Debt ratios by institutional sectors - international comparisons 2020Q1
Published on the 26th of August 2020
The private sector debt ratio rises in the euro area, in particular in France
Non-financial private sector debt ratio (in % of GDP)![]()
At the end of the first quarter of 2020, the non-financial private sector (NFPS) debt ratio reaches 120.8 % of GDP in the euro area, a level above the one in the previous quarter (+ 2.2 points after - 1 point in 2019 Q4). This is due not only to the increase in the stock of debt but also to the decline in GDP over this period. The increase is marked in France (+ 3.7 points), in particular because of the rise of the non-financial corporations' ratio (+2.6 points, breaking down into +2.0 points due to debt increase and +0.6 point due to GDP fall). The private debt ratio increases at a more moderate pace in Italy, Germany and Spain (respectively by 1.6, 1.5 and 1.3 point).
Outside the euro area, the non-financial private sector debt ratio in Japan continues to rise (+ 1.4 percentage point of GDP) to reach 153.7 % in 2020 Q1. It increases more in the United States (+3.4 points) than in the United Kingdom (+2 points of GDP).
Preliminary figures on 2020 Q2 suggest that the NFPS debt ratio could exceed 10 points of GDP for some euro are countries, due to both the funding of non-financial corporations' cash requirements during lockdown and the decline in GDP.
Outside the euro area, the non-financial private sector debt ratio in Japan continues to rise (+ 1.4 percentage point of GDP) to reach 153.7 % in 2020 Q1. It increases more in the United States (+3.4 points) than in the United Kingdom (+2 points of GDP).
Preliminary figures on 2020 Q2 suggest that the NFPS debt ratio could exceed 10 points of GDP for some euro are countries, due to both the funding of non-financial corporations' cash requirements during lockdown and the decline in GDP.
Non-financial private sector debt (in % of GDP)
| Mar-19 | Jun-19 | Sep-19 | Dec-19 | Mar-20 | |
| United States | 148.6 | 148.8 | 149.2 | 148.8 | 152.2 |
| Japan | 150.8 | 150.3 | 151.2 | 152.3 | 153.7 |
| Euro area | 118.7 | 119.3 | 119.6 | 118.6 | 120.8 |
| o/w Germany | 93.7 | 95.3 | 96.1 | 96.0 | 97.5 |
| France | 131.9 | 132.8 | 134.4 | 134.6 | 138.3 |
| Italy | 105.5 | 105.4 | 105.5 | 104.9 | 106.5 |
| Spain | 122.9 | 122.0 | 120.7 | 117.9 | 119.2 |
| United Kingdom | 144.6 | 145.5 | 147.9 | 146.5 | 148.5 |
* Debt ratio at nominal value for the United Kingdom are calculated by interpolation.
Households debt ratio (in % of GDP and of GDI)![]()
| Mar-19 | Jun-19 | Sep-19 | Dec-19 | Mar-20 | |
| United States | 102.5 | 102.6 | 102.9 | 103.0 | 103.6 |
| 130.5 | 130.6 | 130.8 | 131.0 | 131.2 | |
| Japan | 58.8 | 58.7 | 58.7 | 59.1 | 59.3 |
| 99.9 | 99.6 | 100.4 | 100.9 | 101.1 | |
| Euro area | 57.5 | 57.7 | 57.8 | 57.8 | 58.3 |
| 93.2 | 93.4 | 93.5 | 93.8 | 93.7 | |
| o/w Germany | 53.6 | 54.0 | 54.4 | 54.5 | 54.9 |
| 83.9 | 84.4 | 84.8 | 85.0 | 85.3 | |
| France | 59.6 | 60.1 | 60.8 | 61.4 | 62.3 |
| 95.1 | 95.8 | 96.8 | 97.6 | 98.0 | |
| Italy | 40.9 | 41.2 | 41.2 | 41.2 | 41.6 |
| 60.9 | 61.3 | 61.4 | 61.6 | 61.6 | |
| Spain | 58.4 | 58.7 | 57.4 | 56.9 | 56.9 |
| 94.3 | 94.4 | 92.4 | 91.5 | 90.8 | |
| United Kingdom | 83.1 | 83.3 | 83.7 | 83.7 | 84.3 |
