Other sites of Banque de France

You are here

Debt ratios by intitutional sectors - international comparisons 2018Q2

Published on 11/07/2018
Increase in the private debt ratio in France and in Germany
Non-financial private sector debt ratio (in % of GDP)
The non-financial private sector (NFPS) debt ratio reached 119.9 % of GDP in the euro zone in the second quarter of 2018, a level slightly above the one in the previous quarter (+ 0.1 point after - 0.3 in 2018 Q1). The increase was marked in Germany and in France (respectively + 1.7 and + 1.2 point in 2018 Q2) but moderate in Italy (+ 0.2 point). Conversely, the private debt ratio decreased in Spain (- 0.3 point in 2018 Q2). Since the end of 2017, the NFPS' French debt ratio has remained at the highest level among the major euro area countries (132.2 % of GDP in 2018 Q2). Its increase results from a rise in households' and non-financial corporations' debt ratios in France, while in Germany only the NFC debt ratio has increased.
In 2018 Q2, outside the euro zone, the NFPS' debt ratio increased more in the United States than in the United Kingdom (respectively by + 0.6 and + 0.1 point). It declined in Japan (- 0.4 point in 2018 Q2).

Non-financial private sector debt (in % of GDP)
Jun-2016 Jun-2017 Sep- 2017 Dec- 2017 Mar-2018 Jun-2018
United States 147.6 149.2 149.2 149.6 148.7 149.3
Japan 143.3 145.8 146.7 147.4 147.2 146.8
Euro area 124.3 121.8 120.6 120.1 119.8 119.9
o/w Germany 89.1 88.7 89.3 88.9 89.2 90.9
France 125.3 129.6 129.7 130.0 131.0 132.2
Italy 111.9 108.7 107.2 107.4 106.8 107.0
Spain 142.5 134.9 131.9 129.3 127.3 127.0
United Kingdom 152.1 153.5 154.6 153.6 155.1 155.2
* Debt ratio at nominal value for the United Kingdom are calculated by interpolation.

Households debt ratio (in % of GDP and of GDI)
Jun-16 Jun-17 Sep-17 Dec-17 Mar-17 Jun-18
United States 102.7 103.2 103.1 103.5 102.8 102.5
131.8 132.4 132.2 132.7 131.7 131.4
Japan 56.4 56.9 56.8 57.0 57.4 57.3
98.8 98.9 98.6 99.2 99.2 99.4
Euro area 58.5 58.5 58.3 58.1 57.8 57.8
93.5 94.1 94.0 94.0 93.7 93.7
o/w Germany 53.0 52.9 52.9 52.7 52.5 52.5
82.3 82.4 82.5 82.5 82.3 82.3
France 55.7 57.8 57.9 58.3 58.4 58.8
88.8 91.6 92.1 92.9 93.2 93.9
Italy 41.4 41.1 40.9 41.0 40.7 41.0
61.0 61.1 61.0 61.0 60.8 61.1
Spain 66.9 63.4 61.9 61.1 60.4 60.7
106.2 102.7 101.0 100.4 99.6 100.5
United Kingdom 85.9 86.6 86.2 86.1 86.2 86.3
119.8 124.8 125.2 125.1 125.0 125.4
Non-financial corporations debt ratio (in % of GDP)
Jun-16 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18
United States 44.9 46.0 46.1 46.1 45.9 46.9
Japan 86.9 88.9 89.9 90.3 89.8 89.5
Euro area 65.7 63.2 62.3 62.0 62.0 62.1
o/w Germany 36.1 35.8 36.5 36.2 36.7 38.4
France 69.6 71.9 71.8 71.7 72.6 73.3
Italy 70.4 67.6 66.2 66.3 66.0 65.9
Spain 75.6 71.5 70.0 68.2 66.9 66.2
United Kingdom 66.3 66.9 68.4 67.5 68.9 68.8
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 stood at 86.3 % of GDP in 2018 Q2, down 0.6 point compared to the previous quarter. The public debt ratio continued to decline in Germany (- 1.2 point in 2018 Q2). It also fell over the second quarter in Spain and in France (respectively by - 0.6 and - 0.3 point of GDP in 2018 Q2). It increased slightly in Italy (+ 0.2 point).
In 2018 Q2, the government debt ratio rose in the United Kingdom (+ 1.1 point), was stable in Japan and declined in the United States (- 1.1 point).

Government sector debt (in % of GDP)
Jun-16 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18
United States 101.1 99.7 100.8 100.9 102.8 101.7
Japan 210.5 211.9 211.1 210.9 210.3 210.3
Euro area* 90.9 89.2 88.2 86.8 86.9 86.3
o/w Germany 69.7 65.7 64.8 63.9 62.7 61.5
France 99.7 100.9 99.8 98.5 99.3 99.0
Italy 134.4 134.2 133.6 131.2 132.9 133.1
Spain 100.6 99.4 98.4 98.1 98.7 98.1
United Kingdom * 87.6 86.4 86.1 87.4 85.6 86.7
* "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
Publication available under Apple and Android
STAT INFO - 2nd quarter 2018
Non-financial sector debt ratios
international comparisons
Contact :
DSMF Contact Stat Info

Download the PDF version of this document

Debt ratios by institutional sectors - international comparisons
  • Published on 11/07/2018
  • EN
  • PDF (348.48 KB)
Download (EN)

Published on Wednesday, November 7, 2018