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Debt ratios by intitutional sectors - international comparisons 2016Q4

Published on 05/15/2017
In 2016, the private sector debt ratio decreases in the euro zone but continues to rise in France
Non-financial private sector debt ratio (in % of GDP)
At the end 2016, the non-financial private sector (NFPS) debt ratio reaches in the euro zone 122.1 % of GDP 1.4 point below its level recorded at the end 2015. The private sector's debt ratio declines over the year in Spain (-8.5 points) and, to a lesser extent, in Italy (-1.9 point). By contrast, it rises in France (+3.5 points). Germany records a moderate increase (+0.7 point) but its level remains below that of other main developed countries.
The non-financial private sector debt ratio increases in the United States (+2.1 points in 2016), in the United Kingdom (+2.2 points) as well as in Japan (+0.6 point).
Non-financial private sector debt (in % of GDP)
Dec-14 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16
United States 147.2 148,3 148,9 149,7 150,5 150,4
Japan 148.7 145,0 143,8 143,4 144,8 145,6
Euro area 123.5 123,5 123,0 124,1 122,9 122,1
o/w Germany 90.4 89,4 89,9 90,2 90,7 90,0
France 121.5 124,7 124,3 125,7 126,1 128,2
Italy 116.3 113,5 112,0 112,5 112,2 111,6
Spain 157.3 146,6 144,0 142,8 140,3 138,1
United Kingdom 146.0 144,8 144,4 147,6 149,4 147,1
* Debt ratio at nominal value for the United Kingdom are calculated by interpolation.
General government sector debt ratio (in % of GDP)
The general government debt ratio of the euro area drops by 1.1 point of GDP in 2016 reaching 89.3 % at the end of 2016. The public debt ratio declines in Spain (-0.4 point) and more sharply in Germany (-2.9 points). By contrast, it increases in France (+0.4 point) and in Italy (+0.5 point).
Outside the euro area, the government debt ratio grows in 2016, in the United States, in Japan (respectively +1.8 point and + 1.2 point) and, more moderately, in the United Kingdom (+0.3 point).
Government sector debt (in % of GDP)
Dec-14 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16
United States 101.1 101,5 102,2 101,8 102,4 103,3
Japan 213.2 209,9 209,4 210,8 211,5 211,1
Euro area* 92.0 90,4 91,3 91,2 90,1 89,3
o/w Germany 74.9 71,2 70,9 70,2 69,5 68,3
France 94.9 95,6 97,6 98,4 97,5 96,0
Italy 131.8 132,1 134,8 135,4 132,7 132,6
Spain 100.4 99,8 101,2 101,1 100,4 99,4
United Kingdom * 88.1 89,0 87,6 88,9 88,1 89,3
* "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)
Dec-14 Dec-15 Mar-15 Jun-16 Sep-16 Dec-16
United States 104.5 104,3 104,0 104,7 105,2 105,5
135.9 135,6 135,0 135,3 135,7 135,9
Japan 62.3 61,7 62,0 61,9 62,2 62,5
100.9 101,1 101,7 102,0 102,5 103,4
Euro area 60.4 59,2 58,8 58,8 58,7 58,6
94.7 94,0 93,5 93,5 93,6 93,6
o/w Germany 54.2 53,6 53,3 53,4 53,5 53,4
82.9 82,3 82,1 82,2 82,6 82,5
France 55.2 55,9 55,9 56,1 56,4 56,9
85.6 87,1 87,2 87,5 87,9 88,7
Italy 42.7 42,1 41,8 41,8 41,7 41,7
62.3 61,9 61,6 61,6 61,5 61,5
Spain 72.7 67,8 66,8 66,8 65,2 64,4
112.7 107,2 105,5 105,8 103,8 102,7
United Kingdom 85.8 86,0 86,4 86,6 87,4 86,7
123.2 124,0 124,6 124,7 126,2 126,4
Non-financial corporations debt ratio (in % of GDP)
Dec-14 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16
United States 42.7 44,0 44,8 45,0 45,3 45,0
Japan 86.4 83,3 81,9 81,5 82,5 83,1
Euro area 63.1 64,3 64,2 65,2 64,2 63,4
o/w Germany 36.2 35,9 36,6 36,8 37,2 36,6
France 66.3 68,8 68,4 69,6 69,7 71,3
Italy 73.7 71,4 70,2 70,7 70,5 69,9
Spain 84.6 78,8 77,2 76,0 75,1 73,8
United Kingdom 60.2 58,9 57,9 61,0 62,0 60,4
Source: Quarterly national financial accounts and Eurostat, Computation: Banque de France
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STAT INFO - 4rth quarter 2016



Non-financial sector debt ratios



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Debt ratios by institutional sectors - international comparisons
  • Published on 05/15/2017
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Published on Monday, May 15, 2017