Belgium vs Luxembourg: Government debt
Government debt in 2025: 107.9% of GDP in Belgium and 26.5% of GDP in Luxembourg, by IMF estimates. In 2025 the value was higher in Belgium, by 81.4 percentage points, or 4.08 times that in Luxembourg.
BelgiumLuxembourg
Watch it change on the mapChange since 1995, percentage points · IMF
Latest figures
% of GDP · IMF
| Country | Latest | 10 years before | Rank in 2025 | Projected |
|---|---|---|---|---|
| Belgium | 107.9 2025 | 105.6 | 9 of 149 | 122.1 2031 |
| Luxembourg | 26.5 2025 | 21.1 | 135 of 149 | 39.7 2031 |
What the numbers say
- Belgium has been higher in every year both have figures for since 1995.
- In 2025, Belgium ranked 9 and Luxembourg ranked 135 of 149 countries, counting from the highest.
- The IMF projection (World Economic Outlook, October 2026) puts Belgium at 122.1% of GDP and Luxembourg at 39.7% of GDP in 2031.
Every year
% of GDP · IMF
| Year | Belgium | Luxembourg |
|---|---|---|
| 2025 | 107.9 | 26.5 |
| 2024 | 103.9 | 26.3 |
| 2023 | 102.5 | 24.7 |
| 2022 | 103.3 | 24.9 |
| 2021 | 108.7 | 24.2 |
| 2020 | 111.4 | 24.5 |
| 2019 | 97.7 | 22.3 |
| 2018 | 100.1 | 20.9 |
| 2017 | 102.5 | 21.8 |
| 2016 | 105.5 | 19.6 |
| 2015 | 105.6 | 21.1 |
| 2014 | 106.6 | 21.9 |
| 2013 | 105 | 22.4 |
| 2012 | 104.3 | 20.9 |
| 2011 | 102.7 | 18.5 |
| 2010 | 100.2 | 19.1 |
| 2009 | 99.9 | 15.3 |
| 2008 | 93.2 | 14.6 |
| 2007 | 87.3 | 8.1 |
| 2006 | 91.5 | 8.2 |
| 2005 | 95.1 | 8 |
| 2004 | 97.2 | 7.8 |
| 2003 | 101.7 | 7.4 |
| 2002 | 105.4 | 7.4 |
| 2001 | 108.2 | 7.6 |
| 2000 | 109.6 | 7.5 |
| 1999 | 115.4 | 8.4 |
| 1998 | 119.2 | 9.5 |
| 1997 | 124.3 | 10.1 |
| 1996 | 129 | 10.2 |
| 1995 | 131.3 | 10.3 |
| 1994 | 137.1 | – |
| 1993 | 138.9 | – |
| 1992 | 134.7 | – |
| 1991 | 131.8 | – |
| 1990 | 130.3 | – |
| 1989 | 126.4 | – |
| 1988 | 129.7 | – |
| 1987 | 129.2 | – |
| 1986 | 124.7 | – |
| 1985 | 119.4 | – |
| 1984 | 114.6 | – |
| 1983 | 110.3 | – |
| 1982 | 99.6 | – |
| 1981 | 89.7 | – |
| 1980 | 76.8 | – |
IMF projection (World Economic Outlook, October 2026) · 2026–2031
| Year | Belgium | Luxembourg |
|---|---|---|
| 2026 | 109.8 | 28.5 |
| 2027 | 111.6 | 30 |
| 2028 | 114.1 | 32.3 |
| 2029 | 116.4 | 34.7 |
| 2030 | 119.3 | 37.1 |
| 2031 | 122.1 | 39.7 |
Each country on its own
Good to know
- What the government owes, as a share of the economy’s yearly output.
- Source: IMF, World Economic Outlook, October 2026.
- The dashed line is the IMF projection (World Economic Outlook, October 2026), a scenario rather than a forecast.
- Ranks count the 149 countries with a value in 2025, highest first.
How the layers work, where their data comes from and what they can’t tell you: Countries through time