Financial accounts of the non-financial sectors 2019Q1
Published on 07/25/2019
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NON-FINANCIAL CORPORATIONS![]()
| FINANCIAL TRANSACTIONS | YEAR | Quarters (SA) | |||||
| EUR billions | 2017 | 2018 | Q2 2018 | Q3 2018 | Q4 2018 | Q1 2019 | |
| Financial investment (a) | 57.2 | -8.0 | -20.4 | -11.6 | 1.4 | 19.8 | |
| - Currency and deposits | 54.4 | 30.3 | 10.7 | 6.3 | 12.3 | 13.5 | |
| - Securities | 4.7 | -25.8 | -8.1 | -13.1 | -3.4 | -1.7 | |
| debt securities | 7.9 | -1.3 | 5.6 | -8.6 | 1.5 | 3.3 | |
| money market fund shares | -18.4 | -15.6 | -10.1 | -1.8 | -3.9 | 0.9 | |
| non-MMF invesment fund shares | 15.2 | -8.9 | -3.6 | -2.7 | -1.0 | -5.9 | |
| - Other net financial assets (b) | -1.8 | -12.5 | -23.0 | -4.8 | -7.5 | 8.0 | |
| Financing | 88.2 | 87.6 | -10.5 | 35.5 | 36.4 | 25.7 | |
| - MFI loans | 57.0 | 68.8 | 11.9 | 21.8 | 24.0 | 13.5 | |
| - Debt securities | 21.2 | 29.4 | 8.9 | 10.5 | -2.8 | 12.4 | |
| - Shares and net equities (c) | 10.0 | -10.6 | -31.3 | 3.2 | 15.2 | -0.2 | |
(a) are excluded here several residual items
(b) mainly cross-border intercompany lending/borrowing
(c) including direct investment (equity capital and reinvested earnings)
(b) mainly cross-border intercompany lending/borrowing
(c) including direct investment (equity capital and reinvested earnings)
Financial investment of non-financial corporations (NFC) increases during 2019 Q1, mainly driven by net crossed-border loans. Meanwhile, NFC continue to sell securities, although at a slower pace than in the previous quarters. Their source of financing remains broadly in line with past figures whether for bank credit or issuances of debt securities , NFC raise money by borrowing from banks or issuing debt securities.
Flows of financial investment and financing (SA)![]()
EUR billions
(*) Accounting discrepancies can occur between yearly figures and the sum of quarterly flows due to rounding differences in the series used.
GENERAL GOVERNMENT![]()
| FINANCIAL TRANSACTIONS | Year | Quaters (SA) | |||||
| EUR billions | 2017 | 2018 | Q2 2018 | Q3 2018 | Q4 2018 | Q1 2019 | |
| Financial investment (a) | 11.2 | 14.7 | -7.1 | 25.7 | -24.6 | 22.4 | |
| - Currency and deposits | 17.1 | 13.5 | -5.3 | 28.2 | -24.5 | 14.9 | |
| - Securities | -6.0 | 1.2 | -1.8 | -2.5 | -0.1 | 7.5 | |
| debt securities | -9.1 | -1.8 | -0.9 | -0.5 | -2.9 | 5.0 | |
| net equities | 0.0 | 0.1 | -1.1 | -1.6 | 1.4 | 1.0 | |
| invesment fund shares | 3.1 | 2.9 | 0.2 | -0.4 | 1.4 | 1.5 | |
| Financing | 69.3 | 68.4 | 7.2 | 30.0 | 16.9 | 24.9 | |
| - Deposits | 3.2 | 9.3 | 0.4 | 4.6 | 0.3 | 4.8 | |
| - MFI loans | -5.5 | 2.1 | -0.7 | -1.1 | 2.4 | 1.2 | |
| - Debt securities | 71.6 | 57.0 | 7.5 | 26.5 | 14.2 | 18.9 | |
(a) are excluded here several residual items
The flow of financial investment from general government returns to positive territory in the first quarter, thanks to a rebound in cash assets and the purchase of debt securities. Following a slightly weaker growth in 2018 Q4, financing strengthens with an increase in bond issuances.
Flows of financing investment and financing (SA)![]()
EUR billions
(*) Accounting discrepancies can occur between yearly figures and the sum of quarterly flows due to rounding differences in the series used.
HOUSEHOLDS![]()
| FINANCIAL TRANSACTIONS | YEARS | Quarters (SA) | |||||
| EUR billions | 2017 | 2018 | Q2 2018 | Q3 2018 | Q4 2018 | Q1 2019 | |
| Financial investment (a) | 95.2 | 113.7 | 25.4 | 26.1 | 45.6 | 38.5 | |
| - Currency and deposits | 66.6 | 67.4 | 22.7 | 12.6 | 16.6 | 32.2 | |
| of which transferable deposits | 38.7 | 32.7 | 11.8 | 5.2 | 7.3 | 18.5 | |
| passbook savings | 21.8 | 26.1 | 6.0 | 6.6 | 7.7 | 9.4 | |
| home saving plans | 11.4 | 6.3 | 1.8 | 1.6 | 1.5 | 1.6 | |
| - Securities | -0.1 | -4.7 | -11.0 | 0.5 | 14.0 | -4.8 | |
| debt securities | -6.2 | -4.7 | -2.1 | 0.2 | -1.2 | -0.6 | |
| listed shares | -4.0 | 4.3 | -7.9 | 5.7 | 6.7 | -2.0 | |
| unlisted shares and other equities | 13.4 | 13.8 | 1.0 | 4.2 | 2.9 | 12.2 | |
| money market fund shares | -1.3 | 0.4 | 0.2 | 0.1 | -2.5 | ||
| non-MMF invesment fund shares (domestic plus rest of the world) | -1.4 | -16.8 | -2.4 | -9.8 | 5.5 | -11.9 | |
| - Life insurance contracts | 28.6 | 51.0 | 13.7 | 13.0 | 15.0 | 11.1 | |
| of which non-unit linked contracts | 6.7 | 34.0 | 8.3 | 10.0 | 14.8 | 10.1 | |
| Financing | 75.3 | 73.0 | 17.7 | 18.0 | 20.4 | 18.5 | |
| - MFI Loans | 75.3 | 73.0 | 17.7 | 18.0 | 20.4 | 18.5 | |
(a) are excluded here several residual items
In 2019 Q1, financial investment made by households slows down, albeit remaining at a high level. Households significantly consolidate their deposits, especially the transferable ones. The sale of non-MMF investment fund shares is compensated by the purchase of unlisted shares and other equities. The flow of investment in life insurance contracts is still high, especially in non-unit linked contracts. Households borrowing from banks continues to be dynamic at a fast rate.
Flows of financial investment and financing (SA)![]()
EUR billions
Source and compilation: Direction Générale des Statistiques, des Études et de l'International
(*) Accounting discrepancies can occur between yearly figures and the sum of quarterly flows due to rounding differences in the series used.
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Financial accounts of the non-financial sectors
- Published on 07/25/2019
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Published on Thursday, July 25, 2019