New Zealand: Central government debt, total (current LCU)

Key figures

What the numbers say

In 2024, New Zealand's central government debt, total (current LCU) rose 7.9% on 2023 (from 208.23 billion to 224.61 billion).

Across the 21 yearly changes before that (2003 to 2023), the average change was +8.9% and a typical year strayed about 18.2% from that (the standard deviation). This year's change was 0.1 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

On record, the biggest yearly rise was 57.3% in 2003 and the biggest yearly fall was 9.2% in 2009. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2015 to 2024 the straight-line trend is upward, about 14.95 billion a year. A straight line explains 85% of the movement over 10 observed years.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

In 2024, New Zealand had the 20th highest value of the 29 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.

Closest to New Zealand in the 2024 ranking

• Albania — 17th of 29: 1.26 trillion
• Malaysia — 18th of 29: 1.25 trillion
• Kyrgyz Republic — 19th of 29: 612.83 billion
• Switzerland — 21st of 29: 190.25 billion
• Moldova — 22nd of 29: 121.39 billion
• Papua New Guinea — 23rd of 29: 61.72 billion

What this measures

Debt is the entire stock of direct government fixed-term contractual obligations to others outstanding on a particular date. It includes domestic and foreign liabilities such as currency and money deposits, securities other than shares, and loans. It is the gross amount of government liabilities reduced by the amount of equity and financial derivatives held by the government. Because debt is a stock rather than a flow, it is measured as of a given date, usually the last day of the fiscal year. Central government is the part of general government that includes all administrative departments of the national executive, legislative, and judicial functions, other central agencies and those non-market producers controlled by the central government, whose competence extends normally over the whole economic territory. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This series is expressed in local currency units.

Limitations: For most countries central government finance data have been consolidated into one account, but for others only budgetary central government accounts are available. Countries reporting budgetary data are noted in the country metadata. Because budgetary accounts may not include all central government units (such as social security funds), they usually provide an incomplete picture. In federal states the central government accounts provide an incomplete view of total public finance. Data on government revenue and expense are collected by the IMF through questionnaires to member countries and by the Organisation for Economic Co-operation and Development (OECD).

All 23 values

Central government debt, total (current LCU) in nearby economies

• Australia — 1.35 trillion (2022)
• Korea, Rep. — 1,222.54 trillion (2024)
• Malaysia — 1.25 trillion (2024)
• Marshall Islands — 96.8 million (2019)
• Micronesia, Fed. Sts. — 103.65 million (2020)
• Mongolia — 34.96 trillion (2024)
• Palau — 240.22 million (2019)
• Papua New Guinea — 61.72 billion (2024)
• Singapore — 1.28 trillion (2024)
• Solomon Islands

More public sector data for New Zealand

• Military expenditure (current USD) — 2.86 billion (2025)
• Military expenditure (current LCU) — 4.91 billion (2025)
• Military expenditure (% of GDP) — 1.1% (2025)
• Arms imports (SIPRI trend indicator values) — 200 million (2024)
• Grants and other revenue (current LCU) — 17.87 billion (2024)
• Grants and other revenue (% of revenue) — 12.04% (2024)
• Revenue, excluding grants (current LCU) — 147.96 billion (2024)
• Revenue, excluding grants (% of GDP) — 34.25% (2024)
• Taxes on goods and services (current LCU) — 39.13 billion (2024)
• Taxes on goods and services (% of revenue)

Reading data like this

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Questions people ask

What is New Zealand's central government debt, total (current LCU)?

224.61 billion in 2024, according to the World Bank (World Development Indicators).

How has it changed since 2002?

It is up 406.94% from 44.31 billion in 2002 (7.66% a year on average, compounded). The highest value was 224.61 billion in 2024 and the lowest 44.31 billion in 2002.

How does New Zealand rank?

20th highest of 29 economies with data for 2024.

Is the latest change in central government debt, total (current LCU) unusual for New Zealand?

In 2024, New Zealand's central government debt, total (current LCU) rose 7.9% on 2023 (from 208.23 billion to 224.61 billion). Across the 21 yearly changes before that (2003 to 2023), the average change was +8.9% and a typical year strayed about 18.2% from that (the standard deviation). This year's change was 0.1 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

Source

World Bank, World Development Indicators, indicator GC.DOD.TOTL.CN, licensed CC BY 4.0. Original source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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