Costa Rica vs Panama: Government debt

Government debt in 2025: 60.4% of GDP in Costa Rica and 56.6% of GDP in Panama, by IMF estimates. In 2025 the value was higher in Costa Rica, by 3.8 percentage points, or 1.07 times that in Panama.

Watch it change on the map

% of GDP · IMF

Costa RicaPanamaIMF projection (World Economic Outlook, October 2026)

What the numbers say

Costa Rica has been higher since 2012, when it overtook Panama.
In 2025, Costa Rica ranked 55 and Panama ranked 65 of 149 countries, counting from the highest.
The IMF projection (World Economic Outlook, October 2026) puts Costa Rica at 62.4% of GDP and Panama at 49.6% of GDP in 2031.

Every year

% of GDP · IMF

Year	Costa Rica	Panama
2025	60.4	56.6
2024	58.9	57.8
2023	60.4	54.4
2022	61.4	56.2
2021	67	58
2020	66.5	62.4
2019	56.1	42.5
2018	51.7	36.3
2017	47.1	34.3
2016	44.1	34
2015	39.8	34.1
2014	37.4	33
2013	35.1	30.8
2012	33.7	31.3
2011	29.5	35.9
2010	28.1	38.5
2009	26	39.5
2008	24	40.6
2007	27	48.2
2006	33	56.1
2005	37.3	61.6
2004	41	61.6
2003	40.6	59.9
2002	41.4	60.9
2001	39.6	62.1
2000	38.9	58
1999	39	60.4
1998	40.7	64.3
1997	30.6	67.3
1996	33.7	73.6
1995	–	86.8
1994	–	88.7

IMF projection (World Economic Outlook, October 2026) · 2026–2031

Year	Costa Rica	Panama
2026	61.8	56.4
2027	62.8	55.9
2028	63.3	54.9
2029	63.3	53.5
2030	63	51.6
2031	62.4	49.6

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

Costa Rica vs Panama: Government debt

What the numbers say

Every year

Each country on its own

Good to know

Costa Rica vs Panama

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