Since 2021, however, the trend has reversed significantly. The debt ratio declined sharply to approximately 40% in 2022, followed by further reductions to 39% in 2023 and 38% in 2024. This represents a reduction of approximately 35 percentage points from the 2021 peak and a 25% reduction from the 2016 baseline level. To achieve the 30% reduction target, the debt ratio would need to decline to approximately 35.7% of GDP by 2030. With the debt ratio already at approximately 38% in 2024, Vanuatu appears to be close to achieving the 2030 target, requiring a further reduction of only about 2.3 percentage points over the remaining six years.

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Sub-categories

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Headline data

Debt ratio to GDP (inclusive of SOE generated debt)
Year Value Series
2016 51 Debt Ratio to GDP (%)
2017 59 Debt Ratio to GDP (%)
2018 63 Debt Ratio to GDP (%)
2019 66 Debt Ratio to GDP (%)
2020 72 Debt Ratio to GDP (%)
2021 73 Debt Ratio to GDP (%)
2022 40 Debt Ratio to GDP (%)
2023 39 Debt Ratio to GDP (%)
2024 38 Debt Ratio to GDP (%)
2016 32288 Debt (million vatu)
2017 39486 Debt (million vatu)
2018 42762 Debt (million vatu)
2019 46458 Debt (million vatu)
2020 48274 Debt (million vatu)
2021 47968 Debt (million vatu)
2022 53046 Debt (million vatu)
2023 55447 Debt (million vatu)
2024 59063 Debt (million vatu)
2022 132872 GDP Current (million vatu)
2023 141522 GDP Current (million vatu)
2024 154671 GDP Current (million vatu)

Source: Department of Finance and Treasury

Geographical Area: Vanuatu

Unit of Measurement: Percentage

Footnote:

This table provides metadata for the actual indicator available from Vanuatu statistics closest to the corresponding global SDG indicator. Please note that even when the global SDG indicator is fully available from Vanuatuan statistics, this table should be consulted for information on national methodology and other Vanuatu-specific metadata information.

Proxy

No
Definition

The “Debt Ratio to GDP (Inclusive of SOE-Generated Debt)” indicator measures the ratio of a country’s total public debt, including debt generated by State-Owned Enterprises (SOEs), to its Gross Domestic Product (GDP). This indicator expresses the total public debt as a percentage of the country’s GDP, providing an overview of the debt burden relative to the size of the economy.
Concept

This indicator tracks the level of public debt, including liabilities incurred by SOEs, in relation to the overall economic output. The inclusion of SOE-generated debt in this measure ensures that all public sector liabilities are accounted for, offering a comprehensive view of the country’s debt obligations. The debt-to-GDP ratio is a widely used metric to assess a country’s ability to manage and repay its debt, as it relates the total debt to the economic output that can be leveraged for debt servicing.
Disaggregation

Sector
Rationale

Monitoring the debt ratio to GDP, including SOE-generated debt, is crucial for assessing the fiscal health and sustainability of a country. A high debt-to-GDP ratio may indicate that a country could face difficulties in meeting its debt obligations without compromising economic growth, while a lower ratio suggests a more manageable debt burden. Including SOE debt provides a fuller picture of potential liabilities that could impact the government’s finances.
Method of Computation

To compute the “Debt Ratio to GDP (Inclusive of SOE-Generated Debt),” first collect data on the total public debt, including debt generated by State-Owned Enterprises (SOEs), and the GDP for the same reporting period. Then, calculate the debt-to-GDP ratio by dividing the total public debt by the GDP

Formula: Debt Ratio to GDP= Total Public Debt including SOE debt/GDP
Sustainable Development Goal Indicator Alignment

17.4.1
Unit of Measurement

Percentage
Frequency of Collection

Annually
Organisation

Department of Finance and Treasury
Organisation

Vanuatu Bureau of Statistics
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