Canada, Hungary, US make top 3 in highest increase in public debt servicing per capita

Canada, Hungary and the United States increased spending on interest on public debt more than other countries in the world in 2023, as a result of which the United States became the leaders in terms of spending on servicing sovereign debt per capita, according to Sputnik's calculations based on UN data.

Thus, the average spending on servicing public debt in the world in 2023 amounted to $171.6 per capita against $164.5 a year earlier. At the same time, the figure increased in 136 countries, decreased in 40 countries, and remained unchanged in three.

The largest increase in spending on interest on their debts was by $470.9 per capita in Canada, by $446.4 in Hungary and by $297.2 in the United States. The top five also includes Barbados, where the government began to allocate $262.2 more per capita to pay off its debts, and Mexico with an increase of $232.5.

Debt servicing increased by $150-$200 for the governments of the Seychelles, New Zealand, Panama, Australia, Belgium and Dominica. In was up over $100 in another 11 countries, including Brazil, the Netherlands, Poland, Germany and Turkiye. 

Government spending in 16 countries, including Ukraine, Finland and Armenia, increased by $50 to $100 per capita.

The most significant reduction in spending on interest payments on government debt per capita last year occurred in the UK (a decrease of $495 per capita), Iceland (by $459) and Israel (by $181.4). However, if we consider all the countries of the world, including those where the indicator is negative (that is, holders of government securities pay the state), then it has decreased most significantly in Norway, where holders of government securities must pay the state $2,600 more per person, and in Kuwait — $588 more.

By end-2023, the United States took first place in terms of spending on servicing the national debt per capita with $2,500, and Iceland was pushed into second place with $1,900. The top five also includes Israel, where the government spends $1,600 per citizen on interest payments, the Bahamas ($1,400) and Italy ($1,390). Barbados, the United Kingdom, Bahrain and Qatar all paid more than $1,000 per capita on interest payments in 2023.

Last year, Russia was among the countries that managed to reduce spending on interest on their government debt in dollar terms, by $3.4 per Russian citizen, and the total volume of such spending amounted to $34.7 per person.