🇩🇰 Denmark
Public Sector Debt · 2026
Total Debt
34.0%
of GDP
Global Rank
#162
of 192
S&P Rating
AAA
Credit rating
SOE Debt
+3.5%
3 categories
5yr Change
-11pp
improving
Where the Debt Sits
Central Government
Subnational
Central Government: 19.6%Subnational: 10.9%Dev Banks: 2.0%Energy SOEs: 1.3%Infrastructure: 0.2%
Who Holds This Debt
Holder Breakdown
Domestic 55%
Foreign 45%
Domestic: 55%Foreign: 45%
Currency Denomination
Local 100%
Local currency: 100%Foreign currency: 0%
Full Debt Breakdown
Central Government19.6% of GDP
Central GovernmentEurostat — Government Debt (Maastricht)
19.6%Subnational / Regional10.9% of GDP
SubnationalEurostat — Government Debt (Maastricht)
10.9%Energy SOEs1.3% of GDP
Energinet (grid)Energinet financialsState grid operator
0.7%Orsted (energy, partial)Orsted Annual Report 2024DKK 19B net debt. State ~50.1%
0.6%Infrastructure SOEs0.2% of GDP
DSB (railways)DSB financialsState railways
0.2%Development Banks2.0% of GDP
EKF (export credit)EKF Annual ReportExport credit agency
2.0%Total Corporate Debt138.1% of GDP
Nonfinancial corporate debtBIS/FRED Q3 2025
138.1%Household Debt84.2% of GDP
Household debtBIS Credit Statistics Q3 2025Among highest in Europe. Unique covered bond mortgage system.
84.2%Unfunded Pension Liabilities25.0% of GDP
Public pension unfunded (net of funded)Eurostat Table 29 (2021)Total entitlements ~140% GDP — lowest in EU. Dominant funded pension system (~140% GDP in assets). Net unfunded ~25%, primarily the state flat-rate pension.
25.0%All Layers Total281.3%
Credit Ratings
S&P
AAA
Moody's
Aaa
Fitch
AAA
Data Sources
Eurostat — Government Debt (Maastricht)general_government · Updated semi_annual
Dec 202430.5% GDP
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