Financial accounts of the non-financial sectors 2023Q1
Published on 19 July 2023
NON-FINANCIAL CORPORATIONS*![]()
| FINANCIAL TRANSACTIONS | YEARS | QUARTERS (SA) | |||||
| (EUR billions) | 2021 | 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | |
| Financial investment (a) | 50.5 | 12.9 | 7.2 | -23.8 | 23.7 | -1.7 | |
| - Currency and deposits | 32.8 | 13.3 | -6.4 | -7.1 | 16.3 | -23.8 | |
| - Securities | -21.2 | -1.9 | 15.4 | -7.4 | 0.2 | 17.1 | |
| debt securities | -3.9 | 10.8 | 8.1 | 0.6 | -0.1 | 1.1 | |
| money market fund shares | -14.8 | -4.9 | 6.1 | -3.6 | 4.0 | 19.8 | |
| non-MMF invesment fund shares | -2.5 | -7.9 | 1.2 | -4.4 | -3.7 | -3.8 | |
| - Other net financial assets (b) | 38.8 | 1.5 | -1.8 | -9.3 | 7.2 | 5.0 | |
| Financing | 111.1 | 98.4 | 37.1 | 39.9 | 31.2 | 15.1 | |
| - MFI loans | 40.6 | 97.8 | 23.9 | 33.6 | 17.1 | 5.1 | |
| - Debt securities | 5.5 | -6.2 | -4.0 | -4.4 | 8.3 | -10.2 | |
| - Shares and net equities (c) | 65.0 | 6.8 | 17.2 | 10.7 | 5.8 | 20.2 | |
(a) are excluded here several residual items
(b) mainly cross-border intercompany lending/borrowing
(c) including direct investment (equity capital and reinvested earnings)
(b) mainly cross-border intercompany lending/borrowing
(c) including direct investment (equity capital and reinvested earnings)
In Q1 2023, financial investment of non-financial corporations (NFCs) falls slightly. In contrast to Q4 2022, NFCs sharply reduce their deposits. This decline is partially offset by an increase in securities flows, driven by the dynamism of money market fund shares. On the liabilities side, financing remains positive, but declines in intensity. Issuances of debt securities decline, and flows of MFI loans are more moderate. Net issuances of shares and equities, reduced by net purchases, increase.
Flows of financial investment and financing (SA)![]()
EUR billions
(*) Accounting discrepancies can occur between yearly figures and the sum of quarterly flows due to rounding differences in the series used.
GENERAL GOVERNMENT*![]()
| FINANCIAL TRANSACTIONS | YEARS | QUARTERS (SA) | |||||
| (EUR billions) | 2021 | 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | |
| Financial investment (a) | 27.3 | -21.8 | -35.2 | -9.9 | -18.0 | -0.4 | |
| - Currency and deposits | 20.3 | -26.8 | -34.5 | -9.6 | -23.7 | -6.2 | |
| - Securities | 7.0 | 5.1 | -0.7 | -0.3 | 5.7 | 5.8 | |
| debt securities | 6.1 | -0.4 | -3.1 | -0.8 | 4.0 | 0.3 | |
| net equities | 4.4 | -0.3 | 2.4 | 0.0 | -2.8 | 4.0 | |
| invesment fund shares | -3.6 | 5.8 | 0.0 | 0.5 | 4.5 | 1.5 | |
| Financing | 188.0 | 105.8 | 15.0 | 21.4 | 29.3 | 1.2 | |
| - Deposits | 20.7 | 4.5 | 6.1 | -0.1 | -0.4 | -5.4 | |
| - MFI loans | 3.4 | 1.4 | 1.4 | 2.0 | -1.6 | -0.6 | |
| - Debt securities | 163.8 | 99.9 | 7.5 | 19.5 | 31.3 | 7.2 | |
(a) are excluded here several residual items
General government financing is slightly positive in Q1 2023. Its issuances of debt securities decrease in intensity compared with the previous quarter, and its deposits on the liabilities side fall. General government financial investment, which represents temporary government cash surpluses, is virtually stable. Deposits on the assets side decline, but less sharply than in Q4 2022. Investment flows in securities are once again positive, driven by share purchases, notably in the context of the renationalization of EDF.
Flows of financing investment and financing (SA)![]()
EUR billions
(*) Accounting discrepancies can occur between yearly figures and the sum of quarterly flows due to rounding differences in the series used.
HOUSEHOLDS*![]()
| FINANCIAL TRANSACTIONS | YEARS | QUARTERS (SA) | |||||
| (EUR billions) | 2021 | 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | |
| Financial investment (a) | 161.1 | 158.7 | 55.8 | 41.9 | 26.9 | 21.6 | |
| - Currency and deposits | 117.8 | 87.5 | 20.6 | 32.0 | 11.2 | 15.3 | |
| of which transferable deposits | 53.4 | 7.6 | 8.7 | 7.3 | -16.4 | -20.6 | |
| passbook savings | 50.1 | 58.1 | 9.2 | 19.7 | 15.5 | 16.3 | |
| home saving plans | 2.2 | -6.7 | -1.3 | -1.9 | -2.7 | -7.7 | |
| - Securities | 14.3 | 34.8 | 24.3 | 4.0 | 6.8 | 0.7 | |
| debt securities | -1.4 | 4.0 | 1.2 | 1.3 | 1.4 | 0.6 | |
| listed shares | 5.1 | 3.2 | 6.6 | -0.4 | -1.1 | -1.2 | |
| unlisted shares and other equities | 12.3 | 21.5 | 6.0 | 3.2 | 5.6 | 3.6 | |
| money market fund shares | -1.1 | 1.9 | -0.1 | 0.2 | 1.8 | 1.5 | |
| non-MMF invesment fund shares | -0.5 | 4.2 | 10.6 | -0.3 | -0.9 | -3.8 | |
| - Life insurance and pension plans | 29.0 | 36.4 | 10.9 | 5.9 | 8.9 | 5.6 | |
| of which non-unit linked contracts | 1.1 | 0.9 | 0.1 | 1.0 | 0.1 | -5.5 | |
| Financing | 87.1 | 83.2 | 22.5 | 20.2 | 15.3 | 16.3 | |
| - MFI Loans | 87.1 | 83.2 | 22.5 | 20.2 | 15.3 | 16.3 | |
(a) are excluded here several residual items
In Q1 2023, households' financial investment flows slow slightly. Deposits are higher than in the previous quarter. Once again, households hold less cash in their current accounts, in favor of interest-bearing deposits. Their investment in securities is slightly positive, driven by unlisted shares and other equities. Households' life insurance investment slows: unit-linked investment confirms its dynamism, which is partly offset by negative flows into non-unit linked contracts. On the liabilities side, MFI loans flows are on a similar level to the previous quarter.
Flows of financial investment and financing (SA)![]()
EUR billions
Source and compilation: Direction Générale des Statistiques, des Études et de l'International
(*) Accounting discrepancies can occur between yearly figures and the sum of quarterly flows due to rounding differences in the series used.
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