🇳🇱 Netherlands

Public Sector Debt · 2026

Total Debt

52.8%

of GDP

Global Rank

#114

of 192

S&P Rating

AAA

Credit rating

SOE Debt

+9.1%

3 categories

Where the Debt Sits

Central Government

Energy SOEs

Central Government: 43.7%Dev Banks: 0.7%Energy SOEs: 7.4%Infrastructure: 1.0%

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 Government43.7% of GDP

Central GovernmentEurostat — Government Debt (Maastricht)

43.7%

Energy SOEs7.4% of GDP

TenneT (grid operator)TenneT Annual Report 2024EUR 49.5B debt. Major grid investment

4.7%

TenneT (electricity grid)TenneT Annual Report100% state-owned. Operates electricity grid in Netherlands and Germany. ~€25B in assets, significant borrowing for grid expansion.

2.3%

GasunieGasunie financialsEUR 4.5B. Gas infrastructure

0.4%

Infrastructure SOEs1.0% of GDP

Schiphol AirportSchiphol financials70% state-owned

0.4%

NS (railways)NS Annual ReportState railways

0.3%

Nederlandse Spoorwegen (NS railways)NS Annual Report100% state-owned. Dutch national railway operator.

0.3%

Development Banks0.7% of GDP

FMO (development bank)FMO Annual ReportDutch development bank

0.7%

Total Corporate Debt166.9% of GDP

Nonfinancial corporate debt (total)BIS Credit Statistics Q3 2025Highest in sample. Inflated by SPVs and multinational pass-through.

166.9%

Household Debt93.8% of GDP

Household debtBIS Credit Statistics Q3 2025High — mortgage interest is tax-deductible.

93.8%

Unfunded Pension Liabilities190.0% of GDP

Public pension unfunded (AOW net of funded)Eurostat Table 29 (2021)Total entitlements ~430% GDP, but ~240% covered by world-class occupational pension funds. Net unfunded portion is primarily the state AOW pension.

190.0%

State Bank Liabilities34.3% of GDP

ABN AMRO (state bank)ABN AMRO Annual Report 2024EUR 385B assets. Majority state-owned

34.3%

All Layers Total537.8%