Netherlands's General Government Debt (% of GDP), 1990-2022

The Netherlands saw fluctuations in its debt-to-GDP ratio from 1990 to 2022, primarily influenced by economic cycles, fiscal policies, and external crises. In the early 1990s, government debt remained relatively high, peaking at 76.8% in 1993 due to a slower economic growth phase. The Netherlands implemented fiscal reforms, leading to a reduction in debt over the following years, dropping to 58.7% in 1999. By 2001, debt levels decreased further, reaching 49.5%, a result of prudent fiscal policies and a growing economy.

However, the 2008 financial crisis significantly impacted the debt ratio, with levels rising to 61.7% in 2011 as the government increased spending to support economic stability. Debt peaked again during the European debt crisis in 2013 at 67.7%, but fiscal consolidation efforts brought it down gradually. By 2019, the Netherlands had reduced its debt to 48.5%. The COVID-19 pandemic temporarily reversed this trend, raising the debt ratio to 54.7% in 2020 due to increased public spending on health and economic support. Recovery efforts in the following years saw the debt level return to pre-pandemic figures, ending at 48.5% in 2022.