{
  "reviewedOn": "2026-10-29",
  "sources": {
    "oecd": "https://www.oecd.org/en/publications/global-debt-report-2026_e9d80efd-en.html",
    "sovereign": "https://www.oecd.org/en/publications/global-debt-report-2026_e9d80efd-en/full-report/sovereign-borrowing-outlook_4470147b.html",
    "corporate": "https://www.oecd.org/en/publications/global-debt-report-2026_e9d80efd-en/full-report/corporate-debt-market-outlook-in-a-transforming-world_cf86a220.html",
    "imf": "https://www.imf.org/en/Blogs/Articles/2025/09/17/global-debt-remains-above-235-of-world-gdp",
    "fed": "https://www.federalreserve.gov/releases/z1/20260911/recent_developments.htm",
    "eurostat": "https://ec.europa.eu/eurostat/web/products-euro-indicators/w/2-21102026-bp",
    "poland": "https://www.gov.pl/web/finance/public-debt-outstanding-debt",
    "china": "https://jrj.sh.gov.cn/SCGK194/20261015/24a15f78c09947de9eb58a48c2fdb451.html",
    "japan": "https://www.mof.go.jp/english/policy/jgbs/reference/gbb/e202606.html",
    "alphabet": "https://www.sec.gov/Archives/edgar/data/1652044/000165204426000043/googexhibit991q12026.htm",
    "meta": "https://www.sec.gov/Archives/edgar/data/1326801/000162828026066773/R17.htm",
    "oracle": "https://investor.oracle.com/investor-news/news-details/2026/Oracle-Announces-Record-Q4-and-FY-2026-Results-Driven-by-Cloud-Infrastructure--Cloud-Applications/"
  },
  "units": {
    "trillion": 1000000000000,
    "billion": 1000000000
  },
  "imf2024": {
    "period": "2024",
    "unit": "USD trillion",
    "public": 99.2,
    "privateNonfinancial": 151.8,
    "total": 251,
    "source": "imf"
  },
  "oecdCentralGovernment": {
    "unit": "USD trillion",
    "gross": {
      "2024": 16,
      "2025": 17,
      "2026": 18
    },
    "status": {
      "2024": "rounded historical observation",
      "2025": "estimate",
      "2026": "projection as of December 2025"
    },
    "refinancing2025": 13.5,
    "net2025": 3.5,
    "refinancingShare2026Percent": 78,
    "source": "sovereign"
  },
  "globalBondIssuance": {
    "unit": "USD trillion",
    "2025": 27,
    "2026Projection": 29,
    "source": "oecd",
    "scope": "Sovereign and corporate bond markets covered by OECD; gross, not net borrowing"
  },
  "corporateMarkets2025": {
    "unit": "USD trillion",
    "bondIssuance": 6.8,
    "syndicatedLoanBorrowing": 7,
    "reportedTotalBorrowing": 13.7,
    "bondStock": 36.4,
    "syndicatedLoanStock": 23.1,
    "totalStock": 59.5,
    "scope": "Financial and nonfinancial corporations; rounded components do not sum exactly for issuance",
    "source": "corporate"
  },
  "us": {
    "unit": "USD trillion",
    "status": "seasonally adjusted; rounded debt-security and loan stocks, not total liabilities or net borrowing flows",
    "periods": [
      "2022",
      "2023",
      "2024",
      "2025",
      "2026Q1",
      "2026Q2"
    ],
    "households": [
      19.2,
      19.7,
      20.2,
      20.9,
      21.1,
      21.4
    ],
    "business": [
      21.2,
      21.7,
      22.4,
      23.3,
      23.7,
      24.0
    ],
    "federal": [
      26.9,
      29.5,
      31.6,
      33.9,
      34.5,
      34.9
    ],
    "stateLocal": [
      3.4,
      3.4,
      3.5,
      3.7,
      3.7,
      3.8
    ],
    "reportedTotal": [
      70.6,
      74.3,
      77.7,
      81.8,
      83.0,
      84.1
    ],
    "source": "fed"
  },
  "europe": {
    "unit": "million national currency",
    "period": "2026Q2",
    "status": "provisional consolidated general government gross debt, Maastricht definition",
    "rows": [
      {
        "country": "France",
        "currency": "EUR",
        "q1": 3535929,
        "q2": 3595525,
        "gdpPercent": 119.1
      },
      {
        "country": "Italy",
        "currency": "EUR",
        "q1": 3159453,
        "q2": 3208524,
        "gdpPercent": 139.9
      },
      {
        "country": "Germany",
        "currency": "EUR",
        "q1": 2902263,
        "q2": 2924674,
        "gdpPercent": 63.4
      },
      {
        "country": "Spain",
        "currency": "EUR",
        "q1": 1739641,
        "q2": 1762936,
        "gdpPercent": 101.4
      },
      {
        "country": "Poland",
        "currency": "PLN",
        "q1": 2444285,
        "q2": 2598330,
        "gdpPercent": 64.5
      }
    ],
    "euQ1": 15707443,
    "euQ2": 15950729,
    "source": "eurostat"
  },
  "polandDomesticDefinition": {
    "unit": "PLN billion",
    "period": "2026Q2",
    "amount": 2147.8,
    "source": "poland"
  },
  "china": {
    "unit": "CNY trillion",
    "period": "2026Q1-Q3",
    "status": "preliminary; PBOC report reproduced by Shanghai municipal financial authorities",
    "householdLoanChange": -1.03,
    "enterpriseInstitutionLoanChange": 12.55,
    "netGovernmentBondFinancing": 10.3,
    "netCorporateBondFinancing": 2.75,
    "governmentBondStockSeptember": 105.23,
    "corporateBondStockSeptember": 36.62,
    "aggregateFinancingStock": 468.17,
    "note": "Aggregate financing includes equity; do not label it total debt. Loan and net bond flows are different instruments and borrower scopes; do not add them into a sector total. Enterprise/institution category includes nonfinancial enterprises and government organs/groups.",
    "source": "china"
  },
  "japan": {
    "unit": "JPY 100 million",
    "period": "2026Q2",
    "total": 13466833,
    "changeQuarter": 28407,
    "scope": "MOF central government general and special accounts; includes intragovernmental holdings, differs from SNA; guarantees reported separately",
    "source": "japan"
  },
  "companyExamples": [
    {
      "name": "Alphabet",
      "unit": "USD billion",
      "amount": 31.1,
      "measure": "Net proceeds from senior unsecured notes issued in calendar Q1 2026",
      "source": "alphabet"
    },
    {
      "name": "Meta",
      "unit": "USD billion",
      "amount": 25,
      "measure": "Face value of notes issued May 2026",
      "stockSeptember30": 84,
      "source": "meta"
    },
    {
      "name": "Oracle",
      "unit": "USD billion",
      "amount": 43,
      "measure": "Debt financing raised in fiscal year ended 31 May 2026, not calendar 2026",
      "source": "oracle"
    }
  ],
  "calculations": [
    "Quarterly European stock changes = q2 minus q1; millions divided by 1000 for billions. Stock changes are not net issuance or fiscal deficits.",
    "US changes since end-2025 use rounded seasonally adjusted stocks; amounts may not reconcile exactly.",
    "Japanese amounts in JPY trillions = source units divided by 10000.",
    "No FX conversions and no aggregation of overlapping geographic or institutional scopes."
  ]
}