Thanks to the government of Javier Milei, Argentina's public debt closed the year 2025 at 42% of Gross Domestic Product (GDP), the lowest level since 2017, according to a projection prepared by Adcap Grupo Financiero based on official data.
The report highlights a sharp reduction in indebtedness in relation to economic activity, in a context marked by fiscal surplus and economic growth during the current administration.
According to the consulting firm's analysis, the drop in the debt ratio is explained both by the fulfillment of financial commitments and by the economic expansion recorded in the period. The result positions the close of 2025 as the best record of the last eight years in terms of debt sustainability.
Adcap carries out two different measurements to evaluate the evolution of indebtedness. In the first, called "total debt", the Treasury's liabilities with the private sector and multilateral organizations are included, in addition to the obligations of the Central Bank and other public funds. Under this criterion, the debt went from 156% of GDP in 2023, during the last year of the Kirchnerist government, to 78% at present.
The second measurement focuses exclusively on Treasury debt and excludes intra-public-sector maturities. In this case, the indicator showed an even more significant reduction: it fell from 86% of GDP in 2023 to 42% at the close of 2025. In both calculations, this is the lowest level since 2017, when total debt represented 57% of output and the one that excluded intra-public commitments stood at 29%.
