NAAG Chapter 7: Corporations — Debt to gross operating surplus ratio of non-financial corporations by country
The National Accounts at a Glance (NAAG) is based on the original publication and has nine chapters: The first chapter focuses on indicators of Gross Domestic Product (GDP). The second is about income and related indicators and presents measures of net national income, savings and net lending/net borrowing. The...
What the numbers show
NAAG Chapter 7: Corporations — Debt to gross operating surplus ratio of non-financial corporations is currently reported for 32 countries. The highest value is 20.47 Factor of gross operating surplus in Luxembourg; the lowest is 1.88 Factor of gross operating surplus in Mexico.
The median across all reporting countries is 3.95 Factor of gross operating surplus, and the mean is 4.74 Factor of gross operating surplus.
The gap between the highest and lowest reporting country is a factor of about 11.
Over the past decade 13 countries rose and 19 fell. The largest increase was in Lithuania (up 50.5%), and the largest decrease in Ireland (down 62.3%).
NAAG Chapter 7: Corporations — Debt to gross operating surplus ratio: full country ranking
| # | Country | Latest | Year | 10-year change | Trend |
|---|---|---|---|---|---|
| 1 | Luxembourg | 20.47 Factor of gross operating surplus | 2024 | up 19.0% | rising |
| 1 | Netherlands | 4.91 Factor of gross operating surplus | 2025 | down 32.8% | falling |
| 2 | Iceland | 11.61 Factor of gross operating surplus | 2013 | up 8.2% | volatile |
| 2 | Estonia | 3.32 Factor of gross operating surplus | 2024 | up 1.9% | rising |
| 3 | United States of America | 8.07 Factor of gross operating surplus | 2024 | up 3.2% | rising |
| 3 | Slovenia | 3.03 Factor of gross operating surplus | 2024 | down 34.4% | falling |
| 4 | Canada | 7.28 Factor of gross operating surplus | 2025 | down 6.9% | rising |
| 4 | Latvia | 2.44 Factor of gross operating surplus | 2024 | down 3.3% | rising |
| 5 | France | 6.64 Factor of gross operating surplus | 2024 | down 5.4% | rising |
| 5 | Poland | 2.25 Factor of gross operating surplus | 2024 | down 20.8% | falling |
| 6 | Japan | 6.22 Factor of gross operating surplus | 2024 | up 4.5% | flat |
| 6 | Lithuania | 2.23 Factor of gross operating surplus | 2024 | up 50.5% | rising |
| 7 | Sweden | 5.72 Factor of gross operating surplus | 2025 | down 0.8% | rising |
| 7 | Türkiye | 1.46 Factor of gross operating surplus | 2024 | down 21.3% | rising |
| 8 | Denmark | 5.07 Factor of gross operating surplus | 2025 | down 9.4% | rising |
| 9 | Greece | 4.83 Factor of gross operating surplus | 2024 | up 7.4% | rising |
| 10 | Portugal | 4.77 Factor of gross operating surplus | 2025 | down 25.2% | flat |
| 11 | Belgium | 4.73 Factor of gross operating surplus | 2024 | down 14.5% | rising |
| 12 | Austria | 4.4 Factor of gross operating surplus | 2024 | up 7.8% | rising |
| 13 | Germany | 4.13 Factor of gross operating surplus | 2025 | up 21.4% | flat |
| 14 | Chile | 4.1 Factor of gross operating surplus | 2024 | down 9.3% | rising |
| 15 | United Kingdom of Great Britain and Northern Ireland | 3.97 Factor of gross operating surplus | 2024 | down 42.3% | rising |
| 16 | Finland | 3.93 Factor of gross operating surplus | 2025 | down 17.7% | rising |
| 17 | Spain | 3.7 Factor of gross operating surplus | 2024 | down 24.8% | rising |
| 18 | Hungary | 3.67 Factor of gross operating surplus | 2024 | up 9.0% | flat |
| 19 | Australia | 3.46 Factor of gross operating surplus | 2024 | down 20.5% | flat |
| 20 | Italy | 3.35 Factor of gross operating surplus | 2025 | down 29.0% | rising |
| 21 | Israel | 2.79 Factor of gross operating surplus | 2023 | down 7.6% | falling |
| 22 | Ireland | 2.69 Factor of gross operating surplus | 2024 | down 62.3% | rising |
| 23 | Czechia | 2.56 Factor of gross operating surplus | 2025 | up 7.1% | falling |
| 24 | Colombia | 2.09 Factor of gross operating surplus | 2024 | up 0.9% | flat |
| 25 | Mexico | 1.88 Factor of gross operating surplus | 2024 | up 16.2% | rising |
Regions and income groups
Aggregates are excluded from the country ranking above so that a region can never outrank a country.
- Korea 5.64 Factor of gross operating surplus
- Slovak Republic 2.09 Factor of gross operating surplus
About this data
The National Accounts at a Glance (NAAG) is based on the original publication and has nine chapters: The first chapter focuses on indicators of Gross Domestic Product (GDP). The second is about income and related indicators and presents measures of net national income, savings and net lending/net borrowing. The third chapter looks at the expenditure approach to GDP, with information on the key components of demand and imports. The fourth chapter presents indicators from a production perspective. The fifth chapter looks at household sector indicators such as household disposable income, saving and net worth. The sixth chapter focuses on general government, presenting indicators such as general government revenue, expenditure and gross debt. The seventh chapter looks at financial and non-financial corporations. The eighth chapter presents indicators of capital stock and depreciation. Finally, chapter 9 provides reference indicators, important in their own right but also because they are used in the construction of many of the indicators presented elsewhere in NAAG.