Liquid liabilities to GDP (%) by country
Ratio of liquid liabilities to GDP, calculated using the following deflation method: {(0.5)*[Ft/P_et + Ft-1/P_et-1]}/[GDPt/P_at] where F is liquid liabilities, P_e is end-of period CPI, and P_a is average annual CPI. Raw data are from the electronic version of the IMF's International Financial Statistics. Liquid...
Countries reporting
179
Highest
728.5%
Luxembourg
Lowest
9.0%
Tajikistan
Median
64.0%
Years covered
62
1960–2021
Data points
8,531
What the numbers show
Liquid liabilities to GDP (%) is currently reported for 179 countries. The highest value is 728.5% in Luxembourg; the lowest is 9.0% in Tajikistan.
The median across all reporting countries is 64.0%, and the mean is 77.7%.
The gap between the highest and lowest reporting country is a factor of about 81.
Over the past decade 152 countries rose and 27 fell. The largest increase was in Cambodia (up 268.1%), and the largest decrease in Mauritania (down 87.4%).
Liquid liabilities to GDP: full country ranking
| # | Country | Latest | Year | 10-year change | Trend |
|---|---|---|---|---|---|
| 1 | Luxembourg | 728.5% | 2021 | up 2.8% | volatile |
| 3 | Japan | 287.9% | 2021 | up 39.0% | rising |
| 4 | Macao | 286.9% | 2021 | up 184.8% | rising |
| 5 | Lebanon | 259.2% | 2017 | up 7.6% | rising |
| 6 | China | 211.9% | 2020 | up 20.3% | rising |
| 7 | Switzerland | 185.6% | 2016 | up 24.2% | rising |
| 8 | South Korea | 174.4% | 2021 | up 150.8% | volatile |
| 9 | Eritrea | 172.7% | 2014 | up 3.7% | rising |
| 10 | Malta | 169.1% | 2021 | up 21.1% | rising |
| 11 | Mauritius | 164.6% | 2021 | up 70.4% | rising |
| 12 | United Kingdom | 163.3% | 2021 | up 8.5% | volatile |
| 14 | Vietnam | 147.6% | 2021 | up 48.2% | volatile |
| 15 | Cambodia | 143.8% | 2021 | up 268.1% | volatile |
| 16 | Spain | 137.2% | 2021 | up 31.2% | rising |
| 17 | Belgium | 135.4% | 2021 | up 21.6% | rising |
| 18 | Australia | 133.5% | 2021 | up 32.5% | rising |
| 19 | Malaysia | 133.3% | 2021 | down 0.5% | rising |
| 20 | Portugal | 133.0% | 2021 | up 34.0% | rising |
| 21 | Thailand | 129.5% | 2020 | up 48.4% | rising |
| 22 | France | 128.3% | 2021 | up 45.5% | rising |
| 23 | Morocco | 124.7% | 2021 | up 38.8% | rising |
| 24 | Netherlands | 124.1% | 2021 | up 9.8% | rising |
| 25 | Nepal | 122.8% | 2021 | up 85.1% | volatile |
| 26 | San Marino | 122.6% | 2020 | up 11.0% | falling |
| 27 | Greece | 122.3% | 2021 | up 24.8% | rising |
| 28 | Canada | 121.9% | 2008 | up 64.7% | rising |
| 29 | Seychelles | 119.2% | 2021 | up 97.9% | rising |
| 30 | Italy | 119.0% | 2021 | up 50.9% | rising |
| 31 | Jordan | 118.3% | 2021 | down 6.6% | rising |
| 32 | Aruba | 118.0% | 2020 | up 64.3% | rising |
| 33 | Cape Verde | 118.0% | 2021 | up 50.3% | rising |
| 34 | Saint Kitts and Nevis | 114.5% | 2021 | down 0.7% | rising |
| 35 | Barbados | 114.2% | 2019 | down 5.8% | rising |
| 36 | New Zealand | 111.8% | 2021 | up 19.5% | volatile |
