Net incurrence of liabilities, total in United Kingdom of Great Britain and Northern Ireland
United Kingdom of Great Britain and Northern Ireland: Net incurrence of liabilities, total was 7.0% in 2024. ◆ Volatile
Net incurrence of liabilities, total in United Kingdom of Great Britain and Northern Ireland, 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 of Great Britain and Northern Ireland 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 of Great Britain and Northern Ireland peaked at 18.9% in 2020 and was at its lowest, -1.0%, in 1988.
That places United Kingdom of Great Britain and Northern Ireland 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 in United Kingdom of Great Britain and Northern Ireland, 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% |
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 of Great Britain and Northern Ireland
More public sector data for United Kingdom of Great Britain and Northern Ireland
- Arms imports 643.00 million SIPRI trend indicator values (2024)
- Arms imports (SIPRI trend indicator values), per capita 9.28 SIPRI trend indicator values per person (2024)
- Arms imports (SIPRI trend indicator values), per unit of GDP 0.0002 SIPRI trend indicator values per US$ of GDP (2024)
- Arms imports (SIPRI trend indicator values), annual growth rate 36.23 % change on previous year (2024)
- Arms imports (SIPRI trend indicator values), gaps filled 643.00 million SIPRI trend indicator values (2024)
- Military expenditure (current USD), per capita 1,180 current USD per person (2024)
- Military expenditure (current USD), per unit of GDP 0.0221 current USD per US$ of GDP (2024)
- Military expenditure (current USD), annual growth rate 8.58 % change on previous year (2024)
- Military expenditure (current USD), gaps filled 81.76 billion current USD (2024)
- Arms imports (SIPRI trend indicator values), per square kilometre 1,951 SIPRI trend indicator values per square kilometre (2023)
All data for United Kingdom of Great Britain and Northern Ireland →
Frequently asked questions
- What is net incurrence of liabilities, total in United Kingdom of Great Britain and Northern Ireland?
- Net incurrence of liabilities, total in United Kingdom of Great Britain and Northern Ireland 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 of Great Britain and Northern Ireland?
- The highest recorded value was 18.9% in 2020.
- What is the lowest net incurrence of liabilities, total recorded in United Kingdom of Great Britain and Northern Ireland?
- The lowest recorded value was -1.0% in 1988.
- How does United Kingdom of Great Britain and Northern Ireland rank for net incurrence of liabilities, total?
- United Kingdom of Great Britain and Northern Ireland ranks 20th out of 136 countries with data for 2024.
- Is net incurrence of liabilities, total rising or falling in United Kingdom of Great Britain and Northern Ireland?
- 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 of Great Britain and Northern Ireland 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.