New Zealand Government Debt to GDP — 2026 Data & Trend
New Zealand's government debt was 54.73% in December 2025, up from 51.38% the previous year. A year earlier it stood at 51.38%.
New Zealand's government debt stands at 54.73% as of December 2025. The government debt currently sits at 54.73% (up from 51.38% in the prior year). Across the tracked window it has ranged between 16.31% and 54.73%, and is 3.36% higher than a year ago.
The trend
Among the 192 economies tracked on this platform, New Zealand ranks #90 on government debt by latest value. It rose from 51.38% in the previous year, and compares with a year-earlier 51.38%.
What's driving it
The debt ratio moves with budget deficits, growth, interest costs and the currency; faster nominal growth lowers it, while wide deficits push it up.
Recent readings
| Period | Government debt |
|---|---|
| Dec 2025 | 54.73% |
| Dec 2024 | 51.38% |
| Dec 2023 | 47.29% |
| Dec 2022 | 46.91% |
| Dec 2021 | 47.57% |
| Dec 2020 | 43.19% |
| Dec 2019 | 31.85% |
| Dec 2018 | 28.12% |
Data: Source: IMF — International Reserves and Foreign Currency Liquidity (IRFCL), International Liquidity (IL), Monetary and Financial Statistics (MFS), World Economic Outlook (WEO). Figures carry an effective date; confirm with the source before relying on them.
Frequently asked questions
How Much Government Debt Does New Zealand Have in 2026?
New Zealand's government debt was 54.73% in December 2025, up from 51.38% the previous year. A year earlier it stood at 51.38%.
Is the government debt rising or falling in New Zealand?
It rose in the latest reading — 54.73% in December 2025 versus 51.38% a year earlier. Year on year it is higher.
What is government debt?
It measures total public debt expressed as a share of gross domestic product (debt-to-GDP).