| 37 | Austria | 111.7% | 2021 | up 25.3% | rising |
| 38 | Germany | 111.0% | 2021 | up 30.4% | rising |
| 39 | Belize | 110.9% | 2021 | up 47.3% | rising |
| 40 | Israel | 109.9% | 2021 | up 43.0% | rising |
| 41 | Ireland | 107.7% | 2021 | down 18.6% | volatile |
| 42 | United Arab Emirates | 103.7% | 2020 | up 40.3% | volatile |
| 43 | Bolivia | 102.1% | 2021 | up 98.5% | volatile |
| 44 | Antigua and Barbuda | 101.0% | 2021 | up 1.3% | rising |
| 45 | Bhutan | 100.9% | 2020 | up 37.4% | rising |
| 46 | Brazil | 98.9% | 2021 | up 41.1% | volatile |
| 47 | Dominica | 96.0% | 2021 | up 14.6% | rising |
| 48 | Estonia | 96.0% | 2021 | up 44.8% | rising |
| 49 | Vanuatu | 95.9% | 2021 | up 15.4% | flat |
| 50 | Grenada | 95.2% | 2021 | down 3.7% | rising |
| 51 | Bulgaria | 94.8% | 2021 | up 35.0% | rising |
| 52 | Qatar | 93.1% | 2021 | up 83.4% | rising |
| 53 | Egypt | 91.8% | 2021 | up 27.4% | rising |
| 54 | Kuwait | 91.7% | 2018 | up 65.5% | rising |
| 55 | United States | 91.7% | 2020 | up 30.0% | rising |
| 56 | Czechia | 91.7% | 2021 | up 31.3% | rising |
| 57 | Finland | 89.1% | 2021 | up 23.1% | rising |
| 58 | Sweden | 88.7% | 2021 | up 40.3% | rising |
| 59 | Iran | 88.1% | 2016 | up 87.2% | rising |
| 60 | Bahamas | 86.3% | 2020 | up 40.9% | rising |
| 61 | Bahrain | 86.0% | 2015 | up 47.0% | rising |
| 62 | Croatia | 86.0% | 2021 | up 12.5% | rising |
| 63 | Palestine | 85.8% | 2021 | up 51.3% | flat |
| 64 | India | 84.9% | 2021 | up 5.6% | rising |
| 65 | Suriname | 83.9% | 2021 | up 81.3% | volatile |
| 67 | Brunei | 83.3% | 2020 | up 34.1% | flat |
| 68 | Trinidad and Tobago | 83.2% | 2021 | up 77.0% | rising |
| 69 | Lithuania | 82.6% | 2021 | up 79.4% | rising |
| 70 | Algeria | 81.4% | 2021 | up 33.5% | rising |
| 71 | Fiji | 80.9% | 2021 | up 70.5% | rising |
| 72 | Slovakia | 80.1% | 2021 | up 44.1% | rising |
| 74 | Slovenia | 79.4% | 2021 | up 26.5% | rising |
| 75 | Jamaica | 77.6% | 2021 | up 82.3% | rising |
| 76 | Saint Vincent and the Grenadines | 77.2% | 2021 | up 18.1% | rising |
| 77 | Poland | 75.7% | 2021 | up 34.4% | rising |
| 78 | Saint Lucia | 75.3% | 2021 | up 4.3% | rising |
| 79 | Albania | 74.5% | 2021 | up 8.4% | rising |
| 80 | Latvia | 73.9% | 2021 | up 59.2% | rising |
| 81 | Iceland | 72.5% | 2021 | down 17.2% | rising |
| 82 | Hungary | 72.0% | 2021 | up 15.4% | rising |
| 83 | Philippines | 70.4% | 2021 | up 22.7% | rising |
| 84 | Saudi Arabia | 70.1% | 2017 | up 37.5% | rising |
| 85 | South Africa | 69.9% | 2021 | up 87.6% | falling |
| 86 | Micronesia (country) | 69.9% | 2020 | up 82.2% | rising |
| 87 | Tunisia | 69.8% | 2021 | up 3.3% | rising |
| 88 | Norway | 68.3% | 2021 | up 25.5% | rising |
| 89 | Turkey | 66.2% | 2021 | up 47.4% | rising |
| 90 | Bosnia and Herzegovina | 65.7% | 2021 | up 52.3% | rising |
| 91 | Myanmar | 64.9% | 2020 | up 156.8% | rising |
| 92 | North Macedonia | 64.9% | 2021 | up 22.8% | rising |
