Reports consist of recurring reports on Danmarks Nationalbank’s areas of work and activities. Here you will find Danmarks Nationalbank’s annual report, among other documents. Reports are targeted at people who need a status and update on the past period.
Central government borrowing and debt 2025
In 2025, central government debt increased by kr. 18 billion to kr. 235 billion, corresponding to 7.6 per cent of GDP. Despite a small increase, the government's interest costs remained low at kr. 5 billion. The highest possible credit rating, AAA, was maintained with a stable outlook. Consolidation of public debt remained a key focus to maintain a well-functioning and liquid government securities market and reduce the government's overall interest costs. In February, a new 10-year government bond was opened, and in June a 2-year dollar loan was issued under the government's EMTN programme. In September, Denmark distinguished itself internationally by issuing the first green government bond under the European Green Bond Standard (EuGB Standard). Robust risk management has continued to stabilise the government's interest rate and market risk. Given the strong Danish economy, the government enters 2026 with a good starting point for managing central government debt.
Key messages
Why is it important?
The publication Central government borrowing and debt is Danmarks Nationalbank’s annual overview of the development of central government debt. There can be several reasons why a state incurs debt. It could be due to economic conditions, refinancing of existing debt or public investment costs. In Denmark, Danmarks Nationalbank manages the central government debt on behalf of the Minister of Finance.
Main chart
Low debt and low interest costs
Note:
Denmark's central government debt as a share of GDP (left axis) and government interest costs (right axis). Calculated at year-end.
Source:
Danmarks Nationalbank.