🇧🇪 Belgium
Public Sector Debt · 2026
Total Debt
105.9%
of GDP
Global Rank
#23
of 192
S&P Rating
AA
Credit rating
SOE Debt
+2.0%
3 categories
5yr Change
-4pp
improving
Where the Debt Sits
Central Government
Subnational
Central Government: 82.9%Subnational: 21.0%Energy SOEs: 0.1%Infrastructure: 1.7%Public Corps: 0.2%
Who Holds This Debt
Holder Breakdown
Domestic 45%
Foreign 55%
Domestic: 45%Foreign: 55%
Currency Denomination
Local 100%
Local currency: 100%Foreign currency: 0%
Full Debt Breakdown
Central Government82.9% of GDP
Central GovernmentEurostat — Government Debt (Maastricht)
82.9%Subnational / Regional21.0% of GDP
SubnationalEurostat — Government Debt (Maastricht)
21.0%Energy SOEs0.1% of GDP
Fluxys (gas infra, partial)Fluxys financialsGas infrastructure
0.1%Infrastructure SOEs1.7% of GDP
SNCB + Infrabel (railways)SNCB/Infrabel financialsState railways
1.1%Proximus (telecom, partial)Proximus Annual Report53% state-owned
0.6%Public Corporations0.2% of GDP
bpostbpost Annual ReportState postal
0.2%Total Corporate Debt117.8% of GDP
Nonfinancial corporate debtBIS/FRED Q3 2025
117.8%Household Debt56.6% of GDP
Household debtBIS/FRED Q3 2025
56.6%Unfunded Pension Liabilities316.0% of GDP
Public pension unfunded entitlementsFederal Planning Bureau Belgium, Eurostat Table 29 (2021)Ranges from 263% (3% discount) to 387% (1% discount). Standard 2% discount = ~316%. Minimal funded component.
316.0%State Bank Liabilities29.0% of GDP
Belfius BankBelfius Annual Report 2024EUR 187B assets. Fully state-owned
29.0%All Layers Total625.3%
Credit Ratings
S&P
AA
Moody's
Aa3
Fitch
AA-
Data Sources
Eurostat — Government Debt (Maastricht)general_government · Updated semi_annual
Dec 2024103.9% GDP
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