Financial accounts of the non-financial sectors 2023Q3
Published on 17 January 2024
Net indebtedness of NFCs rises fairly sharply in Q3, as does that of general government, while net investment by households remains dynamic
NON-FINANCIAL CORPORATIONS*![]()
| FINANCIAL TRANSACTIONS | YEARS | SA YEAR-ON-YEAR | QUARTERS (SA) | ||||
| (EUR billions) | 2021 | 2022 | Q3 2023 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 |
| Financing | 118.5 | 91.9 | 74.8 | 33.6 | 20.9 | -1.6 | 22.0 |
| - MFI loans | 39.4 | 100.9 | 43.7 | 19.0 | 6.5 | 1.8 | 16.5 |
| - Debt securities | 5.5 | -6.2 | 5.4 | 8.3 | -10.4 | 2.7 | 4.8 |
| - Shares and net equities (a) | 73.7 | -2.8 | 25.7 | 6.3 | 24.8 | -6.1 | 0.7 |
| Financial investment (b) | 76.2 | 47.6 | 53.6 | 41.5 | 6.1 | -3.2 | 9.3 |
| - Currency and deposits | 37.2 | 21.0 | -30.8 | 21.8 | -28.0 | -21.7 | -2.9 |
| - Securities | -14.1 | 9.2 | 49.5 | 10.9 | 18.9 | 13.0 | 6.9 |
| debt securities | -0.6 | 16.6 | 13.9 | 5.4 | 1.7 | 3.0 | 3.9 |
| money market fund shares | -14.8 | -5.3 | 36.0 | 3.5 | 20.1 | 7.1 | 5.3 |
| non-MMF invesment fund shares | 1.4 | -2.2 | -0.4 | 2.0 | -2.9 | 2.9 | -2.3 |
| - Other net financial assets (c) | 53.0 | 17.4 | 34.9 | 8.8 | 15.2 | 5.5 | 5.3 |
(a) including direct investment (equity capital and reinvested earnings)
(b) are excluded here several residual items
(c) mainly cross-border intercompany lending/borrowing
(b) are excluded here several residual items
(c) mainly cross-border intercompany lending/borrowing
Net indebtedness of non-financial corporations (NFCs) rises fairly sharply in Q3, with dynamic MFI loans, even though part of the gross indebtedness is used to increase certain financial investments. This is also the case in cumulative terms over the last 12 months on a rolling basis.
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 YEAR-ON-YEAR | QUARTERS (SA) | ||||
| (EUR billions) | 2021 | 2022 | Q3 2023 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 |
| Financing | 188.0 | 105.2 | 86.4 | 29.3 | 3.0 | 27.1 | 27.1 |
| - Deposits | 20.7 | 4.5 | -14.7 | -0.4 | -5.4 | -14.1 | 5.3 |
| - MFI loans | 3.4 | 0.7 | -5.0 | -2.2 | -0.6 | -0.2 | -2.0 |
| - Debt securities | 163.8 | 99.9 | 106.1 | 31.9 | 9.0 | 41.4 | 23.8 |
| Financial investment (a) | 27.1 | -21.6 | -57.4 | -19.9 | 0.0 | -26.3 | -11.2 |
| - Currency and deposits | 20.3 | -26.2 | -68.5 | -23.1 | -6.2 | -26.1 | -13.2 |
| - Securities | 6.8 | 4.7 | 11.1 | 3.2 | 6.2 | -0.2 | 2.0 |
| debt securities | 6.1 | 2.0 | 5.0 | 6.7 | 0.1 | 1.5 | -3.3 |
| net equities | 4.2 | -3.2 | 2.4 | -8.1 | 4.6 | 0.4 | 5.6 |
| invesment fund shares | -3.6 | 5.9 | 3.7 | 4.6 | 1.5 | -2.1 | -0.3 |
(a) are excluded here several residual items
Gross indebtedness (seasonally adjusted flows) of general government continues to rise in the third quarter of 2023. In addition, its financial investment flows are once again negative, with the use of its cash invested in deposits.
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 YEAR-ON-YEAR | QUARTERS (SA) | ||||
| (EUR billions) | 2021 | 2022 | Q3 2023 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 |
| Financing | 87.1 | 83.2 | 35.5 | 15.3 | 16.3 | 2.6 | 1.2 |
| - MFI loans | 87.1 | 83.2 | 35.5 | 15.3 | 16.3 | 2.6 | 1.2 |
| Financial investment (a) | 159.6 | 164.3 | 121.4 | 31.7 | 21.6 | 33.2 | 34.9 |
| - Currency and deposits | 117.9 | 88.0 | 59.1 | 11.2 | 15.1 | 11.7 | 21.2 |
| of which transferable deposits | 53.6 | 8.0 | -54.8 | -16.4 | -20.9 | -14.6 | -3.0 |
| passbook savings | 50.1 | 58.1 | 42.3 | 15.5 | 16.3 | 6.1 | 4.5 |
| home saving plans | 2.2 | -6.7 | -22.4 | -2.7 | -7.7 | -6.5 | -5.5 |
| - Securities | 12.2 | 40.6 | 34.8 | 7.0 | 1.7 | 14.8 | 11.3 |
| debt securities | -0.9 | 6.1 | 5.7 | 1.4 | 0.6 | 1.8 | 1.9 |
| listed shares | 5.0 | 7.5 | -0.1 | -0.9 | -1.2 | 0.0 | 2.1 |
| unlisted shares and other equities | 9.5 | 19.5 | 17.7 | 5.9 | 3.9 | 3.2 | 4.8 |
| money market fund shares | -1.2 | 1.8 | 7.6 | 1.7 | 1.6 | 2.6 | 1.6 |
| non-MMF invesment fund shares | -0.1 | 5.7 | 3.9 | -1.1 | -3.2 | 7.2 | 0.9 |
| - Life insurance and pension plans | 29.5 | 35.7 | 27.4 | 13.5 | 4.8 | 6.7 | 2.4 |
| of which non-unit linked contracts | 1.7 | 0.9 | -4.8 | 5.7 | -7.2 | -3.1 | -0.2 |
(a) are excluded here several residual items
In Q3 2023, households' financial investment flows are once again positive. Deposits increase thanks to term accounts, while the contraction in transferable deposits slows. Households also invest again in securities, particularly in unlisted shares and other equities. Their investment in life insurance rises more slowly than in the previous quarter, with more moderate inflows into unit-linked contracts and a near-stabilization on euro funds. On the liabilities side, households' new MFI loans flows remain low.
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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