Danish Government Borrowing and Debt 2023

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February 8, 2024 2:30 AM EST
Today, Danmarks Nationalbank publishes the report Danish Government Borrowing and Debt 2023.

The highlights are: 

Lowest national debt in more than 40 years

A surplus in government finances led to a decrease in Danish government debt to DKK 294 billion at the end of 2023, corresponding to 10.5 per cent of GDP. This is the lowest level in relation to Danish GDP in more than 40 years.

For 20 years, Denmark has maintained the highest credit rating

For the past 20 years, Denmark has maintained the highest credit rating in both domestic and foreign currency (AAA) from the three largest international credit rating agencies and is one of only nine countries in the world with such a rating. The high credit rating is primarily a result of a robust and resilient economy, low public debt and a long history of responsible and well-organised fiscal policy. 

Interest costs fell to record low levels

In 2023, total interest costs on government debt fell to DKK -1.7 billion. The decrease is mainly due to lower debt and buy-back of government bonds at lower prices than the issue price. The average yield on government bonds rose to the highest level in 10 years. Despite rising interest rates, the central government's interest costs remained low, as rising interest rates only slowly feed through to total financing costs.


Read more in the report Danish Government Borrowing and Debt 2023 at https://www.nationalbanken.dk/en/news-and-knowledge/publications-and-speeches.

Enquiries can be directed to e-mail [email protected].

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