The national government’s debt-to-GDP ratio reached 61.3 percent as of end-September 2024, following the release of the Q3 2024 gross domestic product (GDP) which showed a growth of 5.2 percent year-on-year, according to the Bureau of the Treasury.
The debt ratio was higher than 60. percent a year ago and 60.1 percent at the end of 2023, the Treasury said.
Meanwhile, the fiscal deficit settled at 5.1 percent of GDP from January to September 2024, lower than 5.7 percent for the same period in 2023.
“The debt ratio reflects the accomplishment of 89.5 percent of the full-year borrowing program to fund 2024 expenditures. The NG targets an end-December debt-to-GDP ratio of 60.6 percent and full-year deficit-to-GDP of 5.6 percent, as outlined in the revised Medium-Term Fiscal Framework,” the Treasury said.
