Debt ratios by institutional sectors - international comparisons 2018Q3
Published on 02/08/2019
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Further increase in the private debt ratio in France and Germany
Non-financial private sector debt ratio (in % of GDP)![]()
In the third quarter of 2018, the non-financial private sector (NFPS) debt ratio stood at 118.6 % of GDP in the euro zone. It declined by 0.5 point over 2018 Q3 (compared to + 0.4 point in 2018 Q2). The NFPS' debt ratio dropped quite sharply in Spain (- 2.0 points in 2018 Q3) and slightly in Italy (- 0.2 point). Conversely, the non-financial private sector debt rose more than the GDP in France and in Germany (respectively 1.1 point and 0.5 point increases of the debt ratio in 2018 Q3), as a result of a rise in both households' and non-financial corporations' debts.
Outside the euro zone, the non-financial private sector debt ratio decreased in 2018 Q3 in the United States and in the United-Kingdom (respectively by - 0.6 point and by - 0.9 point), while it increased in Japan (+ 1.9 point).
Outside the euro zone, the non-financial private sector debt ratio decreased in 2018 Q3 in the United States and in the United-Kingdom (respectively by - 0.6 point and by - 0.9 point), while it increased in Japan (+ 1.9 point).
Non-financial private sector debt (in % of GDP)
| Q3 2017 | Q4 2017 | Q1 2018 | Q2 2018 | Q3 2018 | |
| United States | 149.2 | 149.5 | 148.6 | 149.6 | 149.0 |
| Japan | 147.2 | 147.8 | 147.5 | 147.1 | 149.0 |
| Euro area | 120.1 | 119.4 | 118.7 | 119.1 | 118.6 |
| o/w Germany | 89.3 | 88.9 | 89.2 | 90.9 | 91.4 |
| France | 129.7 | 130.0 | 131.0 | 132.2 | 133.3 |
| Italy | 107.2 | 107.4 | 106.7 | 106.9 | 106.7 |
| Spain | 131.9 | 129.4 | 127.1 | 127.1 | 125.1 |
| United Kingdom | 154.9 | 154.8 | 153.5 | 154.0 | 153.1 |
* Debt ratio at nominal value for the United Kingdom are calculated by interpolation.
Households debt ratio (in % of GDP and of GDI)![]()
| Q3 2017 | Q4 2017 | Q1 2018 | Q2 2018 | Q3 2018 | |
| United States | 103.1 | 103.5 | 102.7 | 102.4 | 102.1 |
| 132.1 | 132.7 | 131.6 | 131.4 | 131.2 | |
| Japan | 57.0 | 57.2 | 57.5 | 57.4 | 57.7 |
| 98.6 | 99.2 | 99.2 | 99.4 | 100.0 | |
| Euro area | 58.2 | 58.0 | 57.7 | 57.7 | 57.6 |
| 94.1 | 94.1 | 93.8 | 93.8 | 93.6 | |
| o/w Germany | 52.9 | 52.7 | 52.5 | 52.5 | 52.7 |
| 82.5 | 82.5 | 82.3 | 82.3 | 82.7 | |
| France | 57.9 | 58.3 | 58.4 | 58.8 | 59.2 |
| 92.1 | 92.9 | 93.2 | 93.8 | 94.3 | |
| Italy | 40.9 | 41.0 | 40.7 | 41.0 | 40.9 |
| 61.0 | 61.0 | 60.8 | 61.1 | 61.0 | |
| Spain | 61.9 | 61.1 | 60.4 | 60.7 | 59.6 |
| 101.0 | 100.4 | 99.5 | 100.3 | 98.5 | |
| United Kingdom | 86.1 | 86.0 | 86.0 | 86.2 | 86.2 |
| 125.4 | 125.3 | 125.0 | 125.3 | 125.3 |
Non-financial corporations debt ratio (in % of GDP)![]()
| Q3 2017 | Q4 2017 | Q1 2018 | Q2 2018 | Q3 2018 | |
| United States | 46.1 | 46.0 | 45.9 | 47.2 | 46.9 |
| Japan | 90.2 | 90.6 | 90.0 | 89.7 | 91.2 |
| Euro area | 62.0 | 61.4 | 61.0 | 61.4 | 61.0 |
| o/w Germany | 36.5 | 36.2 | 36.7 | 38.4 | 38.7 |
| France | 71.8 | 71.8 | 72.6 | 73.4 | 74.1 |
| Italy | 66.3 | 66.3 | 66.0 | 65.9 | 65.7 |
| Spain | 70.0 | 68.2 | 66.7 | 66.4 | 65.5 |
| United Kingdom | 68.8 | 68.9 | 67.4 | 67.8 | 66.8 |
Source: Quarterly national financial accounts and Eurostat, Computation: Banque de France
General government sector debt ratio (in % of GDP)![]()
In the euro zone, the general government debt ratio reached 86.1 % of GDP in 2018 Q3, after a slight decrease compared to the previous quarter (- 0.2 point). The public debt ratio continued to decline in Germany (- 0.5 point in 2018 Q3). It was almost stable in Italy (- 0.1 point). By contrast, it increased in Spain and in France (respectively by + 0.2 point and + 0.3 point).
The government debt ratio rose in the United States (+ 0.2 point of GDP in 2018 Q3), was almost stable in the United Kingdom (- 0.1 point) and declined in Japan (- 0.3 point).
The government debt ratio rose in the United States (+ 0.2 point of GDP in 2018 Q3), was almost stable in the United Kingdom (- 0.1 point) and declined in Japan (- 0.3 point).
Government sector debt (in % of GDP)
| Q3 2017 | Q4 2017 | Q1 2018 | Q2 2018 | Q3 2018 | |
| United States | 100.9 | 100.9 | 102.8 | 101.7 | 101.9 |
| Japan | 211.9 | 211.5 | 210.8 | 210.8 | 210.5 |
| Euro area* | 88.2 | 86.8 | 86.9 | 86.3 | 86.1 |
| o/w Germany | 64.8 | 63.9 | 62.7 | 61.5 | 61.0 |
| France | 99.8 | 98.5 | 99.3 | 99.0 | 99.3 |
| Italy | 133.6 | 131.2 | 132.8 | 133.1 | 133.0 |
| Spain | 98.4 | 98.1 | 98.7 | 98.1 | 98.3 |
| United Kingdom * | 85.9 | 87.1 | 85.4 | 86.4 | 86.3 |
* "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.
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Debt ratios by institutional sectors - international comparisons
- Published on 02/08/2019
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Published on Friday, February 8, 2019