Prime Ministers of Canada

24th Prime Minister · In office now

Mark Carney

Liberal · Since 14 March 2025

Too early to measure: the latest annual figure (end-2024, 110.8% of GDP) is from before Mark Carney took office. The change appears when the next year's figures are published.

Every ministry since 1867

1. 

   23Justin Trudeau Liberal · 2015–2025

   +18.8 pts

   Debt to GDP

   92% → 110.8%

   Measured at

   end-2015 → end-2024

   In dollars (at the time)

   $1.83 trillion → $3.44 trillion

2. 

   22Stephen Harper Conservative · 2006–2015

   +21.4 pts

   Debt to GDP

   70.6% → 92%

   Measured at

   end-2005 → end-2015

   In dollars (at the time)

   $1.00 trillion → $1.83 trillion

3. 

   21Paul Martin Liberal · 2003–2006

   -5.3 pts

   Debt to GDP

   75.9% → 70.6%

   Measured at

   end-2003 → end-2005

   In dollars (at the time)

   $952.4 billion → $1.00 trillion

4. 

   20Jean Chrétien Liberal · 1993–2003

   -18.8 pts

   Debt to GDP

   94.7% → 75.9%

   Measured at

   end-1993 → end-2003

   In dollars (at the time)

   $707.4 billion → $952.4 billion

5. 

   19Kim Campbell Progressive Conservative · 1993

   +6.5 pts

   Debt to GDP

   88.2% → 94.7%

   Measured at

   end-1992 → end-1993

   In dollars (at the time)

   $633.7 billion → $707.4 billion

6. 

   18Brian Mulroney Progressive Conservative · 1984–1993

   +28 pts

   Debt to GDP

   60.2% → 88.2%

   Measured at

   end-1984 → end-1992

   In dollars (at the time)

   $278.1 billion → $633.7 billion

7. 

   17John Turner Liberal · 1984

   +3 pts

   Debt to GDP

   57.2% → 60.2%

   Measured at

   end-1983 → end-1984

   In dollars (at the time)

   $241.0 billion → $278.1 billion

8. 

   15Pierre Trudeau Liberal · 1980–1984 · Term 2 of 2

   +13 pts

   Debt to GDP

   44.2% → 57.2%

   Measured at

   end-1979 → end-1983

   In dollars (at the time)

   $126.3 billion → $241.0 billion

9. 

   16Joe Clark Progressive Conservative · 1979–1980

   -2.9 pts

   Debt to GDP

   47.1% → 44.2%

   Measured at

   end-1978 → end-1979

   In dollars (at the time)

   $117.9 billion → $126.3 billion

10. 

    15Pierre Trudeau Liberal · 1968–1979 · Term 1 of 2

    -9.9 pts

    Debt to GDP

    57% → 47.1%

    Measured at

    end-1967 → end-1978

    In dollars (at the time)

    $40.5 billion → $117.9 billion

11. 

    14Lester B. Pearson Liberal · 1963–1968

    -9.6 pts

    Debt to GDP

    66.6% → 57%

    Measured at

    end-1962 → end-1967

    In dollars (at the time)

    $30.1 billion → $40.5 billion

12. 

    13John Diefenbaker Progressive Conservative · 1957–1963

    +8.2 pts

    Debt to GDP

    58.4% → 66.6%

    Measured at

    end-1956 → end-1962

13. 

    12Louis St. Laurent Liberal · 1948–1957

    -54.6 pts

    Debt to GDP

    113% → 58.4%

    Measured at

    end-1948 → end-1956

14. 

    10W. L. Mackenzie King Liberal · 1935–1948 · Term 3 of 3

    +7.8 pts

    Debt to GDP

    105.2% → 113%

    Measured at

    end-1935 → end-1948

15. 

    11R. B. Bennett Conservative · 1930–1935

    +44.4 pts

    Debt to GDP

    60.8% → 105.2%

    Measured at

    end-1930 → end-1935

16. 

    10W. L. Mackenzie King Liberal · 1926–1930 · Term 2 of 3

    -2.1 pts

    Debt to GDP

    62.9% → 60.8%

    Measured at

    end-1926 → end-1930

17. 

    9Arthur Meighen Conservative · 1926 · Term 2 of 2

    -2 pts

    Debt to GDP

    64.9% → 62.9%

    Measured at

    end-1925 → end-1926

18. 

    10W. L. Mackenzie King Liberal · 1921–1926 · Term 1 of 3

    -9.2 pts

    Debt to GDP

    74.1% → 64.9%

    Measured at

    end-1921 → end-1925

19. 

    9Arthur Meighen Conservative · 1920–1921 · Term 1 of 2

    +15.7 pts

    Debt to GDP

    58.4% → 74.1%

    Measured at

    end-1920 → end-1921

20. 

    8Robert Borden Conservative · 1911–1920

    +37.7 pts

    Debt to GDP

    20.7% → 58.4%

    Measured at

    end-1911 → end-1920

21. 

    7Wilfrid Laurier Liberal · 1896–1911

    -23.5 pts

    Debt to GDP

    44.2% → 20.7%

    Measured at

    end-1896 → end-1911

22. 

    6Charles Tupper Conservative · 1896

    -0.2 pts

    Debt to GDP

    44.4% → 44.2%

    Measured at

    end-1895 → end-1896

23. 

    5Mackenzie Bowell Conservative · 1894–1896

    +2 pts

    Debt to GDP

    42.4% → 44.4%

    Measured at

    end-1894 → end-1895

24. 

    4John Thompson Liberal–Conservative · 1892–1894

    +4.8 pts

    Debt to GDP

    37.6% → 42.4%

    Measured at

    end-1892 → end-1894

25. 

    3John Abbott Liberal–Conservative · 1891–1892

    -0.3 pts

    Debt to GDP

    37.9% → 37.6%

    Measured at

    end-1890 → end-1892

26. 

    1John A. Macdonald Liberal–Conservative · 1878–1891 · Term 2 of 2

    -3.1 pts

    Debt to GDP

    41% → 37.9%

    Measured at

    end-1878 → end-1890

27. 

    2Alexander Mackenzie Liberal · 1873–1878

    +13.5 pts

    Debt to GDP

    27.5% → 41%

    Measured at

    end-1873 → end-1878

28. 

    1John A. Macdonald Liberal–Conservative · 1867–1873 · Term 1 of 2

    -1.5 pts

    Debt to GDP

    29% → 27.5%

    Measured at

    end-1870 → end-1873 (earliest figure available (1870))

How this is measured: gross public debt of all levels of government (federal and provincial combined) as a share of GDP at the year-end nearest each change of prime minister. From 1950 the figures are the IMF Global Debt Database's general government debt; earlier years use the IMF's historical public debt series. Dollar amounts apply that share to the year's GDP (World Bank, from 1960) and are not adjusted for inflation; the share of GDP is the comparable measure. A sitting prime minister is measured to the latest year available. Prime ministers do not borrow alone: Parliament approves every budget, and wars, recessions and interest rates shape the numbers. Updated automatically every month. See the live national debt clock.