Debt-to-GDP is the most abused ratio in political argument. This Data Desk piece standardises what we can — and flags what we cannot — when comparing Canada, the United States, and the European Union.
What the chart shows: approximate general-government or federal-as-published debt ratios from IMF World Economic Outlook, OECD, Eurostat Maastricht debt, and national finance ministries. Treat bands as order-of-magnitude, not audit-grade.
Canada’s federal debt-to-GDP often appears lower than U.S. federal figures; adding provincial net debt narrows the gap. Many EU states report general government (central + state + local + social security), which is broader than U.S. federal-only tables.
If the denominator or the perimeter changes, the political talking point is not a comparison — it is a slogan.
Interest-to-revenue ratios can matter more for near-term citizen impact than stock/GDP alone: they measure how much tax revenue is pre-committed to bondholders before schools, hospitals, or tax cuts.
Use the interactive chart below. Download links to IMF WEO and Eurostat government finance statistics are footnoted. Corrections: if a national statistical revision lands, we update the series and stamp updatedAt.
