This will not come as a surprise, but Luxembourg is a strong player in finance. The Organisation for Economic Cooperation and Development (OECD) estimates the average debt to GDP ratio to lie at 110%. Luxembourg's public debt, by comparison, lay at 28.8% in 2018.
Luxembourg's government had previously estimated the debt to lie at 21.8%, which translates into €12,6 billion. Only Estonia outperforms Luxembourg, boasting the lowest debt to GDP ratio in Europe at 12.9%. Germany, Belgium, and France have a respective debt to GDP ratio of 60%, 90%, and 100%.
