Healthcare spending is about 9% of GDP on average in OECD countries. However in many countries it exceeds 10% of the GDP.
Over three quarters of healthcare spending is publicly funded. The current economic crisis, aging populations, rising budget deficits, soaring healthcare costs and other factors are forcing healthcare spending to be tightened in most developed nations.
The chart below shows healthcare expenditure acro.s.s OECD countries: (Click to enlarge)
Source: OECD Observer
Among OECD countries, the U.S. has the most in private expenditure when compared to public expenditure on healthcare. Despite the huge government budgets for medicare, medicaid and other programs, Americans spend more out of their own pockets on healthcare than citizens of other developed countries.With increasing healthcare premiums and costs, this figure will go higher in the future.