Financial accounts of the non-financial sectors 2023Q2
Published on 17 October 2023
NON-FINANCIAL CORPORATIONS*![]()
| FINANCIAL TRANSACTIONS | YEARS | SA | QUARTERS (SA) | ||||
| (EUR billions) | 2021 | 2022 | YEAR-ON-YEAR | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 |
| Financial investment (a) | 76.2 | 47.6 | 27.3 | -17.1 | 41.5 | 6.1 | -3.2 |
| - Currency and deposits | 37.2 | 21.0 | -31.6 | -3.6 | 21.8 | -28.0 | -21.7 |
| - Securities | -14.1 | 9.2 | 36.6 | -6.2 | 10.9 | 18.9 | 13.0 |
| debt securities | -0.6 | 16.6 | 11.1 | 1.0 | 5.4 | 1.7 | 3.0 |
| money market fund shares | -14.8 | -5.3 | 26.9 | -3.8 | 3.5 | 20.1 | 7.1 |
| non-MMF invesment fund shares | 1.4 | -2.2 | -1.4 | -3.4 | 2.0 | -2.9 | 2.9 |
| - Other net financial assets (b) | 53.0 | 17.4 | 22.2 | -7.3 | 8.8 | 15.2 | 5.5 |
| Financing | 118.5 | 91.9 | 68.2 | 15.3 | 33.6 | 20.9 | -1.6 |
| - MFI loans | 39.4 | 100.9 | 59.9 | 32.6 | 19.0 | 6.5 | 1.8 |
| - Debt securities | 5.5 | -6.2 | -3.8 | -4.4 | 8.3 | -10.4 | 2.7 |
| - Shares and net equities (c) | 73.7 | -2.8 | 12.0 | -12.9 | 6.3 | 24.8 | -6.1 |
(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)
Financial investment by non-financial corporations (NFCs), like their financing, is much lower this quarter than in the previous ones, although there is an arbitrage with outflows from currency and deposits to other investments.
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 | SA | QUARTERS (SA) | ||||
| (EUR billions) | 2021 | 2022 | YEAR-ON-YEAR | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 |
| Financial investment (a) | 27.1 | -21.6 | -55.3 | -9.1 | -19.9 | 0.0 | -26.3 |
| - Currency and deposits | 20.3 | -26.2 | -65.0 | -9.6 | -23.1 | -6.2 | -26.1 |
| - Securities | 6.8 | 4.7 | 9.7 | 0.5 | 3.2 | 6.2 | -0.2 |
| debt securities | 6.1 | 2.0 | 6.9 | -1.4 | 6.7 | 0.1 | 1.5 |
| net equities | 4.2 | -3.2 | -1.8 | 1.4 | -8.1 | 4.6 | 0.4 |
| invesment fund shares | -3.6 | 5.9 | 4.5 | 0.5 | 4.6 | 1.5 | -2.1 |
| Financing | 188.0 | 105.2 | 81.1 | 21.7 | 29.3 | 3.0 | 27.1 |
| - Deposits | 20.7 | 4.5 | -20.0 | -0.1 | -0.4 | -5.4 | -14.1 |
| - MFI loans | 3.4 | 0.7 | -1.1 | 2.0 | -2.2 | -0.6 | -0.2 |
| - Debt securities | 163.8 | 99.9 | 102.0 | 19.8 | 31.9 | 9.0 | 41.4 |
(a) are excluded here several residual items
Seasonally adjusted financing of general government picks up in the second quarter of 2023, and its investment falls sharply, with the use of its cash invested in currency and deposits this quarter.
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 | SA | QUARTERS (SA) | ||||
| (EUR billions) | 2021 | 2022 | YEAR-ON-YEAR | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 |
| Financial investment (a) | 159.6 | 164.3 | 130.8 | 44.4 | 31.7 | 21.5 | 33.2 |
| - Currency and deposits | 117.9 | 88.0 | 69.5 | 31.5 | 11.2 | 15.1 | 11.7 |
| of which transferable deposits | 53.6 | 8.0 | -45.0 | 6.8 | -16.4 | -20.9 | -14.6 |
| passbook savings | 50.1 | 58.1 | 57.5 | 19.7 | 15.5 | 16.3 | 6.1 |
| home saving plans | 2.2 | -6.7 | -18.8 | -1.9 | -2.7 | -7.7 | -6.5 |
| - Securities | 12.2 | 40.6 | 32.2 | 8.7 | 7.0 | 1.7 | 14.8 |
| debt securities | -0.9 | 6.1 | 6.4 | 2.6 | 1.4 | 0.6 | 1.8 |
| listed shares | 5.0 | 7.5 | 0.9 | 3.0 | -0.9 | -1.2 | 0.0 |
| unlisted shares and other equities | 9.5 | 19.5 | 15.3 | 2.3 | 5.9 | 3.9 | 3.2 |
| money market fund shares | -1.2 | 1.8 | 6.1 | 0.2 | 1.7 | 1.6 | 2.6 |
| non-MMF invesment fund shares | -0.1 | 5.7 | 3.6 | 0.6 | -1.1 | -3.2 | 7.2 |
| - Life insurance and pension plans | 29.5 | 35.7 | 29.1 | 4.2 | 13.5 | 4.7 | 6.7 |
| of which non-unit linked contracts | 1.7 | 0.9 | -6.8 | -2.2 | 5.7 | -7.3 | -3.1 |
| Financing | 87.1 | 83.2 | 54.4 | 20.2 | 15.3 | 16.3 | 2.6 |
| - MFI Loans | 87.1 | 83.2 | 54.5 | 20.2 | 15.3 | 16.3 | 2.6 |
(a) are excluded here several residual items
In Q2 2023, households' financial investment flows accelerate compared with the previous quarter. Deposits slow, due to more moderate passbook savings. Investment in securities picks up, due to the strength of non-MMF investment fund shares. Households' investment in life insurance is slightly higher than in Q1, with investment in unit-linked funds remaining dynamic, and a smaller outflow from euro funds. On the liabilities side, households' MFI loans financing is weak.
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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