| 119.8 | 120.3 | 121.2 | 121.6 | 122.0 |
Non-financial corporations debt ratio (in % of GDP)![]()
| Mar-19 | Jun-19 | Sep-19 | Dec-19 | Mar-20 | |
| United States | 46.1 | 46.2 | 46.3 | 45.8 | 48.6 |
| Japan | 92.0 | 91.5 | 92.5 | 93.2 | 94.4 |
| Euro area | 61.2 | 61.6 | 61.9 | 60.8 | 62.5 |
| o/w Germany | 40.1 | 41.3 | 41.7 | 41.5 | 42.6 |
| France | 72.2 | 72.6 | 73.6 | 73.3 | 75.9 |
| Italy | 64.6 | 64.3 | 64.4 | 63.7 | 64.8 |
| Spain | 64.5 | 63.3 | 63.3 | 61.0 | 62.3 |
| United Kingdom | 61.5 | 62.2 | 64.2 | 62.9 | 64.2 |
Source: Quarterly national financial accounts and Eurostat, Computation: Banque de France
General government sector debt ratio (in % of GDP)![]()
In the euro area, the general government debt ratio reaches 86.3 % of GDP at the end of the first quarter of 2020, up from 2.2 points compared to the previous quarter. The public debt ratio rises in Germany (+ 1.5 point of GDP). It also increases in Italy (+2.8 points) and more markedly in Spain and France (respectively by 3.3 points and by 3.1 points)
Outside the euro area, the government debt ratio rises more in the United States (+ 1.8 point) than in Japan (+ 0.8 point). By contrast, it decreases in the United Kingdom (- 0.7 point in 2020 Q1).
During the second quarter, government debt ratio probably should increase markedly (more than 10 points of GDP in some countries), because of the financing of governmental action implemented to respond to the pandemics.
Outside the euro area, the government debt ratio rises more in the United States (+ 1.8 point) than in Japan (+ 0.8 point). By contrast, it decreases in the United Kingdom (- 0.7 point in 2020 Q1).
During the second quarter, government debt ratio probably should increase markedly (more than 10 points of GDP in some countries), because of the financing of governmental action implemented to respond to the pandemics.
Government sector debt (in % of GDP)
| Mar-19 | Jun-19 | Sep-19 | Dec-19 | Mar-20 | |
| United States | 101.3 | 99.8 | 102.4 | 103.6 | 105.4 |
| Japan | 213.4 | 213.7 | 211.5 | 213.0 | 213.8 |
| Euro area* | 86.4 | 86.2 | 85.9 | 84.1 | 86.3 |
| o/w Germany | 61.7 | 61.1 | 61.1 | 59.8 | 61.3 |
| France | 99.1 | 99.1 | 100.0 | 98.1 | 101.2 |
| Italy | 136.4 | 137.7 | 137.0 | 134.8 | 137.6 |
| Spain | 98.6 | 98.6 | 97.5 | 95.5 | 98.8 |
| United Kingdom * | 84.1 | 84.8 | 84.1 | 85.4 | 84.7 |
* "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.
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.
Breakdown of the increase in households debt ratio (in % of GDP)
| Ratio Increase | Debt Effect | GDP Effect | |
| Unites States | 0.6 | 1.1 | -0.5 |
| Japan | 0.2 | 0.1 | 0.1 |
| Euro Area | 0.4 | 0.2 | 0.2 |
| o/w Germany | 0.4 | 0.4 | 0.0 |
| France | 0.9 | 0.4 | 0.5 |
| Italy | 0.4 | -0.1 | 0.5 |
| Spain | 0.0 | -0.3 | 0.4 |
| United Kingdom | 0.6 | 0.7 | -0.1 |
Breakdown of the increase in non-financial corporations debt ratio (in % of GDP)
| Ratio Increase | Debt Effect | GDP Effect | |
| Unites States | 2.8 | 3.0 | -0.3 |
| Japan | 1.2 | 1.0 | 0.2 |
| Euro Area | 1.7 | 1.5 | 0.2 |
| o/w Germany | 1.1 | 1.1 | 0.0 |
| France | 2.6 | 2.0 | 0.6 |
| Italy | 1.1 | 0.4 | 0.7 |
| Spain | 1.2 | 0.8 | 0.4 |
| United Kingdom | 1.4 | 1.4 | -0.1 |
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Updated on the 25th of August 2020