Increases in the debt-GDP ratio are primarily caused by

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The debt-GDP ratio is the ratio of a country's government debt to its GDP, and it typically increases when the government runs a deficit. A high primary government deficit (i.e. when government spending exceeds revenue, excluding interest payments on debt) can cause an increase in the debt-GDP ratio. Increases in government spending or interest rates can also contribute to increases in the debt-GDP ratio, but neither of these options are as directly related as a high primary government deficit. A high growth rate of GDP may actually help to decrease the debt-GDP ratio, as it can increase the denominator (GDP) while holding the numerator (debt) constant or even decrease it.

Increases in the Debt-GDP Ratio Are Primarily Caused by