You are here

Debt ratios by intitutional sectors - international comparisons 2019Q1

Published on 08/20/2019
The private sector debt ratio declines in the euro area but continues to rise in France and Germany
Non-financial private sector debt ratio (in % of GDP)
At the end of the first quarter of 2019, the non-financial private sector (NFPS) debt ratio stands at 118.7% of GDP in the euro area, 0.3 point down compared to the end of Q1 2018. Over one year, the private debt ratio declines sharply in Spain (- 3.9 points), and, to a lesser extent, in Italy (- 0.9 point). On the contrary, it rises again in France (+ 4.6 points) as well as in Germany, albeit at a more moderate pace (+ 2.8 points). Indebtedness remains higher in France than in its major neighbours in the euro area, both for non-financial corporations and for households.
Outside the euro area, the non-financial private sector debt ratio in Japan continues to rise (+4.2 percentage points of GDP year-on-year) to reach 151.8% at the end of the first quarter of 2019. In contrast, it declines in the United Kingdom (-1.8 points) and the United States (-0.6 points).
Non-financial private sector debt (in % of GDP)
Q1 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019
United States 148.6 148.9 149.6 148.9 148.7 148.3
Japan 147.1 147.6 147.1 149.2 150.6 151.8
Euro area 121.6 119.0 119.6 119.1 118.9 118.7
o/w Germany 88.7 89.6 90.9 91.8 92.3 92.4
France 127.0 128.6 129.6 131.2 132.1 133.2
Italy 109.4 106.4 106.6 106.5 106.2 105.5
Spain 142.3 131.7 131.7 129.9 128.6 127.8
United Kingdom 154.1 153.5 154.8 154.7 155.5 151.7
* Debt ratio at nominal value for the United Kingdom is calculated by interpolation.

Households debt ratio (in % of GDP and of GDI)
Q1 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019
United States 103.4 102.9 102.6 102.3 102.0 101.2
132.9 131.6 131.1 130.5 129.9 128.9
Japan 57.1 57.5 57.4 57.8 58.1 58.3
99.1 99.6 98.8 98.9 98.9 99.3
Euro area 58.4 57.4 57.4 57.4 57.5 57.4
93.9 93.4 93.5 93.4 93.4 93.0
o/w Germany 52.8 52.5 52.5 52.7 52.9 53.0
82.2 82.3 82.3 82.8 82.8 82.9
France 57.3 58.4 58.7 59.1 59.6 60.0
91.1 93.7 94.2 94.7 95.3 95.5
Italy 41.2 40.7 41.0 41.0 41.0 41.1
61.1 60.7 61.0 60.8 60.9 60.8
Spain 63.4 60.3 60.6 59.5 58.9 58.3
102.2 99.4 100.1 98.3 97.1 96.1
United Kingdom 86.2 86.0 86.5 86.8 87.0 86.5
124.1 124.9 125.6 125.7 125.7 125.1
Non-financial corporations debt ratio (in % of GDP)
Q1 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019
United States 45.2 45.9 47.0 46.7 46.7 47.1
Japan 89.9 90.1 89.7 91.4 92.5 93.5
Euro area 63.2 61.6 62.1 61.7 61.5 61.3
o/w Germany 35.8 37.1 38.4 39.0 39.4 39.4
France 69.7 70.2 70.9 72.0 72.5 73.3
Italy 68.1 65.7 65.6 65.5 65.2 64.4
Spain 78.9 71.4 71.1 70.4 69.7 69.5
United Kingdom 67.8 67.5 68.3 68.0 68.5 65.2
Source: Quarterly national financial accounts and Eurostat, Computation: Banque de France
General government sector debt ratio (in % of GDP)
In the euro area, the general government debt ratio decreases by - 1.2 point over one year, reaching 85.9% of GDP at the end of the first quarter of 2019. The public debt ratio declines in Germany (- 2.4 points), standing at 61.0% of GDP at the end of March 2019. It is stable in Spain, while it increases in Italy (+ 1.0 point over the year) and, to a lesser extent, in France (+ 0.3 point).
Outside the euro area, the government debt ratio rises in Japan (+ 1.7 point of GDP over one year), is stable in the United Kingdom and decreases in the United States (- 1.2 point compared to the end of the first quarter of 2018).
Government sector debt (in % of GDP)
Q1 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019
United States 101.0 102.5 101.3 101.3 102.1 101.3
Japan 212.3 210.7 210.7 210.5 211.6 212.4
Euro area* 89.5 87.1 86.5 86.4 85.1 85.9
o/w Germany 67.0 63.4 62.2 61.8 60.9 61.0
France 100.5 99.3 98.9 99.3 98.4 99.6
Italy 133.3 133.0 133.5 133.5 132.2 134.0
Spain 99.7 98.7 98.2 98.3 97.1 98.7
United Kingdom * 86.5 85.3 86.3 86.2 86.8 85.3
* "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
Publication available under Apple and Android
STAT INFO - 1st quarter 2019
Non-financial sector debt ratios
international comparisons

Contact Stat Info

Download the PDF version of this document

Debt ratios by institutional sectors - international comparisons
  • Published on 08/20/2019
  • EN
  • PDF (348.43 KB)
Download (EN)

Published on Tuesday, August 20, 2019