Debt ratios by institutional sectors - international comparisons 2019Q4

In 2019, the private sector debt ratio is almost stable in
the euro zone
Non-financial private sector debt ratio (in % of GDP)
At the end of 2019, the non-financial private sector (NFPS) debt ratio stands at 118.8 % of GDP in the euro zone, a slightly higher level of 0.2 point compared to the end of 2018. Over the year, the private debt ratio declines sharply in Spain (- 6 points) and, to a lesser extent, in Italy (- 1.5 point). It rises again in France (+ 3.5 points in 2019 compared to + 4.2 points in 2018) and it increases more moderately in Germany (+ 2.6 points). Indebtedness remains higher in France than in its major neighbours in the euro area, both for non-financial corporations and for households.
The first available data on debt for the first quarter of 2020 show a marked increase in the debt of non-financial corporations, concentrated in March, stronger in France than in the other euro area countries (cf. press release, in French:
"l'impact de la crise du COVID-19 sur la situation financière des entreprises et des ménages - première photographie à fin mars 2020").
Outside the euro area, the non-financial private sector debt ratio in Japan continues to rise (+ 2.7 percentage points of GDP year-on-year) to reach 152.2% at the end of 2019. In contrast, it stabilizes in the United States (+ 0.1 point) and declines in the United Kingdom (- 0.5 point).
Non-financial private sector debt (in % of GDP)
Dec17 Dec-18 Mar-19 Jun-19 Sep-19 Dec19
United States 149.8 148.9 148.6 148.8 149.1 149.0
Japan 146.5 149.5 150.8 150.2 151.1 152.2
Euro area 118.7 118.6 118.5 119.2 119.6 118.8
o/w Germany 90.3 93.4 93.7 95.3 96.1 96.0
France 127.4 131.6 132.5 133.3 135.0 135.1
Italy 106.9 106.4 105.6 105.5 105.6 104.9
Spain 128.8 124.0 122.9 122.0 120.7 118.0
United Kingdom 151.2 149.4 146.7 147.9 150.3 148.9
* Debt ratio at nominal value for the United Kingdom are calculated by interpolation.

Households debt ratio (in % of GDP and of GDI)
Dec-17 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19
United States 103.8 102.3 101.5 101.6 101.9 102.1
133.0 130.4 129.3 129.3 129.5 129.8
Japan 57.6 58.6 58.8 58.7 58.7 59.1
100.3 99.6 100.2 100.0 100.5 101.3
Euro area 57.8 57.6 57.5 57.7 57.8 57.9
93.9 93.7 93.5 93.6 93.7 93.9
o/w Germany 53.2 53.5 53.6 54.0 54.4 54.5
83.6 83.8 84.0 84.5 84.8 85.0
France 58.2 59.7 59.9 60.3 61.0 61.6
93.0 95.3 95.6 96.2 97.3 98.1
Italy 40.8 41.0 41.0 41.2 41.2 41.2
60.8 61.1 61.1 61.4 61.5 61.6
Spain 61.2 59.0 58.4 58.7 57.4 56.9
99.0 95.2 94.3 94.4 92.4 91.5
United Kingdom 83.1 83.4 83.1 83.3 83.7 83.6
120.9 120.0 119.8 120.2 121.1 121.5
Non-financial corporations debt ratio (in % of GDP)
Dec-17 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19
United States 46.0 46.6 47.1 47.2 47.3 46.9
Japan 89.0 90.9 92.0 91.5 92.4 93.1
Euro area 60.9 60.9 61.0 61.5 61.8 60.9
o/w Germany 37.0 39.9 40.1 41.3 41.7 41.5
France 69.3 72.0 72.6 73.0 73.9 73.5
Italy 66.2 65.4 64.6 64.3 64.4 63.7
Spain 67.6 65.0 64.5 63.3 63.3 61.1
United Kingdom 68.1 66.0 63.7 64.6 66.6 65.3
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 decreases by - 1.7 point in 2019 and reaches
84.2% of GDP at the end of the year. The public debt ratio is stable in France and in Italy. It declines in
Spain and in Germany (- 2.1 points). Germany's public debt falls below the 60% of GDP threshold for
the first time since 2002.
In 2019, the government debt ratio rises more in the United States (+ 1.4 point) than in Japan (+ 0.4
point). It decreases in the United Kingdom (0.3 point over the year).
Government sector debt (in % of GDP)
Dec-17 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19
United States 100.8 102.2 101.3 99.8 102.4 103.6
Japan 211.3 212.5 213.3 213.6 211.5 212.9
Euro area* 87.8 85.9 86.5 86.3 86.0 84.2
o/w Germany 65.3 61.9 61.7 61.1 61.1 59.8
France 98.3 98.1 99.5 99.5 100.4 98.1
Italy 134.1 134.8 136.4 137.8 137.1 134.8
Spain 98.6 97.6 98.6 98.6 97.5 95.5
United Kingdom * 86.2 85.7 84.1 84.7 84.1 85.4
* "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 - 4th quarter 2019
Non-financial sector debt ratios
international comparisons

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Debt ratios by institutional sectors - international comparisons
  • Published on 05/26/2020
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Published on Tuesday, May 26, 2020