Debt ratios by institutional sectors - international comparisons 2020Q2
Published on the 19th of November 2020
Increase in the private debt ratio in the euro area
Non-financial private sector debt ratio (in % of GDP)![]()
In the second quarter of 2020, the non-financial private sector (NFPS) debt ratio stands at 127.6 % of GDP in the euro zone, a higher level of 6.5 points compared to the previous quarter, due both to the funding of non-financial corporations' cash requirements during lockdown and the decline in GDP (cf. additional information). The increase is marked in France and in Spain (respectively by 11.5 and by 10.4 points in 2020 Q2). The private debt ratio increases at a more moderate pace in Italy (+ 5.6 points) and in Germany (+3.6 points). France's public debt goes over the 150 % of GDP threshold, in particular because of the rise of the non-financial corporations' ratio (+ 8.4 points in 2020 Q2, breaking down into + 5.2 points due to debt increase and + 3.2 points due to GDP fall).
Outside the euro zone, the non-financial private sector debt ratio increases more in Japan (+ 11.1 points in 2020 Q2) than in the United Kingdom and in the United States (respectively by + 7.7 and by + 6.2 points).
Outside the euro zone, the non-financial private sector debt ratio increases more in Japan (+ 11.1 points in 2020 Q2) than in the United Kingdom and in the United States (respectively by + 7.7 and by + 6.2 points).
Non-financial private sector debt (in % of GDP)
| Q2 2019 | Q3 2019 | Q4 2019 | Q1 2020 | Q2 2020 | |
| United States | 148.8 | 149.1 | 148.8 | 152.1 | 158.3 |
| Japan | 151.3 | 152.2 | 153.4 | 155.2 | 166.3 |
| Euro area | 119.5 | 119.8 | 119.0 | 121.1 | 127.6 |
| o/w Germany | 94.7 | 95.4 | 95.4 | 96.8 | 100.4 |
| France | 132.9 | 134.4 | 134.8 | 138.7 | 150.2 |
| Italy | 105.2 | 105.2 | 104.7 | 106.2 | 111.8 |
| Spain | 121.8 | 120.6 | 118.0 | 119.3 | 129.7 |
| United Kingdom | 139.7 | 141.5 | 139.3 | 141.7 | 149.4 |
* Debt ratio at nominal value for the United Kingdom are calculated by interpolation.
Households debt ratio (in % of GDP and of GDI)![]()
| Q2 2019 | Q3 2019 | Q4 2019 | Q1 2020 | Q2 2020 | |
| United States | 101.9 | 102.1 | 102.3 | 102.8 | 106.3 |
| 129.9 | 130.4 | 130.8 | 131.1 | 128.6 | |
| Japan | 60.7 | 60.7 | 61.1 | 61.5 | 63.7 |
| 102.8 | 103.8 | 104.3 | 104.9 | 106.2 | |
| Euro area | 57.6 | 57.7 | 57.8 | 58.1 | 60.4 |
| 94.6 | 94.8 | 95.1 | 94.9 | 96.1 | |
| o/w Germany | 53.8 | 54.2 | 54.3 | 54.7 | 56.3 |
| 86.4 | 86.8 | 87.0 | 87.1 | 87.8 | |
| France | 60.1 | 60.8 | 61.4 | 62.4 | 65.4 |
| 95.7 | 96.8 | 97.5 | 98.0 | 99.0 | |
| Italy | 41.1 | 41.1 | 41.2 | 41.6 | 43.6 |
| 61.6 | 61.7 | 61.9 | 61.8 | 63.2 | |
| Spain | 58.6 | 57.4 | 56.9 | 57.0 | 60.6 |
| 95.0 | 93.1 | 92.7 | 92.0 | 95.1 | |
| United Kingdom | 83.6 | 84.0 | 83.9 | 84.6 | 87.4 |
| 124.5 | 125.3 | 125.3 | 125.9 | 126.2 |
Non-financial corporations debt ratio (in % of GDP)![]()
| Q2 2019 | Q3 2019 | Q4 2019 | Q1 2020 | Q2 2020 | |
| United States | 46.9 | 47.0 | 46.6 | 49.3 | 52.0 |
| Japan | 90.6 | 91.4 | 92.3 | 93.7 | 102.6 |
| Euro area | 62.0 | 62.2 | 61.2 | 63.0 | 67.2 |
| o/w Germany | 40.9 | 41.3 | 41.1 | 42.2 | 44.1 |
| France | 72.8 | 73.6 | 73.4 | 76.3 | 84.7 |
| Italy | 64.1 | 64.1 | 63.5 | 64.6 | 68.2 |
| Spain | 63.2 | 63.2 | 61.0 | 62.2 | 69.1 |
| United Kingdom | 56.1 | 57.6 | 55.5 | 57.2 | 62.0 |
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 increases by + 8.8 points compared to the previous quarter and reaches 95.1 % of GDP in 2020 Q2, because of the financing of governmental action implemented to respond to the pandemic. The public debt ratio rises sharply in France (+ 12.7 points of GDP), due to the increase of debt (8.3 points) and the decline of GDP (4.4 points, cf. additional information). It also increases in Germany (+ 6.3 points) and more markedly in Spain and Italy (respectively by 11.1 points and by 11.8 points).
