Debt ratios by institutional sectors - international comparisons 2022Q1

Private and public debt ratios continue to fall in Q1 2022 as nominal GDP rebounds, but debt levels remain high.

Non-financial private sector debt ratio (in % of GDP)
In the first quarter of 2022, the non-financial private sector debt ratio reaches 121.9% of GDP in the euro area, 1 point down compared to the previous quarter (after - 0.8 point in 2021 Q4). This decrease in the debt ratios of non-financial corporations and households is due to nominal GDP growth, even though debt continues to increase (cf. additional information). The private debt ratio declines sharply in Spain (- 3.3 points) and in Italy (- 1.9 point). It falls slightly in France and Germany (respectively by - 0.5 point and - 0.3 point). The French ratio stands at 147.4% of GDP and remains the largest one among the main euro area economies. In particular, while the debt ratios of German, Italian and Spanish households fall this quarter, it rises slightly in France.
Outside the euro area, the non-financial private sector debt ratio decreases more in the United Kingdom (- 5.2 points) than in Japan and in the United States (respectively by - 1.1 point and - 0.9 point).


Non-financial private sector debt (in % of GDP)
Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022
United States 164.7 160.3 158.8 157.5 156.6
Japan 171.8 170.2 170.4 172.8 171.7
Euro area 128.8 125.2 123.7 122.9 121.9
o/w Germany 110.3 108.0 107.8 107.3 107.0
France 153.6 148.7 148.3 147.9 147.4
Italy 117.1 113.1 111.8 112.2 110.3
Spain 135.1 131.4 128.0 125.7 122.4
United Kingdom 154.0 148.9 147.1 143.4 138.2
* Debt ratio at nominal value for the United Kingdom are calculated by interpolation.


Households debt ratio (in % of GDP and of GDI)
Households debt
Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022
United States 110.2 107.8 106.8 106.0 105.1
123.7 125.6 126.2 127.0 131.0
Japan 68.5 67.9 68.1 68.8 68.9
114.2 115.8 116.1 115.8 114.3
Euro area 62.5 61.2 60.8 60.2 59.4
97.8 97.8 98.0 97.8 97.5
o/w Germany 57.7 57.0 57.0 56.8 56.2
90.4 90.9 91.7 91.9 91.6
France 67.7 66.1 66.1 65.6 65.7
101.0 101.1 101.7 101.8 102.4
Italy 45.3 44.0 43.7 43.6 43.1
65.0 64.7 64.7 64.6 64.1
Spain 62.7 61.3 59.8 58.4 57.0
94.7 95.0 93.5 92.8 92.1
United Kingdom 90.9 88.1 87.4 85.9 84.4
129.0 128.2 128.6 127.9 128.4
Non-financial corporations debt ratio (in % of GDP)
Non-financial corporations debt (in % of GDP)
Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022
United States 54.6 52.5 52.0 51.5 51.5
Japan 103.4 102.3 102.3 104.1 102.9
Euro area 66.3 64.0 62.9 62.7 62.5
o/w Germany 52.7 51.0 50.7 50.5 50.8
France 86.0 82.6 82.3 82.3 81.7
Italy 71.7 69.1 68.0 68.6 67.2
Spain 72.4 70.1 68.2 67.3 65.4
United Kingdom 63.1 60.8 59.7 57.5 53.8
Source: Quarterly national financial accounts and Eurostat, Computation: Banque de France
General government sector debt ratio (in % of GDP)
In the first quarter of 2022, the general government debt ratio in the euro area stands at 95.6% of GDP. This ratio is almost stable compared to the previous quarter, with the stock of public debt evolving at a similar pace to GDP (cf. additional information). The public debt ratio falls in Germany (- 2.2 points of GDP) and in Spain (- 0.7 point in 2022 Q1). On the contrary, this ratio increases in Italy and in France (respectively by + 1.8 point and + 2 points to 114.5%).
Outside the euro area, the public debt ratio decreases significantly more in the United Kingdom (- 3.6 points) than in the United States (- 0.1 point). It increases in Japan (+ 6.2 points in 2022 Q1).


Government sector debt (in % of GDP)
Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022
United States 129.7 126.6 123.5 124.7 124.6
Japan 235.1 233.9 233.5 234.4 240.6
Euro area* 100.0 98.2 97.6 95.7 95.6
o/w Germany 69.9 69.6 69.3 69.3 68.2
France 117.4 113.9 115.2 112.5 114.5
Italy 159.3 155.7 154.6 150.8 152.6
Spain 125.2 122.7 121.7 118.4 117.7
United Kingdom * 103.7 102.9 102.8 102.8 99.3
* "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.
Breakdown of the increase in households debt ratio (in % of GDP)

Ratio Increase Debt Effect GDP Effect
Unites States -1.0 1.7 -2.7
Japan 0.1 0.1 0.0
Euro Area -0.8 0.5 -1.3
o/w Germany -0.6 0.5 -1.1
France 0.0 1.1 -1.0
Italy -0.5 0.3 -0.8
Spain -1.4 0.0 -1.4
United Kingdom -1.5 0.9 -2.4
Breakdown of the increase in non-financial corporations debt ratio (in % of GDP)

Ratio Increase Debt Effect GDP Effect
Unites States 0.0 1.3 -1.3
Japan -1.2 -1.2 0.0
Euro Area -0.2 1.1 -1.3
o/w Germany 0.3 1.3 -1.0
France -0.6 0.7 -1.3
Italy -1.4 -0.2 -1.2
Spain -1.9 -0.3 -1.6
United Kingdom -3.7 -2.2 -1.5
Breakdown of the increase in General government sector debt ratio (in % of GDP)

Ratio Increase Debt Effect GDP Effect
Unites States -0.1 3.1 -3.2
Japan 6.2 6.1 0.0
Euro Area -0.1 2.0 -2.1
o/w Germany -1.1 0.2 -1.3
France 2.0 3.6 -1.5
Italy 1.8 4.4 -2.6
Spain -0.7 2.2 -2.9
United Kingdom -3.6 -0.7 -2.8
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STAT INFO - 1st quarter 2022
Non-financial sector debt ratios
international comparisons

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Debt ratios by institutional sectors - international comparisons
  • Published on 08/16/2022
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Published on Tuesday, August 16, 2022