Debt ratios by institutional sectors - international comparisons 2019Q3

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 2019, the non-financial private sector (NFPS) debt ratio stands at 119.4 % of GDP in the euro area, a level above the one in the previous quarter (+ 0.4 point). The increase is marked in Germany and in France (respectively + 0.7 and + 1.5 point in 2019 Q3). Conversely, the private debt ratio falls once again in Spain (- 1.5 point). It stabilizes over the third quarter in Italy (+ 0.1 point). Indebtedness remains higher in France than in its major neighbours in the euro area, both for non-financial corporations and for households.
Non-financial private sector debt ratios are higher outside the euro zone. They are close to 150 % of GDP and rises over the third quarter in the United Kingdom (+ 2 points, driven by non-financial corporations), in Japan (+ 0.8 point) and in the United States (+ 0.3 point).


Non-financial private sector debt (in % of GDP)
Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019
United States 149.1 148.9 148.6 148.8 149.1
Japan 147.9 149.5 150.8 150.2 151.0
Euro area 118.6 118.3 118.2 118.9 119.4
o/w Germany 92.6 93.1 93.4 95.0 95.7
France 131.2 132.1 133.1 133.9 135.4
Italy 106.3 106.1 105.3 105.6 105.8
Spain 125.0 123.7 123.0 122.0 120.5
United Kingdom 150.1 149.4 146.9 147.4 149.4
* Debt ratio at nominal value for the United Kingdom is calculated by interpolation.

Households debt ratio (in % of GDP and of GDI)
Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019
United States 102.3 102.4 101.5 101.6 101.9
130.6 130.4 129.3 129.4 129.4
Japan 58.0 58.6 58.8 58.7 58.6
99.2 99.6 100.2 100.0 100.4
Euro area 57.6 57.6 57.5 57.7 57.8
93.6 93.6 93.4 93.5 93.6
o/w Germany 53.4 53.5 53.6 54.0 54.4
83.8 83.7 83.9 84.4 84.9
France 59.1 59.6 60.0 60.4 61.1
94.7 95.3 95.6 96.3 97.4
Italy 40.7 40.8 40.9 41.2 41.3
61.0 61.0 61.0 61.4 61.3
Spain 59.7 59.0 58.4 58.7 57.4
96.5 95.2 94.2 94.1 92.3
United Kingdom 83.5 83.4 83.2 83.4 83.6
120.6 120.0 120.0 120.4 120.9
Non-financial corporations debt ratio (in % of GDP)
Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019
United States 46.8 46.6 47.1 47.2 47.3
Japan 89.9 90.9 92.0 91.5 92.4
Euro area 61.1 60.7 60.7 61.2 61.6
o/w Germany 39.2 39.5 39.8 40.9 41.3
France 72.0 72.5 73.1 73.5 74.3
Italy 65.5 65.2 64.4 64.4 64.5
Spain 65.4 64.7 64.6 63.3 63.1
United Kingdom 66.6 66.0 63.7 64.0 65.9
Source: Quarterly national financial accounts and Eurostat, Computation: Banque de France
General government sector debt ratio (in % of GDP)
In the euro area, the general government debt ratio decreases by - 0.3 point, reaching 86.1 % of GDP at the end of the third quarter of 2019. The public debt ratio declines in Spain and in Italy (respectively by - 1.0 point and - 0.7 point). It is stable in Germany. By contrast, it increases in France (+ 0.9 point in 2019 Q3).
Outside the euro area, the government debt ratio rises in the United States (+ 2.6 points of GDP in 2019 Q3) and decreases in the United Kingdom (- 0.6 point) and in Japan (- 2.2 points).

Government sector debt (in % of GDP)
Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019
United States 101.4 102.2 101.3 99.8 102.4
Japan 210.9 212.5 213.3 213.7 211.5
Euro area* 87.1 85.9 86.5 86.4 86.1
o/w Germany 62.7 61.9 61.7 61.1 61.2
France 99.3 98.4 99.5 99.5 100.4
Italy 136.1 134.8 136.5 138.0 137.3
Spain 98.9 97.6 98.9 98.9 97.9
United Kingdom * 85.3 85.7 84.1 84.8 84.2
* "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.
More information on : time series, calendar, methodology
All statistical time series published by the Banque de France can be accessed on Webstat Banque de France
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STAT INFO - 3rd quarter 2019
Non-financial sector debt ratios
international comparisons

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Debt ratios by institutional sectors - international comparisons
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Published on Friday, February 21, 2020