Outside the euro area, the government debt ratio rises more in the United States (+ 15.9 points) than in Japan and in the United Kingdom (respectively by 13.1 points and by 12 points in 2020 Q2).
Outside the euro area, the government debt ratio rises more in the United States (+ 15.9 points) than in Japan and in the United Kingdom (respectively by 13.1 points and by 12 points in 2020 Q2).
Government sector debt (in % of GDP)
| Q2 2019 | Q3 2019 | Q4 2019 | Q1 2020 | Q2 2020 | |
| United States | 99.9 | 102.4 | 103.7 | 105.5 | 121.4 |
| Japan | 213.9 | 211.7 | 213.2 | 214.0 | 227.1 |
| Euro area* | 86.2 | 85.8 | 84.0 | 86.3 | 95.1 |
| o/w Germany | 61.1 | 61.0 | 59.6 | 61.1 | 67.4 |
| France | 99.1 | 100.0 | 98.1 | 101.4 | 114.1 |
| Italy | 137.5 | 136.8 | 134.7 | 137.6 | 149.4 |
| Spain | 98.4 | 97.5 | 95.5 | 99.0 | 110.1 |
| United Kingdom * | 84.8 | 84.1 | 85.4 | 84.6 | 96.6 |
* "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 | 3.5 | 1.3 | 2.2 |
| Japan | 2.1 | 0.8 | 1.4 |
| Euro Area | 2.3 | 0.4 | 1.9 |
| o/w Germany | 1.7 | 0.4 | 1.2 |
| France | 3 | 0.5 | 2.5 |
| Italy | 2 | 0.2 | 1.8 |
| Spain | 3.6 | 0.4 | 3.2 |
| United Kingdom | 2.9 | -0.1 | 3 |
Breakdown of the increase in non-financial corporations debt ratio (in % of GDP)
| Ratio Increase | Debt Effect | GDP Effect | |
| Unites States | 2.7 | 1.6 | 1.1 |
| Japan | 8.9 | 6.7 | 2.2 |
| Euro Area | 4.3 | 2.1 | 2.1 |
| o/w Germany | 1.9 | 0.9 | 1 |
| France | 8.5 | 5.2 | 3.2 |
| Italy | 3.6 | 0.7 | 2.8 |
| Spain | 6.9 | 3.3 | 3.6 |
| United Kingdom | 4.8 | 2.7 | 2.1 |
Breakdown of the increase in General government sector debt ratio (in % of GDP)
| Ratio Increase | Debt Effect | GDP Effect | |
| Unites States | 15.9 | 13.3 | 2.5 |
| Japan | 13.1 | 8.2 | 4.9 |
| Euro Area | 8.8 | 5.8 | 3 |
| o/w Germany | 6.4 | 4.9 | 1.5 |
| France | 12.7 | 8.3 | 4.4 |
| Italy | 11.7 | 5.5 | 6.2 |
| Spain | 11.1 | 5.3 | 5.7 |
| United Kingdom | 12 | 8.7 | 3.3 |
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TAU_END_ANF_COM_INT_2213_en__SI_endet_comparaisons_internationales_2020T2_ENG.pdf
Updated on the 18th of November 2020