Government debt

Government debt is the outstanding amount a government owes creditors after borrowing to finance spending, cover deficits, or meet other obligations.

Government budget deficit: A government budget deficit occurs when spending exceeds revenue over a defined period. Deficits add to debt when governments borrow to cover the shortfall.
Public debt: Public debt is the financial liability owed by a government or, under broader definitions, the public sector. Government debt is one measure within wider definitions that can include public entities.
Government budget surplus: A government budget surplus occurs when revenue exceeds spending over a defined period. A surplus can reduce borrowing needs and, if used for repayment, lower debt.
Debt sustainability: Debt sustainability is a government's ability to meet its obligations without implausible fiscal adjustment or default. It evaluates whether the debt path can be maintained under plausible economic conditions.
Government bond: A government bond is a tradable debt security issued by a national or subnational government. Bond issuance is a principal way governments borrow from investors.
Sovereign debt: Sovereign debt is borrowing by a national government, typically under its own legal authority. The term highlights national governments and the distinctive risks of sovereign repayment.
Government deficit: A government deficit is a shortfall of revenue relative to spending during a specified period. A deficit is a flow over time, unlike debt, which is an accumulated stock.
Sovereign default: Sovereign default occurs when a government fails to meet debt obligations under their agreed terms. Default is one possible outcome when repayment becomes unmanageable.
Debt service: Debt service is the payment of interest and principal owed on outstanding debt. These payments determine the recurring budget cost of existing obligations.
Domestic debt: Domestic debt is government borrowing issued under domestic law or held within the country, depending on the measure used. Its classification reveals how debt exposure is divided between domestic and foreign sources.

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