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Debt ratios by intitutional sectors - international comparisons 2017Q2

Published on 11/14/2017
On average, the private sector debt ratio decreases in the euro zone
Non-financial private sector debt ratio (in % of GDP)
In the second quarter 2017, the non-financial private sector (NFPS) debt ratio continued to decline (- 0.6 point, after - 0.9 point). It reached 121.6 % of GDP. The private sector debt ratio still decreased in Italy and in Spain (respectively by - 0.7 point and - 1.9 point). Conversely, this ratio was stable in Germany and France. Following several quarters of increase, the non-financial private sector debt ratio dropped in Japan in 2017 Q2 (- 0.6 point). It moderately grew in the United States and in the United Kingdom (respectively by + 0.3 point and by + 0.2 point in 2017 Q2).
Non-financial private sector debt (in % of GDP)
Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017
United States 148.5 149.4 149.3 149.5 149.8
Japan 144.3 145.8 146.7 147.4 146.8
Euro area 124.6 124.1 123.1 122.2 121.6
o/w Germany 89.9 90.5 89.5 89.6 89.7
France 124.9 125.7 127.9 129.6 129.6
Italy 111.4 110.8 109.8 109.8 109.1
Spain 142.2 139.8 137.5 136.6 134.7
United Kingdom 153.0 155.7 154.0 153.9 154.1
* Debt ratio at nominal value for the United Kingdom are calculated by interpolation.

General government sector debt ratio (in % of GDP)
The debt ratio of general government in the euro area was stable around 89 % of GDP in 2017 Q1 and Q2. The public debt ratio increased in 2017 Q2 in France (+ 0.4 point compared with 2017 Q1) and in Italy (+ 0.7 point) ; it was stable in Spain and in Germany.
In 2017 Q2, the government debt ratio rose in Japan (+ 0.8 point), is stable in the United Kingdom and decreased in the United States (- 1.3 point).
Government sector debt (in % of GDP)
Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017
United States 101.4 102.1 103.0 101.3 100.0
Japan 210.9 211.6 211.2 211.2 212.0
Euro area* 90.8 89.7 88.9 89.2 89.1
o/w Germany 69.9 69.2 68.1 66.6 66.0
France 98.1 97.4 96.3 98.8 99.2
Italy 134.7 132.1 132.0 134.0 134.7
Spain 100.7 99.9 99.0 99.9 99.8
United Kingdom * 88.1 87.2 88.3 86.8 86.8
* "Maastricht" definition NSA (nominal value) for European Union countries.
Additional information
French debt ratios are drawn from the Stat Info "Non-financial sector debt ratio - France". For each sector (NFC, Households and General government), 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.
For other countries, dissimenated data are less detailed. NFC's net loans are assessed by withdrawing oustanding amount of loans assets - mainly loans vis-à-vis resident and non-resident affiliated entities - from oustanding amount of loans liabilities.
Households debt ratio (in % of GDP and of GDI)
Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017
United States 104.0 104.5 104.8 104.2 104.4
134.5 135.1 136.0 135.6 136.2
Japan 57.0 57.2 57.4 57.4 57.4
93.9 94.3 94.9 95.0 95.1
Euro area 58.5 58.4 58.3 58.1 58.1
93.3 93.4 93.3 93.0 93.1
o/w Germany 53.2 53.3 53.2 53.0 53.1
82.5 82.8 82.7 82.2 82.4
France 55.8 56.2 56.8 57.5 57.9
87.4 87.9 88.8 89.7 90.3
Italy 41.6 41.5 41.5 41.5 41.4
61.1 61.0 61.0 61.0 60.9
Spain 66.5 64.9 64.1 63.2 63.2
105.4 103.6 102.6 101.7 102.0
United Kingdom 85.9 86.3 86.0 86.1 86.4
119.4 120.6 121.4 122.8 123.7
Non-financial corporations debt ratio (in % of GDP)
Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017
United States 44.5 44.9 44.5 45.3 45.4
Japan 87.3 88.5 89.3 90.0 89.4
Euro area 66.1 65.7 64.8 64.1 63.5
o/w Germany 36.7 37.2 36.2 36.5 36.6
France 69.2 69.5 71.1 72.1 71.8
Italy 69.8 69.3 68.3 68.3 67.7
Spain 75.7 74.9 73.4 73.4 71.6
United Kingdom 67.1 69.5 68.1 67.7 67.7
Source: Quarterly national financial accounts and Eurostat, Computation: Banque de France
More information on : time series, calendar, methodology
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STAT INFO - 2nd quarter 2017
Non-financial sector debt ratios
international comparisons
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Debt ratios by institutional sectors - international comparisons
  • Published on 11/14/2017
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Published on Tuesday, November 14, 2017