025. Ranked 174th globally. This represents a 26.1% increase from the previous year.
Hong Kong SAR, China's government debt to gdp peaked at 11.66% in 2025.
The lowest government debt to gdp in Hong Kong SAR, China was 0.05% in 2018.
Hong Kong SAR, China ranks 174th globally in government debt to gdp as of 2025.
The World Bank indicator code is GGXWDG_NGDP. Data sourced from IMF WEO.
Hong Kong SAR, China's government debt to gdp is projected to reach 11.66% by 2025 based on IMF projection.
The government debt to gdp of Hong Kong SAR, China in 2025 was 11.66%. This ranks 174th in the world.
Cite this page
@misc{historysaid_hong-kong-sar-china_government-debt-to-gdp,
title = {Hong Kong SAR, China Government Debt to GDP},
url = {https://historysaid.com/hong-kong-sar-china/government-debt-to-gdp/},
publisher = {HistorySaid},
year = {2026}
}