| 93 | Mongolia | 64.8% | 2021 | up 33.1% | rising |
| 94 | Maldives | 64.0% | 2021 | up 48.7% | rising |
| 95 | Russia | 64.0% | 2021 | up 33.9% | rising |
| 96 | Sri Lanka | 63.0% | 2019 | up 68.5% | rising |
| 97 | Denmark | 62.8% | 2021 | down 2.3% | rising |
| 98 | Tonga | 62.7% | 2020 | up 42.6% | rising |
| 99 | Namibia | 61.7% | 2021 | down 5.3% | rising |
| 100 | Honduras | 60.5% | 2021 | up 35.9% | rising |
| 101 | Oman | 60.5% | 2019 | up 42.6% | rising |
| 102 | Chile | 60.3% | 2021 | up 42.7% | rising |
| 103 | Serbia | 60.3% | 2021 | up 45.1% | rising |
| 104 | Uruguay | 60.2% | 2021 | up 38.5% | rising |
| 105 | Montenegro | 58.5% | 2021 | up 24.6% | rising |
| 106 | Syria | 57.8% | 2011 | down 16.1% | rising |
| 107 | East Timor | 57.1% | 2021 | up 84.6% | rising |
| 108 | Bangladesh | 56.6% | 2021 | down 5.3% | volatile |
| 109 | El Salvador | 56.5% | 2021 | up 22.1% | rising |
| 110 | Mozambique | 56.5% | 2021 | up 64.1% | rising |
| 111 | Gambia | 56.2% | 2021 | up 58.3% | rising |
| 112 | Peru | 55.7% | 2021 | up 51.4% | rising |
| 113 | Colombia | 55.2% | 2021 | up 164.9% | rising |
| 114 | Venezuela | 54.8% | 2013 | up 126.3% | flat |
| 115 | Paraguay | 53.8% | 2021 | up 69.6% | rising |
| 116 | Samoa | 51.9% | 2021 | up 61.8% | rising |
| 117 | Ecuador | 51.4% | 2021 | up 81.2% | rising |
| 118 | Libya | 50.2% | 2021 | down 64.9% | volatile |
| 119 | Burkina Faso | 49.0% | 2021 | up 96.0% | volatile |
| 120 | Botswana | 48.3% | 2021 | up 13.2% | rising |
| 121 | Guatemala | 48.1% | 2021 | up 26.8% | rising |
| 122 | Senegal | 47.8% | 2021 | up 47.8% | rising |
| 123 | Romania | 47.8% | 2021 | up 23.6% | flat |
| 124 | Togo | 47.6% | 2021 | up 4.7% | rising |
| 125 | Guinea-Bissau | 47.3% | 2021 | up 39.6% | volatile |
| 126 | Kyrgyzstan | 47.0% | 2021 | up 69.0% | rising |
| 127 | Burundi | 46.6% | 2020 | up 68.5% | rising |
| 128 | Iraq | 46.4% | 2021 | up 36.0% | rising |
| 129 | Georgia | 46.3% | 2021 | up 101.9% | volatile |
| 130 | Pakistan | 44.5% | 2021 | up 18.8% | flat |
| 131 | Armenia | 42.5% | 2021 | up 110.5% | volatile |
| 132 | Costa Rica | 42.1% | 2021 | up 64.8% | rising |
| 133 | Mali | 40.4% | 2021 | up 66.6% | rising |
| 134 | Lesotho | 39.9% | 2021 | up 12.0% | falling |
| 135 | Cote d'Ivoire | 39.9% | 2021 | up 50.1% | flat |
| 136 | Indonesia | 39.4% | 2021 | up 20.4% | rising |
| 137 | Kenya | 38.8% | 2021 | up 6.0% | rising |
| 138 | Ukraine | 37.9% | 2021 | up 5.3% | rising |
| 139 | Afghanistan | 37.2% | 2020 | up 3.2% | rising |
| 140 | Laos | 36.2% | 2010 | up 118.8% | rising |
| 141 | Moldova | 36.0% | 2021 | up 21.0% | rising |
| 143 | Yemen | 34.7% | 2013 | down 4.3% | falling |
| 144 | Ethiopia | 34.6% | 2008 | down 0.8% | volatile |
| 145 | Guyana | 34.4% | 2021 | down 7.8% | rising |
| 146 | Sao Tome and Principe | 32.8% | 2020 | down 12.7% | falling |
| 147 | Benin | 32.4% | 2021 | up 18.7% | volatile |
