ECD Countries Ranked by Gross Debt as % of GDP Gross Debt as % of GDP As % of 05-09 2009 GDP 2009 Gross Debt As % of Rank Country Outstanding ($B) YIY OECD Total 2009 2005 Change ($B) YY OECD Total 1 Japan $974 14% 27% 193% 175% $5,049 -5% 13% 2 Italy 269 1 7 129 120 9 2,090 5 5 3 Iceland 1 8 0 123 53 12 -28 0