🇮🇹 Italy

Public Sector Debt · 2026

Total Debt

153.3%

of GDP

Global Rank

#10

of 192

Interest Burden

of govt revenue

S&P Rating

BBB

Credit rating

SOE Debt

+18.4%

3 categories

5yr Change

-18pp

improving

Interest Cost

3.9%

of GDP (govt only)

Where the Debt Sits

Central Government

Central Government: 129.3%Subnational: 5.6%Dev Banks: 17.4%Energy SOEs: 0.6%Infrastructure: 0.4%

Who Holds This Debt

Holder Breakdown

Domestic 69%

Foreign 31%

Domestic: 69%Foreign: 31%

Currency Denomination

Local 100%

Local currency: 100%Foreign currency: 0%

Full Debt Breakdown

Central Government129.3% of GDP

BTPs (fixed-rate bonds)Eurostat — Government Debt (Maastricht)3-30yr. ~72% of govt securities.

93.6%

BTP Italia & inflation-linkedEurostat — Government Debt (Maastricht)Popular with retail investors.

17.2%

BOTs (zero-coupon bills)Eurostat — Government Debt (Maastricht)3-12 month bills.

6.4%

Other (postal, international)Eurostat — Government Debt (Maastricht)Postal savings, international loans.

6.4%

CCTeu (floating-rate)Eurostat — Government Debt (Maastricht)Variable rate linked to Euribor.

5.7%

Subnational / Regional5.6% of GDP

SubnationalEurostat — Government Debt (Maastricht)

5.6%

Energy SOEs0.6% of GDP

ENI (oil & gas)ENI Annual Report 2023State owns 30% (via CDP + Treasury). ~€14B net debt. Italy's largest energy company.

0.6%

Infrastructure SOEs0.4% of GDP

Ferrovie dello Stato (railways)FS Group Annual Report100% state-owned. Operates Trenitalia. ~€10B debt.

0.4%

Development Banks17.4% of GDP

Cassa Depositi e Prestiti (CDP)CDP Annual Report 202383% state-owned. ~€400B in assets/bonds. Italy's national development bank, holds stakes in ENI, Terna, Italgas, Poste Italiane.

17.4%

Total Corporate Debt58.5% of GDP

Nonfinancial corporate debt (total)BIS Credit Statistics Q3 2025Total NFC credit. CDP-controlled entities included.

58.5%

Household Debt35.9% of GDP

Household debtBIS Credit Statistics Q3 2025Low — Italians save more, borrow less.

35.9%

Unfunded Pension Liabilities425.0% of GDP

Public pension unfunded entitlementsISTAT, Eurostat Table 29 (2021)EUR 7,914B in social security entitlements. Funded portion only ~9% of GDP. Annual pension spending ~16% of GDP — highest in OECD.

425.0%

All Layers Total672.7%