Debt ratios by institutional sectors - international comparisons - 2024-Q1
Published on the 9th of August 2024
The private-sector debt ratios decrease, while public-sector debt ratios increase in the euro zone in Q1 2024.
Both private and public debt levels remain significantly higher in France than elsewhere in Europe.
Both private and public debt levels remain significantly higher in France than elsewhere in Europe.
Non-financial private sector debt ratio (in % of GDP)![]()
In the first quarter of 2024, the debt rate of private non-financial agents decreases again compared to the previous quarter, thanks mainly to the contribution of the increase in nominal GDP in the four zones (United States, Japan, euro area and United Kingdom).
In the euro area, the private debt ratio continues to decrease compared to the previous quarter (-1.0 pp after -1.9 pp). Among the major countries, the French ratio is the one which is decreasing the most (-2.2 pp compared to -1.2 pp for Italy and Spain and -0.7 pp for Germany). At 136.6%, however, it remains the only one above 100% among the major euro area economies; it is also the highest among the latter for both households and non-financial corporations (NFCs).
Regarding the debt ratio of NFCs: the gross debt ratio amounts to 75.2% of GDP in France, still well above that of other major countries and the average for the euro area (55.4%); but the net debt of French NFCs, i.e. gross debt less the treasury in the asset side, is at a much lower level, even if it remains higher than in other countries, at 39.1 % in France compared to 28.3% on average in the euro zone.
In the euro area, the private debt ratio continues to decrease compared to the previous quarter (-1.0 pp after -1.9 pp). Among the major countries, the French ratio is the one which is decreasing the most (-2.2 pp compared to -1.2 pp for Italy and Spain and -0.7 pp for Germany). At 136.6%, however, it remains the only one above 100% among the major euro area economies; it is also the highest among the latter for both households and non-financial corporations (NFCs).
Regarding the debt ratio of NFCs: the gross debt ratio amounts to 75.2% of GDP in France, still well above that of other major countries and the average for the euro area (55.4%); but the net debt of French NFCs, i.e. gross debt less the treasury in the asset side, is at a much lower level, even if it remains higher than in other countries, at 39.1 % in France compared to 28.3% on average in the euro zone.
Non-financial private sector debt (in % of GDP)
| Q1 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | |
| United States | 157.9 | 152.7 | 151.3 | 149.9 | 148.6 | 147.6 |
| Japan | 171.3 | 171.9 | 170.8 | 170.0 | 169.7 | 169.4 |
| Euro area | 121.4 | 115.1 | 113.3 | 111.4 | 109.5 | 108.5 |
| o/w Germany | 105.7 | 102.3 | 101.4 | 99.8 | 97.9 | 97.2 |
| France | 146.7 | 143.8 | 141.5 | 140.3 | 138.8 | 136.6 |
| Italy | 107.5 | 101.2 | 99.8 | 97.1 | 96.5 | 95.3 |
| Spain | 120.8 | 107.6 | 105.0 | 101.9 | 99.9 | 98.7 |
| United Kingdom | 141.2 | 133.1 | 130.1 | 129.3 | 127.7 | 126.3 |
Households debt ratio (in % of GDP and % of GDI)![]()
Households debt
| Q1 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | |
| United States | 104.7 | 101.7 | 101.0 | 100.2 | 99.5 | 98.6 |
| 132.9 | 134.3 | 132.7 | 131.5 | 130.7 | 130.0 | |
| Japan | 67.2 | 67.0 | 66.4 | 65.7 | 65.3 | 65.3 |
| 113.2 | 115.3 | 115.2 | 116.2 | 114.8 | 115.3 | |
| Euro area | 58.7 | 55.8 | 55.1 | 54.3 | 53.6 | 53.1 |
| 96.4 | 92.2 | 90.6 | 89.3 | 88.1 | 86.9 | |
| o/w Germany | 55.0 | 52.9 | 52.3 | 51.8 | 51.2 | 50.8 |
| 90.8 | 86.9 | 85.6 | 84.7 | 83.9 | 82.9 | |
| France | 65.9 | 64.9 | 63.8 | 62.9 | 62.0 | 61.4 |
| 102.4 | 100.2 | 98.0 | 96.2 | 95.0 | 93.8 | |
| Italy | 41.9 | 39.6 | 38.9 | 38.3 | 37.8 | 37.3 |
| 63.4 | 60.7 | 59.8 | 59.1 | 58.6 | 57.7 | |
| Spain | 56.1 | 50.4 | 49.9 | 48.0 | 46.9 | 46.0 |
| 87.2 | 81.6 | 79.9 | 76.4 | 74.2 | 72.5 | |
| United Kingdom | 85.7 | 81.4 | 80.0 | 79.6 | 78.5 | 77.9 |
| 133.1 | 126.8 | 123.9 | 122.5 | 120.4 | 119.1 |
Non-financial corporations debt ratio (in % of GDP)![]()
Non-financial corporations debt (in % of GDP)
