Debt ratios of the non-financial sectors

Debt consists of all liabilities that require payment of interest or principal at one or more dates in the future.

As a result, all debt securities are liabilities, but certain liabilities, such as equities and financial derivatives, are not debt.

Indebtedness is calculated for several institutional sectors that correspond to those defined by the European System of Accounts (ESA):

• households: individuals, unincorporated enterprises and non-profit institutions serving households (NPISHs);
• non-financial corporations (NFCs);
• general government, which includes central government, federal government, local government and social security agencies.