| 148 | Haiti | 31.4% | 2021 | up 12.1% | volatile |
| 149 | Nicaragua | 31.4% | 2021 | up 10.3% | falling |
| 150 | Sierra Leone | 31.2% | 2021 | up 46.9% | rising |
| 151 | Ghana | 29.6% | 2021 | down 11.2% | rising |
| 152 | Kazakhstan | 29.6% | 2021 | down 14.4% | rising |
| 153 | Eswatini | 29.1% | 2021 | up 15.7% | falling |
| 154 | Dominican Republic | 28.9% | 2021 | up 38.0% | rising |
| 155 | Central African Republic | 28.7% | 2019 | up 77.8% | rising |
| 156 | Argentina | 28.5% | 2017 | up 2.0% | rising |
| 157 | Mauritania | 28.4% | 2019 | down 87.4% | volatile |
| 158 | South Sudan | 28.3% | 2020 | up 198.6% | rising |
| 159 | Azerbaijan | 28.1% | 2021 | up 5.1% | rising |
| 160 | Comoros | 27.9% | 2019 | up 55.0% | rising |
| 161 | Madagascar | 27.6% | 2021 | up 29.3% | rising |
| 162 | Solomon Islands | 27.3% | 2021 | up 36.5% | flat |
| 163 | Rwanda | 27.2% | 2021 | up 57.0% | rising |
| 164 | Belarus | 26.8% | 2021 | down 18.3% | rising |
| 165 | Guinea | 26.1% | 2021 | down 3.8% | rising |
| 166 | Zambia | 25.4% | 2021 | up 56.3% | rising |
| 167 | Papua New Guinea | 25.1% | 2020 | down 9.0% | falling |
| 168 | Nigeria | 24.9% | 2021 | up 13.0% | rising |
| 169 | Sudan | 24.6% | 2021 | up 22.0% | rising |
| 170 | Gabon | 22.9% | 2019 | up 12.9% | rising |
| 171 | Congo | 22.8% | 2019 | up 1.1% | rising |
| 172 | Angola | 22.3% | 2021 | down 33.3% | rising |
| 173 | Liberia | 21.9% | 2020 | down 4.4% | rising |
| 174 | Cameroon | 21.4% | 2018 | up 21.0% | rising |
| 175 | Democratic Republic of Congo | 20.8% | 2020 | up 109.6% | rising |
| 176 | Tanzania | 20.1% | 2020 | down 18.3% | rising |
| 177 | Niger | 19.9% | 2021 | up 32.6% | rising |
| 178 | Uzbekistan | 19.1% | 2021 | up 2.9% | flat |
| 179 | Uganda | 17.7% | 2021 | up 40.1% | flat |
| 180 | Chad | 17.5% | 2019 | up 61.3% | flat |
| 181 | Malawi | 16.2% | 2016 | up 56.7% | falling |
| 182 | Zimbabwe | 16.1% | 2021 | down 22.0% | volatile |
| 183 | Equatorial Guinea | 12.4% | 2019 | up 26.7% | volatile |
| 184 | Tajikistan | 9.0% | 2021 | down 23.7% | rising |
Regions and income groups
Aggregates are excluded from the country ranking above so that a region can never outrank a country.
- Kosovo 58.8%
About this data
Ratio of liquid liabilities to GDP, calculated using the following deflation method: {(0.5)*[Ft/P_et + Ft-1/P_et-1]}/[GDPt/P_at] where F is liquid liabilities, P_e is end-of period CPI, and P_a is average annual CPI. Raw data are from the electronic version of the IMF's International Financial Statistics. Liquid liabilities (IFS lines 55L or, if not available, line 35L); GDP in local currency (IFS line 99B..ZF or, if not available, line 99B.CZF); end-of period CPI (IFS line 64M..ZF or, if not available, 64Q..ZF); and average annual CPI is calculated using the monthly CPI values (IFS line 64M..ZF) For Eurocurrency area countries liquid liabilities are estimated by summing IFS items 34A, 34B and 35.