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Debt ratios by intitutional sectors - international comparisons 2018Q1

Published on 08/21/2018
The private debt ratio continues to decline in the euro area while still rising in France
Non-financial private sector debt ratio (in % of GDP)
In the first quarter of 2018, the non-financial private sector (NFPS) debt ratio continued to decline in the euro zone (- 0.9 point compared to 2017 Q4) and reached 119.3 % of GDP. The private debt ratio fell more in Spain (by - 2.2 points) than in Italy or in Germany (respectively by - 0.7 point and by - 0.1 point). Conversely, it increased once again in France (+ 1.0 point), notably because of one-off mergers and acquisitions leading the NFPS to issue more debt securities. The French ratio stood at 131.0 % of GDP and remained the largest one among the main euro area economies.
The non-financial private sector debt ratio decreased in 2018 Q1 in the United States and in Japan (respectively by - 0.7 point and by - 0.5 point, compared to 2017 Q4), while it increased in the United Kingdom (by + 2.2 points).
Non-financial private sector debt (in % of GDP)
Mar-17 Jun-17 Sep-17 Dec-17 Mar-18
United States 148.5 149.0 149.2 149.4 148.7
Japan 146.4 145.8 146.7 147.4 146.9
Euro area 122.7 121.7 120.5 120.2 119.2
o/w Germany 89.3 89.1 89.8 89.7 89.6
France 129.6 129.6 129.7 130.0 131.0
Italy 109.9 109.1 107.6 108.5 107.8
Spain 136.9 135.0 132.1 129.8 127.6
United Kingdom 153.1 153.6 154.9 154.0 156.2
* Debt ratio at nominal value for the United Kingdom are calculated by interpolation.

Households debt ratio (in % of GDP and of GDI)
Mar-17 Jun-17 Sep-17 Dec-17 Mar-18
United States 103.3 103.5 103.5 103.8 103.1
132.7 132.8 132.7 133.0 132.1
Japan 56.9 56.9 56.8 57.0 57.4
92.4 92.0 92.1 92.1 93.1
Euro area 58.6 58.6 58.4 58.2 57.8
94.0 94.1 94.0 94.0 93.7
o/w Germany 53.1 53.1 53.1 52.9 52.7
82.2 82.4 82.5 82.5 82.3
France 57.3 57.8 57.9 58.3 58.4
90.9 91.6 92.1 92.9 93.2
Italy 41.5 41.3 41.1 41.3 41.0
61.1 61.1 60.9 61.1 60.8
Spain 63.5 63.4 61.9 61.2 60.5
102.2 102.4 100.7 100.0 98.9
United Kingdom 86.3 86.6 86.2 86.2 86.2
123.9 124.9 125.4 125.2 124.7
Non-financial corporations debt ratio (in % of GDP)
Mar-17 Jun-17 Sep-17 Dec-17 Mar-18
United States 45.2 45.5 45.7 45.7 45.7
Japan 89.5 88.9 89.9 90.3 89.5
Euro area 64.0 63.1 62.1 62.0 61.4
o/w Germany 36.2 36.0 36.7 36.8 36.9
France 72.3 71.8 71.8 71.7 72.7
Italy 68.4 67.7 66.4 67.2 66.8
Spain 73.4 71.6 70.2 68.5 67.2
United Kingdom 66.8 67.0 68.6 67.8 70.0
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 reached 86.8 % of GDP in 2018 Q1, after a slight increase compared to the previous quarter (+ 0.1 point). The public debt ratio continued to decline in Germany (- 1.2 point compared to 2017 Q4). By contrast, it rose in Italy (+ 1.6 point), in France (+ 0.8 point) and in Spain (+ 0.5 point).
In 2018 Q1, the government debt ratio grew in the United States (+ 1.9 point compared to 2017 Q4), whereas it fell in the United Kingdom (- 1.7 point) and more moderately in Japan (- 0.6 point).
Government sector debt (in % of GDP)
Mar-17 Jun-17 Sep-17 Dec-17 Mar-18
United States 101.0 99.6 100.7 100.8 102.7
Japan 211.3 211.9 211.1 210.9 210.3
Euro area* 89.2 89.1 88.1 86.7 86.8
o/w Germany 66.7 66.1 65.2 64.1 62.9
France 99.1 99.3 98.2 96.8 97.6
Italy 133.8 134.9 134.2 131.8 133.4
Spain 99.7 99.5 98.5 98.3 98.8
United Kingdom * 86.5 86.4 86.1 87.5 85.8
* "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
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STAT INFO - 1st quarter 2018
Non-financial sector debt ratios
international comparisons
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Debt ratios by institutional sectors - international comparisons
  • Published on 08/21/2018
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Published on Tuesday, August 21, 2018