Debt ratios by institutional sectors - international comparisons 2021Q3
Published on 22 February 2022
GDP growth enables a slight decline in private debt ratios
Non-financial private sector debt ratio (in % of GDP)![]()
In the third quarter of 2021, the non-financial private sector debt ratio reaches 124.5 % of GDP in the euro area, 1.4 point down compared to the previous quarter (after -3.6 points in 2021 Q2). This decrease in the debt ratios of non-financial corporations and households is due to GDP growth, even though debt continues to increase (cf. additional information).
The private debt ratio declines more in Spain (- 3.1 points in 2021 Q3), than in Italy and in Germany (respectively by - 1.3 point and by - 0.6 point). It falls slightly in France (- 0.5 point). The French ratio stands at 148.4 % of GDP and remains the largest one among the main euro area economies. This dynamic is driven by corporations, which are indebted up to 82 % of national wealth, compared with 66.4 % for households.
Outside the euro area, the non-financial private sector debt ratio decreases more in the United Kingdom (- 2.4 points in 2021 Q3) than in the United States (- 1.7 point). In contrast, it increases in Japan (+ 0.3 point of GDP).
The private debt ratio declines more in Spain (- 3.1 points in 2021 Q3), than in Italy and in Germany (respectively by - 1.3 point and by - 0.6 point). It falls slightly in France (- 0.5 point). The French ratio stands at 148.4 % of GDP and remains the largest one among the main euro area economies. This dynamic is driven by corporations, which are indebted up to 82 % of national wealth, compared with 66.4 % for households.
Outside the euro area, the non-financial private sector debt ratio decreases more in the United Kingdom (- 2.4 points in 2021 Q3) than in the United States (- 1.7 point). In contrast, it increases in Japan (+ 0.3 point of GDP).
Non-financial private sector debt (in % of GDP)
| Q3 2020 | Q4 2020 | Q1 2021 | Q2 2021 | Q3 2021 | |
| United States | 161.5 | 163.5 | 164.5 | 160.1 | 158.4 |
| Japan | 167.9 | 170.2 | 171.1 | 169.5 | 169.8 |
| Euro area | 126.4 | 127.7 | 129.5 | 125.9 | 124.5 |
| o/w Germany | 108.2 | 109.5 | 111.2 | 109.2 | 108.6 |
| France | 152.0 | 154.6 | 154.0 | 148.9 | 148.4 |
| Italy | 115.0 | 116.9 | 117.6 | 113.6 | 112.3 |
| Spain | 130.8 | 133.0 | 134.2 | 130.5 | 127.4 |
| United Kingdom | 150.1 | 151.9 | 152.8 | 148.7 | 146.3 |
* Debt ratio at nominal value for the United Kingdom are calculated by interpolation.
Households debt ratio (in % of GDP and of GDI)![]()
Households debt
| Q3 2020 | Q4 2020 | Q1 2021 | Q2 2021 | Q3 2021 | |
| United States | 109.1 | 110.9 | 111.3 | 108.9 | 107.8 |
| 129.0 | 128.9 | 125.0 | 127.0 | 127.4 | |
| Japan | 66.0 | 66.7 | 67.3 | 66.7 | 66.9 |
| 110.1 | 111.9 | 113.5 | 115.9 | 115.8 | |
| Euro area | 61.1 | 62.1 | 62.4 | 61.2 | 60.9 |
| 96.6 | 97.4 | 97.9 | 98.0 | 98.3 | |
| o/w Germany | 56.7 | 57.8 | 58.4 | 57.7 | 57.6 |
| 88.6 | 89.6 | 90.4 | 90.9 | 91.7 | |
| France | 66.4 | 67.7 | 67.9 | 66.4 | 66.4 |
| 99.9 | 100.6 | 100.9 | 101.2 | 101.8 | |
| Italy | 44.4 | 45.1 | 45.5 | 44.2 | 43.8 |
| 64.0 | 64.7 | 65.3 | 65.1 | 65.2 | |
| Spain | 61.2 | 62.5 | 62.7 | 61.4 | 59.9 |
| 93.4 | 94.4 | 94.8 | 95.1 | 93.8 | |
| United Kingdom | 88.4 | 90.0 | 90.7 | 88.4 | 87.4 |
| 128.4 | 129.2 | 129.0 | 129.0 | 129.0 |
Non-financial corporations debt ratio (in % of GDP)![]()
Non-financial corporations debt (in % of GDP)
| Q3 2020 | Q4 2020 | Q1 2021 | Q2 2021 | Q3 2021 | |
| United States | 52.5 | 52.6 | 53.2 | 51.2 | 50.6 |
| Japan | 101.9 | 103.6 | 103.8 | 102.8 | 102.9 |
| Euro area | 65.3 | 65.6 | 67.1 | 64.7 | 63.6 |
| o/w Germany | 51.5 | 51.7 | 52.8 | 51.5 | 51.0 |
| France | 85.6 | 86.9 | 86.2 | 82.5 | 82.0 |
| Italy | 70.6 | 71.8 | 72.1 | 69.4 | 68.5 |
| Spain | 69.6 | 70.5 | 71.5 | 69.1 | 67.5 |
| United Kingdom | 61.7 | 61.9 | 62.1 | 60.4 | 58.8 |
Source: Quarterly national financial accounts and Eurostat, Computation: Banque de France
General government sector debt ratio (in % of GDP)![]()
The general government debt ratio in the euro area decreases by 0.6 percentage points reaching 97.7% of GDP at the end of the third quarter of 2021. Similarly to the private sector, this decline is due to an increase in GDP, while debt continued to increase due to the financing needs of the policy measures adopted to mitigate the economic and social impact of the coronavirus pandemic (cf. additional information). The public debt ratio falls in Italy (- 1.1 point of GDP). It also decreases in Spain and in Germany (respectively by - 0.9 point and - 0.3 point in Q3 2021). On the contrary, this ratio increases in France by + 1.4 point, coupled with an increase of liquid assets of the general government.
