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Debt ratios by intitutional sectors - international comparisons 2017Q1

Published on 08/17/2017
Private sector debt ratios rise in the United Kingdom, in the United States, in Japan and in France
Non-financial private sector debt ratio (in % of GDP)
The non-financial private sector debt ratio reaches in the euro area 121.8 % of GDP. It declines by 0.7 point over 2017 Q1, at a similar pace to 2016 Q4 (- 0.9 GDP point). The private sector's debt ratio drops quite sharply in Spain (- 0.9 point) and slightly in Germany (- 0.1 point). Conversely, the non-financial sector debt rises faster than GDP in France (+1.7 pp in 2017 Q1), and to a lesser extent in Italy (0.2 pp increase).
Outside the euro area, the broad uptrend in the non-financial sector debt ratio in 2016 carries over in 2017 Q1 in the United Kingdom (+ 0.6 point in 2017 Q1), in Japan (+ 0.5 point) and in the United States (+ 0.1 point).
Non-financial private sector debt (in % of GDP)
Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017
United States 148.3 149.1 149.9 149.9 150.0
Japan 144.5 144.3 145.8 146.8 147.3
Euro area 123.8 124.5 123.6 122.5 121.8
o/w Germany 89.9 90.2 90.7 90.0 89.9
France 123.6 125.1 125.7 127.9 129.6
Italy 112.0 112.5 112.3 111.6 111.8
Spain 144.0 142.8 140.5 138.1 137.2
United Kingdom 144.4 147.6 149.4 147.1 147.7
* 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 the euro area general government stands at 89.5 % of GDP, close to its lowest level since late 2012. The public debt ratio increases in France (+ 2.6 points in 2017 Q1), in Italy (+ 2.1 points) and in Spain (+ 1 point), whereas it falls in Germany (- 1.4 point).
In 2017 Q1, the government debt ratio decreases in the United States and in the United Kingdom (respectively - 1.7 point and -1.3 point over the quarter). It grows slightly in Japan (+ 0.2 point).
Government sector debt (in % of GDP)
Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017
United States 101.9 101.4 102.1 103.0 101.3
Japan 209.6 211.0 211.7 211.3 211.5
Euro area* 91.2 91.2 90.0 89.2 89.5
o/w Germany 70.9 70.2 69.4 68.3 66.9
France 97.1 98.1 97.4 96.3 98.9
Italy 134.8 135.4 132.7 132.6 134.7
Spain 101.2 101.1 100.4 99.4 100.4
United Kingdom * 87.6 88.9 88.1 89.3 88.0
* "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)
Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017
United States 103.7 104.4 104.9 105.3 104.7
134.4 135.2 135.8 136.7 136.5
Japan 57.2 57.0 57.3 57.4 57.6
93.7 93.9 94.3 94.9 95.2
Euro area 58.8 58.9 58.8 58.6 58.5
93.5 93.6 93.6 93.5 93.1
o/w Germany 53.3 53.4 53.5 53.4 53.3
82.1 82.2 82.6 82.5 82.0
France 55.6 55.8 56.2 56.8 57.5
87.2 87.5 87.9 88.8 89.7
Italy 41.8 41.8 41.8 41.7 41.8
61.6 61.6 61.5 61.5 61.4
Spain 66.8 66.8 65.3 64.4 63.4
105.5 105.8 103.8 102.8 101.8
United Kingdom 86.4 86.6 87.4 86.7 87.0
124.6 124.7 126.2 126.4 128.4
Non-financial corporations debt ratio (in % of GDP)
Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017
United States 44.5 44.7 45.0 44.6 45.3
Japan 87.4 87.3 88.6 89.4 89.7
Euro area 65.0 65.7 64.8 63.9 63.3
o/w Germany 36.6 36.8 37.2 36.6 36.7
France 68.0 69.3 69.5 71.1 72.1
Italy 70.1 70.7 70.5 69.9 70.0
Spain 77.3 76.0 75.2 73.8 73.8
United Kingdom 57.9 61.0 62.0 60.4 60.7
Source: Quarterly national financial accounts and Eurostat, Computation: Banque de France
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STAT INFO - 1st quarter 2017



Non-financial sector debt ratios



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Debt ratios by institutional sectors - international comparisons
  • Published on 08/17/2017
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Published on Thursday, August 17, 2017