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Debt ratios by intitutional sectors - international comparisons 2016Q3

Published on 02/14/2017
Private sector debt ratio increases in France, Germany and in the United Kingdom, and decreases in Spain and Italy
Non-financial private sector debt ratio (in % of GDP)
The non-financial sector debt ratio decreases in the euro area (from 124.4 % in Q2 to 123.3 % of GDP in 2016 Q3). The private sector debt ratio slightly declines in Italy (-0.3 point) and drops further in Spain (-2.5 points). By contrast, the ratio still increases in Germany and in France (+0.4 point each).
The non-financial sector debt ratio stops shrinking in Japan in 2016 Q3 (+1.4 point). The ratio rises in the United Kingdom (+2.1 points) as well as more moderately in the United States (+0.7 point).
Non-financial private sector debt (in % of GDP)
Sep-15 Dec-15 Mar-16 Jun-16 Sep-16
United States 145,5 146,1 146,8 147,6 148,3
Japan 144,7 145,0 143,8 143,4 144,8
Euro area 125,5 123,7 123,6 124,4 123,3
o/w Germany 89,3 88,8 89,4 89,6 90,1
France 123,6 124,7 124,3 125,6 126,1
Italy 115,1 113,9 112,2 112,6 112,3
Spain 148,1 145,4 142,5 141,6 139,1
United Kingdom 146,7 144,8 143,7 146,4 148,5
* 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 general government of the euro area drops to 90.1% of GDP in 2016 Q3 (-1.1 point). The public debt ratio declines in Spain (-0.7 point), Germany (-0.8 point) and France (-0.9 point), with a sharper decrease in Italy (-2.8 points).

The government debt ratio grows in Japan and in the United States (respectively +0.7 point and + 0.5 point), whereas it falls in the United Kingdom (-0.7 point).
Government sector debt (in % of GDP)
Sep-15 Dec-15 Mar-16 Jun-16 Sep-16
United States 98,1 101,6 102,2 101,9 102,4
Japan 212,8 209,8 209,4 210,8 211,5
Euro area* 91,5 90,4 91,3 91,2 90,1
o/w Germany 72,0 71,2 70,9 70,2 69,4
France 96,9 96,2 97,5 98,5 97,6
Italy 134,1 132,3 135,0 135,5 132,7
Spain 100,3 99,8 101,1 101,0 100,3
United Kingdom * 88,3 89,0 87,6 88,9 88,2
* "Maastricht" definition (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)
Sep-15 Dec-15 Mar-16 Jun-16 Sep-16
United States 101,4 102,0 101,9 102,5 102,8
132,0 132,6 132,1 132,5 132,6
Japan 61,7 61,7 61,9 61,9 62,2
101,9 102,3 102,7 102,6 103,0
Euro area 59,5 59,2 58,8 58,9 58,8
94,2 94,1 93,6 93,6 93,5
o/w Germany 53,7 53,6 53,3 53,4 53,5
82,5 82,3 82,1 82,2 82,6
France 55,7 55,9 55,9 56,0 56,4
86,8 87,1 87,1 87,4 87,9
Italy 42,3 42,2 41,9 41,8 41,8
62,0 61,9 61,5 61,3 61,2
Spain 69,0 67,8 66,7 66,8 65,2
107,7 107,2 105,5 105,8 103,7
United Kingdom 85,8 86,0 86,2 86,4 86,9
123,9 124,0 124,3 124,6 125,6
Non-financial corporations debt ratio (in % of GDP)
Sep-15 Dec-15 Mar-16 Jun-16 Sep-16
United States 44,1 44,1 45,0 45,1 45,5
Japan 82,9 83,3 81,8 81,5 82,5
Euro area 66,0 64,5 64,7 65,5 64,5
o/w Germany 35,6 35,2 36,2 36,2 36,6
France 67,9 68,8 68,4 69,6 69,7
Italy 72,8 71,7 70,3 70,8 70,6
Spain 79,1 77,6 75,8 74,8 73,9
United Kingdom 60,9 58,9 57,5 60,0 61,6
Source: Quarterly national financial accounts and Eurostat, Computation: Banque de France
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STAT INFO - 3rd quarter 2016

Non-financial sector debt ratios

international comparisons



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Debt ratios by institutional sectors - international comparisons
  • Published on 02/14/2017
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Published on Tuesday, February 14, 2017