Outside the euro area, the non-financial private sector debt ratio decreases more in the United States (- 3.1 points) than in Japan and in the United Kingdom (respectively by - 0.4 point and - 0.3 point in 2021 Q3).
Outside the euro area, the non-financial private sector debt ratio decreases more in the United States (- 3.1 points) than in Japan and in the United Kingdom (respectively by - 0.4 point and - 0.3 point in 2021 Q3).
Government sector debt (in % of GDP)
| Q3 2020 | Q4 2020 | Q1 2021 | Q2 2021 | Q3 2021 | |
| United States | 125.0 | 128.8 | 129.7 | 126.6 | 123.5 |
| Japan | 231.6 | 234.6 | 235.1 | 233.9 | 233.5 |
| Euro area* | 96.6 | 97.3 | 100.0 | 98.3 | 97.7 |
| o/w Germany | 69.1 | 68.7 | 69.9 | 69.7 | 69.4 |
| France | 115.4 | 115.0 | 118.1 | 114.9 | 116.3 |
| Italy | 154.2 | 155.6 | 159.6 | 156.4 | 155.3 |
| Spain | 114.1 | 120.0 | 125.3 | 122.7 | 121.8 |
| United Kingdom * | 98.8 | 102.4 | 103.4 | 102.6 | 102.3 |
* "Maastricht" definition NSA (nominal value) for European Union countries.
Additional information
For each sector (NFC, Households and General government), the French debt includes outstanding loans from resident and non-resident MFI (i.e. both loans between resident NFCs and between non-resident NFCs are excluded) and issued securities other than shares at nominal value.
Disseminated data of other countries are less detailed. NFC's net loans are therefore estimated in withdrawing loans assets - mainly loans to resident and non-resident affiliated entities - from loans liabilities.
Disseminated data of other countries are less detailed. NFC's net loans are therefore estimated in withdrawing loans assets - mainly loans to resident and non-resident affiliated entities - from loans liabilities.
Breakdown of the increase in households debt ratio (in % of GDP)
| Ratio Increase | Debt Effect | GDP Effect | |
| Unites States | -1.1 | 1.4 | -2.5 |
| Japan | 0.2 | 0.1 | 0.0 |
| Euro Area | -0.3 | 0.7 | -1.0 |
| o/w Germany | -0.1 | 0.9 | -1.0 |
| France | 0.0 | 1.0 | -1.0 |
| Italy | -0.4 | 0.2 | -0.6 |
| Spain | -1.5 | -0.8 | -0.8 |
| United Kingdom | -0.9 | 0.7 | -1.6 |
Breakdown of the increase in non-financial corporations debt ratio (in % of GDP)
| Ratio Increase | Debt Effect | GDP Effect | |
| Unites States | -0.6 | 0.6 | -1.2 |
| Japan | 0.1 | 0.1 | 0.0 |
| Euro Area | -1.1 | 0.0 | -1.1 |
| o/w Germany | -0.5 | 0.4 | -0.9 |
| France | -0.6 | 0.6 | -1.2 |
| Italy | -0.9 | 0.0 | -0.9 |
| Spain | -1.6 | -0.8 | -0.8 |
| United Kingdom | -1.6 | -0.5 | -1.1 |
Breakdown of the increase in General government sector debt ratio (in % of GDP)
| Ratio Increase | Debt Effect | GDP Effect | |
| Unites States | -3.1 | -0.2 | -2.9 |
| Japan | -0.4 | -0.4 | 0.0 |
| Euro Area | -0.6 | 1.0 | -1.6 |
| o/w Germany | -0.3 | 1.0 | -1.3 |
| France | 1.3 | 3.0 | -1.7 |
| Italy | -1.1 | 0.6 | -1.7 |
| Spain | -0.9 | 0.6 | -1.5 |
| United Kingdom | -0.2 | 1.6 | -1.9 |
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Updated on 21 February 2022