| Q1 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | |
| United States | 53.3 | 51.0 | 50.4 | 49.7 | 49.1 | 49.0 |
| Japan | 104.1 | 104.9 | 104.5 | 104.3 | 104.4 | 104.1 |
| Euro area | 62.7 | 59.3 | 58.2 | 57.1 | 56.0 | 55.4 |
| o/w Germany | 50.7 | 49.4 | 49.1 | 48.0 | 46.7 | 46.4 |
| France | 80.8 | 78.9 | 77.8 | 77.4 | 76.8 | 75.2 |
| Italy | 65.6 | 61.6 | 60.8 | 58.8 | 58.6 | 57.9 |
| Spain | 64.7 | 57.2 | 55.2 | 54.0 | 53.0 | 52.7 |
| United Kingdom | 55.5 | 51.7 | 50.0 | 49.7 | 49.2 | 48.4 |
Net cash debt ratio of non-financial corporations (in % of GDP) ![]()
Net cash debt ratio of non-financtial corporations (in % of GDP)
| Q1 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | |
| United States | 41.6 | 40.4 | 39.5 | 38.1 | 38.0 | 37.7 |
| Japan | 41.5 | 41.7 | 41.6 | 42.3 | 44.5 | 41.7 |
| Euro area | 32.6 | 30.8 | 30.8 | 29.6 | 28.3 | 28.3 |
| o/w Germany | 30.8 | 30.5 | 32.7 | 29.9 | 29.4 | 30.8 |
| France | 39.1 | 39.0 | 38.6 | 38.7 | 38.5 | 39.1 |
| Italy | 38.1 | 36.6 | 35.8 | 33.2 | 33.1 | 32.9 |
| Spain | 36.9 | 32.3 | 30.4 | 29.2 | 28.2 | 28.3 |
| United Kingdom | 18.2 | 18.8 | 17.9 | 18.0 | 17.7 | 17.7 |
Source: Quarterly national financial accounts and Eurostat, Computation: Banque de France
General government sector debt ratio (in % of GDP)![]()
In the first quarter, the general government debt ratio in the euro area increases by 0.5 point of GDP compared to the previous quarter. Among the major countries, Germany's ratio decreases slightly (-0.2 pp) while the ratios of other countries increase (+1.2 pp for Spain, +0.8 pp for France and +0.4 pp for Italy).
Outside the euro area, the public debt ratio decreases in the United Kingdom (-0.8 pp) as well as in Japan (-0.3 pp). On the other hand, it increases in the United States (+0.6 pp).
Government sector debt (in % of GDP)
| Q1 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | |
| United States | 121.1 | 116.4 | 116.7 | 118.3 | 119.6 | 120.2 |
| Japan | 235.5 | 236.2 | 234.6 | 230.7 | 229.7 | 229.4 |
| Euro area* | 94.1 | 90.1 | 89.7 | 89.2 | 88.2 | 88.7 |
| o/w Germany | 67.6 | 65.6 | 64.6 | 64.6 | 63.6 | 63.4 |
| France | 114.2 | 111.9 | 111.2 | 111.0 | 109.9 | 110.7 |
| Italy | 148.3 | 139.3 | 140.1 | 137.9 | 137.3 | 137.7 |
| Spain | 115.9 | 111.2 | 111.2 | 109.8 | 107.7 | 108.9 |
| United Kingdom * | 101.0 | 99.4 | 101.1 | 100.0 | 101.3 | 100.4 |
* "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 by deducting loans assets, which mainly covers loans to resident and non-resident affiliated entities, from loans liabilities.
Disseminated data of other countries are less detailed. NFC's net loans are therefore estimated by deducting loans assets, which mainly covers loans to resident and non-resident affiliated entities, from loans liabilities.
Breakdown of the change in the ratio of households debt ratio (in % points of GDP)
| Change in the ratio | Debt change Effect | Nominal GDP change Effect | |
| United States | -1.0 | 0.4 | -1.3 |
| Japan | 0.0 | 0.5 | -0.5 |
| Euro area | -0.5 | 0.0 | -0.5 |
| o/w Germany | -0.4 | 0.0 | -0.4 |
| France | -0.6 | 0.1 | -0.7 |
| Italy | -0.5 | -0.2 | -0.3 |
| Spain | -0.9 | -0.3 | -0.6 |
| United Kingdom | -0.6 | 0.3 | -1.0 |
Breakdown of the change in the ratio of non-financial corporations debt ratio (in % points of GDP)
| Change in the ratio | Debt change Effect | Nominal GDP change Effect | |
| United States | -0.1 | 0.6 | -0.7 |
| Japan | -0.4 | 0.5 | -0.8 |
| Euro area | -0.6 | -0.1 | -0.5 |
| o/w Germany | -0.3 | 0.0 | -0.4 |
| France | -1.6 | -0.8 | -0.8 |
| Italy | -0.7 | -0.2 | -0.4 |
| Spain | -0.3 | 0.3 | -0.7 |
| United Kingdom | -0.8 | -0.2 | -0.6 |
Breakdown of the change in the ratio of General government sector debt ratio (in % points of GDP)
| Change in the ratio | Debt change Effect | Nominal GDP change Effect | |
| United States | 0.5 | 2.1 | -1.6 |
| Japan | -0.3 | 1.5 | -1.8 |
| Euro area | 0.5 | 1.3 | -0.8 |
| o/w Germany | -0.2 | 0.3 | -0.5 |
| France | 0.8 | 2.1 | -1.3 |
| Italy | 0.4 | 1.5 | -1.1 |
| Spain | 1.2 | 2.7 | -1.5 |
| United Kingdom | -0.8 | 0.4 | -1.2 |
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Updated on the 8th of August 2024