Debt ratios by institutional sectors - international comparisons 2017Q3
Published on 02/22/2018
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Almost stable in France, the private sector debt ratio decreases again in the euro zone
Non-financial private sector debt ratio (in % of GDP)
In the third quarter of 2017, the non-financial private sector (NFPS) debt ratio fell again in the euro zone and reached 120.3 % of GDP. The private debt ratio decreased once more in Spain (- 3.2 points in 2017 Q3) and in Italy (- 1.4 point). It increased in Germany (+ 0.6 point) due to significant net issuances of debt securities by non-financial corporations over the quarter, while remaining lower than in the other major European countries. In France, it was almost stable at 129.6 % of GDP.
The non-financial private sector debt ratio rose more significantly than before in the United Kingdom and in Japan (respectively by + 1.5 point and + 1.0 point).
Non-financial corporations contributed more than households to changes in private debt ratios.
The non-financial private sector debt ratio rose more significantly than before in the United Kingdom and in Japan (respectively by + 1.5 point and + 1.0 point).
Non-financial corporations contributed more than households to changes in private debt ratios.
Non-financial private sector debt (in % of GDP)
| Q3 2016 | Q4 2016 | Q1 2017 | Q2 2017 | Q3 2017 | |
| United States | 149.3 | 149.2 | 149.4 | 149.8 | 150.0 |
| Japan | 145.3 | 146.4 | 147.1 | 146.7 | 147.7 |
| Euro area | 124.1 | 123.0 | 122.1 | 121.5 | 120.3 |
| o/w Germany | 90.5 | 89.5 | 89.8 | 89.7 | 90.3 |
| France | 125.7 | 127.9 | 129.5 | 129.5 | 129.6 |
| Italy | 110.9 | 109.8 | 109.9 | 109.0 | 107.6 |
| Spain | 139.9 | 137.5 | 136.5 | 134.7 | 131.5 |
| United Kingdom | 155.2 | 153.5 | 154.1 | 154.5 | 156.0 |
* Debt ratio at nominal value for the United Kingdom are calculated by interpolation.
General government sector debt ratio (in % of GDP)
In the euro zone, the general government debt ratio declined more sharply in 2017 Q3 (- 0.9 point of GDP after - 0.2 point in the previous quarter); it reached 88.1 % of GDP. Public debt ratios decreased in Spain (- 1.1 point), in France (- 1.0 point), in Germany (- 0.8 point) and in Italy (- 0.6 point).
The government debt ratio rose in the United States (+ 1.1 point), declined in Japan (- 0.8 point) and was stable in the United Kingdom (- 0.1 point).
The government debt ratio rose in the United States (+ 1.1 point), declined in Japan (- 0.8 point) and was stable in the United Kingdom (- 0.1 point).
Government sector debt (in % of GDP)
| Q3 2016 | Q4 2016 | Q1 2017 | Q2 2017 | Q3 2017 | |
| United States | 102.0 | 103.0 | 101.3 | 100.0 | 101.1 |
| Japan | 211.0 | 210.7 | 210.7 | 211.4 | 210.6 |
| Euro area* | 89.7 | 88.9 | 89.2 | 89.0 | 88.1 |
| o/w Germany | 69.2 | 68.1 | 66.5 | 65.9 | 65.1 |
| France | 97.4 | 96.3 | 98.8 | 99.1 | 98.1 |
| Italy | 132.0 | 132.0 | 134.0 | 134.7 | 134.1 |
| Spain | 99.9 | 99.0 | 100.0 | 99.8 | 98.7 |
| United Kingdom * | 87.2 | 88.2 | 86.7 | 86.6 | 86.5 |
* "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.
Households debt ratio (in % of GDP and of GDI)
| Q3 2016 | Q4 2016 | Q1 2017 | Q2 2017 | Q3 2017 | |
| United States | 104.5 | 104.8 | 104.3 | 104.5 | 104.6 |
| 135.1 | 136.0 | 135.7 | 136.3 | 137.0 | |
| Japan | 57.1 | 57.2 | 57.3 | 57.3 | 57.1 |
| 91.9 | 91.9 | 91.9 | 92.0 | 91.9 | |
| Euro area | 58.5 | 58.3 | 58.1 | 58.1 | 57.9 |
| 93.4 | 93.3 | 92.9 | 93.1 | 93.0 | |
| o/w Germany | 53.3 | 53.2 | 53.1 | 53.1 | 53.1 |
| 82.8 | 82.7 | 82.2 | 82.3 | 82.4 | |
| France | 56.2 | 56.8 | 57.5 | 57.8 | 58.0 |
| 88.0 | 88.8 | 89.6 | 90.2 | 90.6 | |
| Italy | 41.5 | 41.5 | 41.6 | 41.4 | 41.2 |
| 61.0 | 61.1 | 61.0 | 61.0 | 60.8 | |
| Spain | 65.0 | 64.1 | 63.2 | 63.2 | 61.8 |
| 103.6 | 102.7 | 101.7 | 102.0 | 100.4 | |
| United Kingdom | 86.4 | 86.1 | 86.2 | 86.5 | 86.1 |
| 120.6 | 121.5 | 123.0 | 124.1 | 124.2 |
Non-financial corporations debt ratio (in % of GDP)
| Q3 2016 | Q4 2016 | Q1 2017 | Q2 2017 | Q3 2017 | |
| United States | 44.9 | 44.4 | 45.2 | 45.3 | 45.4 |
| Japan | 88.3 | 89.1 | 89.8 | 89.4 | 90.5 |
| Euro area | 65.6 | 64.7 | 64.0 | 63.4 | 62.4 |
| o/w Germany | 37.2 | 36.3 | 36.8 | 36.6 | 37.2 |
| France | 69.5 | 71.0 | 72.1 | 71.7 | 71.6 |
| Italy | 69.3 | 68.3 | 68.3 | 67.7 | 66.3 |
| Spain | 74.9 | 73.3 | 73.4 | 71.5 | 69.7 |
| United Kingdom | 68.9 | 67.4 | 67.9 | 67.9 | 69.8 |
Source: Quarterly national financial accounts and Eurostat, Computation: Banque de France
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Debt ratios by institutional sectors - international comparisons
- Published on 02/22/2018
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Published on Thursday, February 22, 2018