United States: Net lending (+) / net borrowing (-) (current LCU)

Key figures

What the numbers say

In 2024, United States' net lending (+) / net borrowing (-) (current LCU) fell 88.54 billion on 2023 (from -2.02 trillion to -2.11 trillion).

Across the 30 yearly changes before that (1994 to 2023), the average change was −58.81 billion and a typical year strayed about 563.02 billion 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 1.85 trillion in 2022 and the biggest yearly fall was 1.92 trillion in 2020. 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 downward, about 204.21 billion a year. A straight line explains 42% 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, United States had the 83rd highest value of the 90 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 United States in the 2024 ranking

• Philippines — 79th of 90: -1.5 trillion
• Madagascar — 80th of 90: -1.52 trillion
• Mexico — 81st of 90: -1.99 trillion
• Malawi — 83rd of 90: -2.32 trillion
• Hungary — 84th of 90: -3.64 trillion
• Tanzania — 85th of 90: -5.89 trillion

What this measures

Net lending (+) / net borrowing (–) equals government revenue minus expense, minus net investment in nonfinancial assets. It is also equal to the net result of transactions in financial assets and liabilities. Net lending/net borrowing is a summary measure indicating the extent to which government is either putting financial resources at the disposal of other sectors in the economy or abroad, or utilizing the financial resources generated by other sectors in the economy or from abroad. 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 53 values

Net lending (+) / net borrowing (-) (current LCU) in nearby economies

• Canada — -36.34 billion (2024)

More public sector data for United States

• Arms imports (SIPRI trend indicator values) — 745 million (2025)
• Military expenditure (current USD) — 954.39 billion (2025)
• Military expenditure (current LCU) — 954.39 billion (2025)
• Military expenditure (% of GDP) — 3.12% (2025)
• Arms exports (SIPRI trend indicator values) — 13.98 billion (2025)
• Net incurrence of liabilities, total (current LCU) — 2.07 trillion (2024)
• Net incurrence of liabilities, total (% of GDP) — 7.06% (2024)
• Net investment in nonfinancial assets (current LCU) — 435.61 billion (2024)
• Net investment in nonfinancial assets (% of GDP) — 1.49% (2024)

Reading data like this

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Questions people ask

What is United States's net lending (+) / net borrowing (-) (current LCU)?

-2.11 trillion in 2024, according to the World Bank (World Development Indicators).

How has it changed since 1972?

It is down 12,082% from -17.29 billion in 1972. The highest value was 228.97 billion in 2000 and the lowest -3.07 trillion in 2020.

How does United States rank?

83rd highest of 90 economies with data for 2024.

Is the latest change in net lending (+) / net borrowing (-) (current LCU) unusual for United States?

In 2024, United States' net lending (+) / net borrowing (-) (current LCU) fell 88.54 billion on 2023 (from -2.02 trillion to -2.11 trillion). Across the 30 yearly changes before that (1994 to 2023), the average change was −58.81 billion and a typical year strayed about 563.02 billion 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.NLD.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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