Debt ratios by institutional sectors - international comparisons 2016Q2

Increase in the private sector debt ratio in France, Germany and Italy
Non-financial private sector debt ratio (in % of GDP)
The non-financial sector debt ratio increases slightly in the euro area (123.4 % of GDP in 2016 Q2 vs. 123.2 % in Q1). The ratio hikes by +1.4 point in France and is also increasing, though at a more moderate pace, in Germany and in Italy (+0.3 point and +0.4 point respectively). In contrast, the ratio decreases again in Spain (-0.9 point compared to the previous quarter).

The non-financial sector debt ratio continues to decline in Japan in the 2nd quarter (-0.8 point) and to grow in the United States and in the United Kingdom (+0.9 point et +3.0 points). It should be noticed that the UK debt is measured at market value, which generates fluctuations which can partly be disconnected from those in the real indebteness out of GDP.
Non-financial private sector debt (in % of GDP)
jun-15 sep-15 dec-15 mar-16 jun-16
United States 142,5 143,3 144,0 144,6 145,5
Japan* 154,7 154,0 154,6 153,5 152,8
Euro area 125,4 125,1 123,3 123,2 123,4
o/w Germany 89,7 89,3 88,8 89,4 89,7
France 123,2 123,7 124,8 124,3 125,5
Italy 116,0 115,0 114,0 112,3 112,7
Spain 151,9 148,2 145,3 141,8 140,9
United Kingdom* 143,3 144,2 144,2 145,4 148,4
* Debt at nominal value except for the United-Kingdom at market value.
Data are compiled in accordance w ith ESA 2010 except for Japan.
General government sector debt ratio (in % of GDP)
The debt ratio of the general government of the euro area is broadly stable in the 2nd quarter of 2016 (91.2 % of GDP). It decreases in Germany (-0.8 point). In contrast, it increases again in France and in Italy (+0.9 point and +0.5 point) and is almost unchanged in Spain.
The general government debt ratio upswings in Japan and in United Kingdom (+1.4 point and +1.3 point) and it declines in the United States (-0.5 point).
Government sector debt (in % of GDP)
jun-15 sep-15 dec-15 mar-16 jun-16
United States 98,7 98,0 101,5 102,2 101,7
Japan 229,2 226,0 223,0 222,6 224,0
Euro area* 92,1 91,5 90,4 91,3 91,2
o/w Germ any 72,6 72,0 71,2 70,9 70,1
France 97,6 97,1 96,2 97,5 98,4
Italy 135,4 134,0 132,3 135,0 135,5
Spain 99,8 99,7 99,3 100,6 100,5
United Kingdom * 88,9 88,3 89,1 87,8 89,1
* "Maastricht" def inition (nominal value) for European Union countries.
Additional information
French debt ratios are drawn from the Stat Info "Non-financial sector debt ratio - France".
For each sector (NFC, Households and General government), 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. For other countries, dissimenated data are less detailed. NFC's net loans are assessed by withdrawing oustanding amount of loans assets - mainly loans vis-à-vis resident and non-resident affiliated entities - from oustanding amount of loans liabilities.
Households debt ratio (in % of GDP and of GDI)
Jun-15 Sep-15 Dec-15 Mar-16 Jun-16
United States 101,1 101,6 102,2 102,1 102,7
131,8 132,4 133,0 132,5 132,9
Japan 65,6 65,5 65,6 65,9 65,9
100,9 100,9 101,2 101,7 102,0
Euro area 59,7 59,5 59,3 58,9 58,9
94,3 94,3 94,1 93,6 93,6
o/w Germany 53,7 53,7 53,6 53,3 53,4
82,3 82,5 82,3 82,2 82,3
France 55,4 55,7 55,9 55,8 56,0
86,3 86,8 87,1 87,1 87,4
Italy 42,5 42,3 42,2 41,9 41,8
62,2 62,0 61,9 61,6 61,3
Spain 70,9 68,9 67,8 66,7 66,7
110,1 107,6 107,1 105,5 105,8
United Kingdom 85,6 86,0 86,7 87,0 87,2
123,9 124,2 125,2 125,7 126,2
Non-financial corporations debt ratio (in % of GDP)
jun-15 sep-15 dec-15 mar-16 jun-16
United States 41,4 41,7 41,8 42,4 42,7
Japan * 89,0 88,5 89,0 87,6 87,0
Euro area 65,7 65,6 64,1 64,3 64,5
o/w Germany 36,0 35,6 35,2 36,1 36,3
France 67,8 68,0 68,9 68,4 69,5
Italy 73,5 72,7 71,8 70,4 70,9
Spain 81,0 79,2 77,5 75,1 74,3
United Kingdom * 57,7 58,2 57,5 58,4 61,2
* Debt at nominal value except for the United-Kingdom at market value.
Data are compiled in accordance with SNA 1993 for Japan
Source: Quarterly national financial accounts and Eurostat, Computation: Banque de France
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STAT INFO - 2nd quarter 2016
Non-financial sector debt ratios
international comparisons

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Debt ratios by institutional sectors - international comparisons
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Published on Tuesday, November 15, 2016