National Debt (% of GDP): Uruguay

Analysis# Uruguay National Debt (% of GDP) Uruguay's national debt stands at 68.3% of GDP in 2026, representing a significant recovery from the country's 1999 low of 24.1% but well below its 2003 peak of 91.9%. Since 1999, the debt-to-GDP ratio has increased 183.4%, reflecting decades of fiscal pressures and economic cycles that reshaped the nation's financial profile. The trajectory from 2017 onwards reveals volatility rather than steady improvement. After declining from 59.6% in 2019 to 55.8% in 2017, debt surged dramatically during 2020 (68.2%), driven by pandemic-related spending. Subsequent years oscillated between 59.9% and 68.7%, with 2026 projections suggesting stabilization near current levels around 68%, indicating continued fiscal consolidation challenges ahead for policymakers.