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Debt ratios by intitutional sectors - international comparisons 2017Q4

Published on 05/09/2018
The French private debt ratio becomes the first largest of the main Euro area economies
Non-financial private sector debt ratio (in % of GDP)
At the end of 2017, the non-financial private sector (NFPS) debt ratio stood at 119.9 % of GDP in the euro zone, 2.9 points down from end 2016. Over the year, the private debt ratio declined sharply in Spain (- 8 points), and, to a lesser extent, in Italy (- 1.4 point). It rose in France (+ 2.4 points in 2017 compared to + 4.2 points in 2016); it increased moderately in Germany (+ 0.9 point, while remaining the lowest in the main European countries).
At 130,2 % of GDP, the French private debt ratio becomes the first largest of the main Euro area economies.
Non-financial private sector debt ratios were higher outside the euro zone. They were close to 150 % of GDP and rose over 2017 in the United Kingdom (+2.8 points), in Japan (+ 1.5 point) and in the United States (+ 1.2 point).
Non-financial private sector debt (in % of GDP)
Dec-15 Dec-16 Mar-17 Jun-17 Sep-17 Dec-2017
United States 147.1 149.3 149.5 150.0 150.3 150.5
Japan 145.0 146.4 147.1 146.6 147.5 147.9
Euro area 124.2 122.7 122.1 121.3 120.1 119.9
o/w Germany 88.6 88.7 89.2 89.1 89.7 89.6
France 123.6 127.8 129.6 129.6 129.8 130.2
Italy 112.9 109.8 109.9 109.0 107.6 108.4
Spain 146.6 137.7 137.0 135.1 132.0 129.7
United Kingdom 150.8 153.5 153.9 154.8 156.0 156.3
* Debt ratio at nominal value for the United Kingdom are calculated by interpolation.

Households debt ratio (in % of GDP and of GDI)
Dec-15 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17
United States 103.5 104.8 104.3 104.5 104.6 104.9
134.2 136.0 135.7 136.3 137.0 137.8
Japan 57.0 57.2 57.3 57.2 57.1 57.4
92.4 91.9 91.9 92.0 91.9 92.6
Euro area 58.8 58.3 58.1 58.1 57.9 58.0
93.6 93.3 93.0 93.1 93.0 93.5
o/w Germany 53.3 53.2 53.1 53.1 53.1 52.9
82.6 82.7 82.2 82.3 82.4 82.4
France 55.6 56.9 57.3 57.8 57.9 58.4
87.0 88.9 89.5 90.2 90.7 91.5
Italy 41.9 41.5 41.5 41.3 41.1 41.3
61.5 61.1 61.1 61.1 60.9 61.1
Spain 67.9 64.4 63.5 63.4 61.9 61.3
107.1 103.1 102.2 102.4 100.7 100.0
United Kingdom 85.4 86.1 86.2 86.5 86.2 86.3
118.3 121.5 123.0 124.1 124.3 124.6
Non-financial corporations debt ratio (in % of GDP)
Dec-15 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17
United States 43.6 44.5 45.2 45.5 45.7 45.6
Japan 88.0 89.1 89.8 89.4 90.4 90.5
Euro area 65.5 64.5 64.0 63.2 62.3 62.0
o/w Germany 35.3 35.5 36.2 36.0 36.7 36.7
France 68.1 71.0 72.3 71.8 71.9 71.8
Italy 71.0 68.3 68.4 67.7 66.4 67.2
Spain 78.7 73.3 73.5 71.6 70.1 68.5
United Kingdom 65.4 67.4 67.7 68.3 69.8 70.0
Source: Quarterly national financial accounts and Eurostat, Computation: Banque de France
General government sector debt ratio (in % of GDP)
In the euro zone, the general government debt ratio dropped by - 2.3 points in 2017 and reached 86.7 % of GDP at the end of 2017. The public debt ratio declined sharply in Germany (- 4.1 points) and more moderately in Spain and in Italy (respectively by - 0.7 and by - 0.2 point). By contrast, it increased in France (+ 0.4 point in 2017 compared to + 1 point in 2016).
In 2017, the government debt ratio decreased more in the United States (- 1.8 point) than in the United Kingdom or in Japan (respectively - 0.5 and - 0.4 point).
Government sector debt (in % of GDP)
Dec-15 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17
United States 101.1 103.0 101.4 100.0 101.1 101.2
Japan 209.0 210.7 210.7 211.4 210.6 210.3
Euro area* 90.0 89.0 89.2 89.1 88.1 86.7
o/w Germany 71.0 68.2 66.7 66.1 65.2 64.1
France 95.6 96.6 99.0 99.3 98.3 97.0
Italy 131.5 132.0 133.8 134.9 134.2 131.8
Spain 99.4 99.0 99.7 99.5 98.5 98.3
United Kingdom * 88.2 88.2 86.6 86.4 86.2 87.7
* "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.
More information on : time series, calendar, methodology
All statistical time series published by the Banque de France can be accessed on Webstat Banque de France
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STAT INFO - 4th quarter 2017
Non-financial sector debt ratios
international comparisons
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Debt ratios by institutional sectors - international comparisons
  • Published on 05/09/2018
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Published on Wednesday, May 9, 2018