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Ukraine Government Debt to GDP

General government gross debt as % of GDP  GGXWDG_NGDP

Ukraine's government debt to gdp was 108.64% in 2025, ranked 12th globally. This represents a 21.1% increase from 2024. Data from IMF WEO, covering 1997–2025.

108.64% +18.92% (+21.1%)
Year 2025 Rank #12 Global Peak 108.64% (2025) Source IMF WEO

Ukraine Government Debt to GDP (1997–2025)

Overview

Ukraine's government debt to gdp stood at 108.64% in 2025, a rise of +18.92% from 2024. The IMF projects 108.64% by 2025. Ukraine ranked 12th globally.

Ukraine’s general government debt rose from a low of 12.27 % of GDP in 2007 to an all‑time peak of 108.64 % in 2025, placing it 12th globally and slightly below Canada’s 113.94 % and Belgium’s 107.50 % in the same year. The 29‑year series shows a modest level of 28.89 % in 1997, after which debt remained under 30 % for more than a decade before accelerating sharply following the 2014 conflict and the 2022 invasion, which together drove fiscal deficits and borrowing to historic highs. The post‑2007 trough reflects a period of relatively sound public finances, while the steep climb after 2014 underscores the fiscal strain of war‑related expenditures and external financing. Despite a slight moderation in 2024, the 2025 figure signals that debt remains well above pre‑conflict levels. Continued macro‑stabilisation, structural reforms and a durable peace settlement would be required to reverse the upward trajectory and bring the debt ratio back toward pre‑crisis levels.

Data & projection

Year Government Debt to GDP YoY change Rank
2030* IMF 94.11% - -
2029* IMF 98.30% - -
2028* IMF 102.88% - -
2027* IMF 106.39% - -
2026* IMF 110.39% - -
2025* IMF 108.64% - -
2025 108.64% +18.92% #12
2024 89.72% +8.51% #159
2023 81.21% +3.49% #149
2022 77.72% +28.80% #141
2021 48.92% −11.59% #69
2020 60.51% +10.05% #100
2019 50.45% −9.90% #99
2018 60.35% −11.27% #125
2017 71.62% −7.89% #146
2016 79.51% +0.18% #158
2015 79.33% +9.01% #159
2014 70.32% +29.80% #150
2013 40.52% +2.98% #95
2012 37.54% +0.67% #97
2011 36.88% −3.75% #97
Show all years (1997-2025)
* IMF World Economic Outlook projection

Detected Pattern

Fiscal Dominance Trap
Government debt exceeding 80% of GDP with real interest rates negative and inflation above 10%. Monetary policy effectiveness impaired by fiscal pressures.
Inflation 20.2% Real rate -12.1%
Occurred 386 times, 278 successful
Inflation
28.2%
Real rate
-4.2%
Inflation
219.9%
Real rate
-47.4%
Inflation
28.3%
Real rate
-7.0%
Inflation
91.4%
Real rate
-26.9%
Inflation
13.6%
Real rate
-0.9%
Inflation
133.5%
Real rate
-17.3%

Analysis

Ukraine matched the Fiscal Dominance Trap pattern in 2022. Historically, 72% of countries showing this pattern (278 out of 386) saw government debt to gdp improve within 24 months. View full analysis →

Frequently Asked Questions

What is Ukraine's government debt to gdp?▾

Ukraine's government debt to gdp was 108.64% in 2025. Ranked 12th globally. This represents a 21.1% increase from the previous year.

What was the highest government debt to gdp in Ukraine?▾

Ukraine's government debt to gdp peaked at 108.64% in 2025.

What was the lowest government debt to gdp in Ukraine?▾

The lowest government debt to gdp in Ukraine was 12.27% in 2007.

How does Ukraine rank in government debt to gdp?▾

Ukraine ranks 12th globally in government debt to gdp as of 2025.

What is the World Bank indicator code for government debt to gdp?▾

The World Bank indicator code is GGXWDG_NGDP. Data sourced from IMF WEO.

What is the projected government debt to gdp of Ukraine in 2025?▾

Ukraine's government debt to gdp is projected to reach 108.64% by 2025 based on IMF projection.

What is the government debt to gdp of Ukraine in 2025?▾

The government debt to gdp of Ukraine in 2025 was 108.64%. This ranks 12th in the world.

Cite this page

APA
Ukraine Government Debt to GDP. HistorySaid. Retrieved October 31, 2026, from https://historysaid.com/ukraine/government-debt-to-gdp/
BibTeX
@misc{historysaid_ukraine_government-debt-to-gdp, title = {Ukraine Government Debt to GDP}, url = {https://historysaid.com/ukraine/government-debt-to-gdp/}, publisher = {HistorySaid}, year = {2026} }
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