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Debt ratios by intitutional sectors - international comparisons 2020Q1

Published on 08/26/2020
The private sector debt ratio rises in the euro area, in particular in France

Non-financial private sector debt ratio (in % of GDP)
At the end of the first quarter of 2020, the non-financial private sector (NFPS) debt ratio reaches 120.8 % of GDP in the euro area, a level above the one in the previous quarter (+ 2.2 points after - 1 point in 2019 Q4). This is due not only to the increase in the stock of debt but also to the decline in GDP over this period. The increase is marked in France (+ 3.7 points), in particular because of the rise of the non-financial corporations' ratio (+2.6 points, breaking down into +2.0 points due to debt increase and +0.6 point due to GDP fall). The private debt ratio increases at a more moderate pace in Italy, Germany and Spain (respectively by 1.6, 1.5 and 1.3 point).
Outside the euro area, the non-financial private sector debt ratio in Japan continues to rise (+ 1.4 percentage point of GDP) to reach 153.7 % in 2020 Q1. It increases more in the United States (+3.4 points) than in the United Kingdom (+2 points of GDP).
Preliminary figures on 2020 Q2 suggest that the NFPS debt ratio could exceed 10 points of GDP for some euro are countries, due to both the funding of non-financial corporations' cash requirements during lockdown and the decline in GDP.


Non-financial private sector debt (in % of GDP)
Mar-19 Jun-19 Sep-19 Dec-19 Mar-20
United States 148.6 148.8 149.2 148.8 152.2
Japan 150.8 150.3 151.2 152.3 153.7
Euro area 118.7 119.3 119.6 118.6 120.8
o/w Germany 93.7 95.3 96.1 96.0 97.5
France 131.9 132.8 134.4 134.6 138.3
Italy 105.5 105.4 105.5 104.9 106.5
Spain 122.9 122.0 120.7 117.9 119.2
United Kingdom 144.6 145.5 147.9 146.5 148.5
* Debt ratio at nominal value for the United Kingdom are calculated by interpolation.

Households debt ratio (in % of GDP and of GDI)
Mar-19 Jun-19 Sep-19 Dec-19 Mar-20
United States 102.5 102.6 102.9 103.0 103.6
130.5 130.6 130.8 131.0 131.2
Japan 58.8 58.7 58.7 59.1 59.3
99.9 99.6 100.4 100.9 101.1
Euro area 57.5 57.7 57.8 57.8 58.3
93.2 93.4 93.5 93.8 93.7
o/w Germany 53.6 54.0 54.4 54.5 54.9
83.9 84.4 84.8 85.0 85.3
France 59.6 60.1 60.8 61.4 62.3
95.1 95.8 96.8 97.6 98.0
Italy 40.9 41.2 41.2 41.2 41.6
60.9 61.3 61.4 61.6 61.6
Spain 58.4 58.7 57.4 56.9 56.9
94.3 94.4 92.4 91.5 90.8
United Kingdom 83.1 83.3 83.7 83.7 84.3
119.8 120.3 121.2 121.6 122.0
Non-financial corporations debt ratio (in % of GDP)
Mar-19 Jun-19 Sep-19 Dec-19 Mar-20
United States 46.1 46.2 46.3 45.8 48.6
Japan 92.0 91.5 92.5 93.2 94.4
Euro area 61.2 61.6 61.9 60.8 62.5
o/w Germany 40.1 41.3 41.7 41.5 42.6
France 72.2 72.6 73.6 73.3 75.9
Italy 64.6 64.3 64.4 63.7 64.8
Spain 64.5 63.3 63.3 61.0 62.3
United Kingdom 61.5 62.2 64.2 62.9 64.2
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 reaches 86.3 % of GDP at the end of the first quarter of 2020, up from 2.2 points compared to the previous quarter. The public debt ratio rises in Germany (+ 1.5 point of GDP). It also increases in Italy (+2.8 points) and more markedly in Spain and France (respectively by 3.3 points and by 3.1 points)
Outside the euro area, the government debt ratio rises more in the United States (+ 1.8 point) than in Japan (+ 0.8 point). By contrast, it decreases in the United Kingdom (- 0.7 point in 2020 Q1).
During the second quarter, government debt ratio probably should increase markedly (more than 10 points of GDP in some countries), because of the financing of governmental action implemented to respond to the pandemics.

Government sector debt (in % of GDP)
Mar-19 Jun-19 Sep-19 Dec-19 Mar-20
United States 101.3 99.8 102.4 103.6 105.4
Japan 213.4 213.7 211.5 213.0 213.8
Euro area* 86.4 86.2 85.9 84.1 86.3
o/w Germany 61.7 61.1 61.1 59.8 61.3
France 99.1 99.1 100.0 98.1 101.2
Italy 136.4 137.7 137.0 134.8 137.6
Spain 98.6 98.6 97.5 95.5 98.8
United Kingdom * 84.1 84.8 84.1 85.4 84.7
* "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.
Breakdown of the increase in households debt ratio (in % of GDP)

Ratio Increase Debt Effect GDP Effect
Unites States 0.6 1.1 -0.5
Japan 0.2 0.1 0.1
Euro Area 0.4 0.2 0.2
o/w Germany 0.4 0.4 0.0
France 0.9 0.4 0.5
Italy 0.4 -0.1 0.5
Spain 0.0 -0.3 0.4
United Kingdom 0.6 0.7 -0.1
Breakdown of the increase in non-financial corporations debt ratio (in % of GDP)

Ratio Increase Debt Effect GDP Effect
Unites States 2.8 3.0 -0.3
Japan 1.2 1.0 0.2
Euro Area 1.7 1.5 0.2
o/w Germany 1.1 1.1 0.0
France 2.6 2.0 0.6
Italy 1.1 0.4 0.7
Spain 1.2 0.8 0.4
United Kingdom 1.4 1.4 -0.1
More information on : time series, calendar, methodology
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STAT INFO - 1st quarter 2020
Non-financial sector debt ratios
international comparisons

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Debt ratios by institutional sectors - international comparisons
  • Published on 08/26/2020
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Published on Wednesday, August 26, 2020