How much debt does the Netherlands have?

At the end of 2023, government debt in the Netherlands stood at 481 billion euros. That was 45.1 percent of annual economic output (GDP) and comfortably within the European requirement that member state public debt should not exceed 60 percent of annual economic output.

In 2005, the Netherlands’ government debt was 275 billion euros. Public debt rises when a government spends more than it receives in revenue. Inflation means that in real terms the amount owed shrinks over time: a debt incurred in 2005 is worth less in 2023, for example.

Ratio of debt to economic output

To look at changes in public debt over the years, we often calculate the ratio of debt to economic output of a given country. This is known as the debt-to-GDP ratio. The larger a country’s economy, the lower its debt-to-GDP ratio for a given amount of debt, and the more easily the government will be able to pay off that debt in the future. In the Netherlands, public debt as a percentage of GDP (gross domestic product: an indicator of the size of a country’s economy) stood at 50 percent in 2005.

Debt-to-GDP ratio rises during periods of economic difficulty

During an economic downturn, the debt-to-GDP ratio will generally rise as the government receives less in revenues but spends more. The contrary is generally true during better economic times: borrowing tends to fall as tax revenues rise, and spending falls on items such as unemployment benefits. In 2020, when the coronavirus pandemic began, the government borrowed money to support businesses and allocated more funding to healthcare. At the same time, it also had to borrow money because of lower tax receipts. The debt-to-GDP ratio jumped as a result, and this was compounded by the fact that economic output also contracted that year. In subsequent years, economic growth resumed, inflation began to rise and tax receipts also rose sharply. This took the Netherlands’ debt-to-GDP ratio to 45.1 percent in 2023, the lowest level in 15 years.

Show datatableDebt-to-GDP ratio of the Netherlands (% of GDP)Hide datatableDebt-to-GDP ratio of the Netherlands (% of GDP)

Debt-to-GDP ratio of the Netherlands (% of GDP)

Jaar	Debt-to-GDP ratio	EU public debt limit
2005	49.6	60.0
2006	45.0	60.0
2007	42.8	60.0
2008	54.3	60.0
2009	56.3	60.0
2010	58.9	60.0
2011	61.2	60.0
2012	65.7	60.0
2013	67.2	60.0
2014	67.2	60.0
2015	63.8	60.0
2016	60.8	60.0
2017	55.9	60.0
2018	51.5	60.0
2019	47.6	60.0
2020	53.3	60.0
2021	50.4	60.0
2022*	48.3	60.0
2023*	45.1	60.0
* provisional figures

Dutch government debt is well within European limits

There are risks associated with a debt burden that is too large in relation to the size of a country’s economy. When this situation arises, the country concerned runs the risk of not being able to pay back its debt over time. The 20 European countries that have adopted the euro as their currency have all agreed that public debt should not exceed 60 percent of GDP. This is one of the requirements of the European Stability and Growth Pact.noot1 In 2023, the Netherlands’ public debt was comfortably within that limit.

Of the 20 countries that make up the eurozone, eight currently meet the requirement for public debt. Estonia has the lowest debt-to-GDP ratio. Twelve countries do not meet the standard, and the public debt of five countries actually exceeds their annual economic output. The average debt-to-GDP ratio for the eurozone as a whole is nearly 89 percent.

Show datatableDebt-to-GDP ratio of countries using the euro, 2023* (% of GDP)Hide datatableDebt-to-GDP ratio of countries using the euro, 2023* (% of GDP)

Debt-to-GDP ratio of countries using the euro, 2023* (% of GDP)

Land	Debt-to-GDP ratio
Greece	161.9
Italy	137.3
France	110.6
Spain	107.7
Belgium	105.2
Portugal	99.1
Eurozone	88.6
Austria	77.8
Cyprus	77.3
Finland	75.8
Slovenia	69.2
Germany	63.6
Croatia	63.5
Slovakia	56.0
Malta	50.4
Netherlands	45.1
Ireland	43.7
Latvia	43.6
Lithuania	38.3
Luxembourg	25.7
Estonia	19.6
* provisional figures as of 1 July 2024