Net incurrence of liabilities, total (% of GDP) in United Kingdom
United Kingdom: Net incurrence of liabilities, total (% of GDP) was 7.0% in 2024. ◆ Volatile
Net incurrence of liabilities, total in United Kingdom, 1972–2024
Source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of GDP.
Analysis
In 2024, net incurrence of liabilities, total in United Kingdom stood at 7.0%.
The figure is down 11.5% on the previous year and up 2.6% over ten years.
Over the whole period, net incurrence of liabilities, total in United Kingdom peaked at 18.9% in 2020 and was at its lowest, -1.0%, in 1988.
That places United Kingdom 20th out of 136 countries with data for 2024, putting it in the top quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Net incurrence of liabilities, total (% of GDP) in United Kingdom, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1972 | 0.4% | — |
| 1973 | 3.6% | +712.6% |
| 1974 | 4.7% | +30.8% |
| 1975 | 6.9% | +45.2% |
| 1976 | 5.7% | -16.9% |
| 1977 | 8.9% | +55.9% |
| 1978 | 3.9% | -56.7% |
| 1979 | 6.0% | +55.4% |
| 1980 | 4.2% | -30.1% |
| 1981 | 3.4% | -19.8% |
| 1982 | 2.7% | -19.8% |
| 1983 | 4.3% | +60.1% |
| 1984 | 3.1% | -28.8% |
| 1985 | 2.7% | -11.3% |
| 1986 | 2.9% | +5.9% |
| 1987 | 0.4% | -86.6% |
| 1988 | -1.0% | -368.7% |
| 1989 | -0.6% | -43.9% |
| 1990 | -0.8% | +43.5% |
| 1991 | 0.8% | -190.0% |
| 1992 | 3.7% | +391.3% |
| 1993 | 6.4% | +72.2% |
| 1994 | 4.0% | -37.3% |
| 1995 | 7.2% | +79.4% |
| 1996 | 5.2% | -28.0% |
| 1997 | 4.1% | -21.1% |
| 1998 | 2.3% | -44.5% |
| 1999 | 2.4% | +6.7% |
| 2000 | 3.9% | +61.6% |
| 2001 | 1.0% | -73.7% |
| 2002 | 4.3% | +314.4% |
| 2003 | 5.9% | +37.5% |
| 2004 | 6.0% | +2.6% |
| 2005 | 6.1% | +1.7% |
| 2006 | 5.8% | -5.1% |
| 2007 | 5.7% | -1.8% |
| 2008 | 12.1% | +111.5% |
| 2009 | 16.6% | +37.4% |
| 2010 | 7.1% | -57.4% |
| 2011 | 10.5% | +49.0% |
| 2012 | 10.2% | -3.2% |
| 2013 | 5.4% | -47.3% |
| 2014 | 6.8% | +27.5% |
| 2015 | 5.0% | -27.1% |
| 2016 | 4.8% | -4.4% |
| 2017 | 4.3% | -9.0% |
| 2018 | 4.6% | +7.2% |
| 2019 | 4.7% | +1.2% |
| 2020 | 18.9% | +301.7% |
| 2021 | 10.6% | -44.1% |
| 2022 | 4.7% | -55.7% |
| 2023 | 7.9% | +69.6% |
| 2024 | 7.0% | -11.5% |
United Kingdom compared with similar countries
- United Kingdom's 7.0% is above the median for high income countries, which is 3.5%, 2.0× the median. (41 countries reporting)
- United Kingdom's 7.0% is above the median for Europe & Central Asia, which is 3.4%, 2.1× the median. (34 countries reporting)
Biggest year-on-year movements
Years where Net incurrence of liabilities, total (% of GDP) in United Kingdom changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 1973 | +712.6% | 0.4% | 3.6% |
| 1992 | +391.3% | 0.8% | 3.7% |
| 1988 | -368.7% | 0.4% | -1.0% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 5.0% | 0.4% | 8.9% | 8 |
| 1980s | 2.2% | -1.0% | 4.3% | 10 |
| 1990s | 3.5% | -0.8% | 7.2% | 10 |
| 2000s | 6.7% | 1.0% | 16.6% | 10 |
| 2010s | 6.3% | 4.3% | 10.5% | 10 |
| 2020s | 9.8% | 4.7% | 18.9% | 5 |
Countries ranked near United Kingdom
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Frequently asked questions
- What is net incurrence of liabilities, total in United Kingdom?
- Net incurrence of liabilities, total in United Kingdom was 7.0% in 2024, according to Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest net incurrence of liabilities, total recorded in United Kingdom?
- The highest recorded value was 18.9% in 2020.
- What is the lowest net incurrence of liabilities, total recorded in United Kingdom?
- The lowest recorded value was -1.0% in 1988.
- How does United Kingdom rank for net incurrence of liabilities, total?
- United Kingdom ranks 20th out of 136 countries with data for 2024.
- Is net incurrence of liabilities, total rising or falling in United Kingdom?
- Over the last ten years it is up 2.6%. The long-run trend across the full record is volatile.
- Where does this United Kingdom data come from?
- The figures come from Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Net incurrence of liabilities, total (% of GDP). Statizoid updates them automatically from the source API.
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About this data
Net incurrence of government liabilities includes foreign financing (obtained from nonresidents) and domestic financing (obtained from residents), or the means by which a government provides financial resources to cover a budget deficit or allocates financial resources arising from a budget surplus. The net incurrence of liabilities should be offset by the net acquisition of financial assets. This indicator is expressed as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.