Debt ratios by institutional sectors - international comparisons 2020Q4
Published on the 26th of May 2021
In 2020, the private sector debt ratio rises sharply in the euro area
Non-financial private sector debt ratio (in % of GDP)![]()
At the end of 2020, the non-financial private sector (NFPS) debt ratio stands at 130.6 % of GDP in the euro zone, a sharp increase of 12.1 points compared to the end of 2019. Over the year, the increase is very marked in France (+ 21.2 points) in particular because of the rise of the non-financial corporations' ratio related in particular to the PGE and the households' one (respectively by 14.2 points and by 7 points). The private debt ratio also increases in Spain (+ 15.7 points) and in Italy (+ 12.7 points), while the increase is comparatively more moderate in Germany (+ 9.6 points in 2020).
Outside the euro zone, dynamics are similar with the non-financial private sector debt ratio that increases more in Japan (+ 18.5 points of GDP year-on-year) than in the United States and in the United Kingdom (respectively by + 13.7 and by + 12.6 points).
However, these increases in the debt ratio must be balanced. On the one hand, they result from the sharp falls in GDP in 2020, which are likely to be resorbed later (cf. additional information for the effect in the fourth quarter). On the other hand, these are gross debts reflecting in particular the strong public support. They do not take into account the unusually high increases on the treasury in the asset side of the non-financial corporations and the households. In France, corporate debt net of treasury has remained almost stable.
Outside the euro zone, dynamics are similar with the non-financial private sector debt ratio that increases more in Japan (+ 18.5 points of GDP year-on-year) than in the United States and in the United Kingdom (respectively by + 13.7 and by + 12.6 points).
However, these increases in the debt ratio must be balanced. On the one hand, they result from the sharp falls in GDP in 2020, which are likely to be resorbed later (cf. additional information for the effect in the fourth quarter). On the other hand, these are gross debts reflecting in particular the strong public support. They do not take into account the unusually high increases on the treasury in the asset side of the non-financial corporations and the households. In France, corporate debt net of treasury has remained almost stable.
Non-financial private sector debt (in % of GDP)
| Q4 2018 | Q4 2019 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | |
| United States | 148.9 | 149.1 | 152.5 | 158.8 | 160.6 | 162.8 |
| Japan | 148.0 | 151.3 | 153.2 | 164.2 | 167.7 | 169.8 |
| Euro area | 118.5 | 118.5 | 120.4 | 126.8 | 128.7 | 130.6 |
| o/w Germany | 97.5 | 100.0 | 101.9 | 106.0 | 108.1 | 109.6 |
| France | 131.2 | 134.8 | 138.8 | 149.8 | 152.6 | 156.0 |
| Italy | 106.3 | 104.6 | 106.9 | 112.4 | 115.2 | 117.3 |
| Spain | 122.9 | 118.0 | 119.7 | 129.9 | 131.2 | 133.7 |
| United Kingdom | 144.5 | 140.7 | 142.5 | 150.0 | 151.3 | 153.3 |
* Debt ratio at nominal value for the United Kingdom are calculated by interpolation.
Households debt ratio (in % of GDP and of GDI)![]()
Households debt
| Q4 2018 | Q4 2019 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | |
| United States | 102.4 | 102.2 | 102.7 | 106.1 | 108.2 | 109.9 |
| 130.6 | 130.7 | 131.0 | 128.2 | 127.6 | 127.6 | |
| Japan | 59.3 | 60.3 | 60.7 | 62.9 | 64.3 | 65.2 |
| 101.8 | 104.3 | 104.9 | 118.2 | 119.4 | 125.4 | |
| Euro area | 57.5 | 57.8 | 58.1 | 60.5 | 61.6 | 62.7 |
| 94.6 | 95.1 | 94.9 | 96.1 | 96.8 | 97.5 | |
| o/w Germany | 53.4 | 54.3 | 54.7 | 56.4 | 57.7 | 58.8 |
| 85.8 | 87.0 | 87.2 | 88.0 | 89.1 | 90.0 | |
| France | 59.5 | 61.4 | 62.5 | 65.5 | 66.9 | 68.4 |
| 94.8 | 97.6 | 98.3 | 99.4 | 100.5 | 101.4 | |
| Italy | 40.8 | 41.2 | 41.6 | 43.6 | 44.4 | 45.3 |
| 61.3 | 62.1 | 62.1 | 63.4 | 64.0 | 64.8 | |
| Spain | 58.9 | 56.9 | 57.1 | 60.7 | 61.1 | 62.5 |
| 95.3 | 92.7 | 91.9 | 94.0 | 93.5 | 94.8 | |
| United Kingdom | 84.9 | 83.8 | 84.5 | 87.2 | 88.6 | 90.1 |
| 126.2 | 125.0 | 125.4 | 125.8 | 125.9 | 126.8 |
Non-financial corporations debt ratio (in % of GDP)![]()
Non-financial corporations debt (in % of GPD)
| Q4 2018 | Q4 2019 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | |
| United States | 46.5 | 46.9 | 49.8 | 52.7 | 52.4 | 52.9 |
| Japan | 88.7 | 91.1 | 92.5 | 101.3 | 103.4 | 104.6 |
| Euro area | 61.0 | 60.7 | 62.2 | 66.3 | 67.1 | 67.9 |
| o/w Germany | 44.1 | 45.7 | 47.2 | 49.6 | 50.5 | 50.7 |
| France | 71.8 | 73.3 | 76.3 | 84.3 | 85.7 | 87.6 |
| Italy | 65.5 | 63.4 | 65.3 | 68.8 | 70.8 | 72.0 |
| Spain | 63.9 | 61.1 | 62.7 | 69.2 | 70.1 | 71.1 |
| United Kingdom | 59.6 | 57.0 | 58.0 | 62.8 | 62.7 | 63.2 |
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 + 14.1 points in 2020 and reaches 98.1% of GDP at the end of the year, because of the financing of governmental action implemented to respond to the pandemic. The public debt ratio increases by 10.1 points of GDP over the year in Germany, more significantly in France (+18.1 points in 2020) and more markedly in Italy and in Spain (respectively +21.2 and +24.5 points).
In 2020, the government debt ratio rises more in the United States and in Japan (respectively by 24.7 points and by 23.9 points) than in the United Kingdom (+ 19.2 points of GDP over the year).
In 2020, the government debt ratio rises more in the United States and in Japan (respectively by 24.7 points and by 23.9 points) than in the United Kingdom (+ 19.2 points of GDP over the year).
Government sector debt (in % of GDP)
| Q4 2018 | Q4 2019 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | |
| United States | 102.1 | 103.7 | 105.5 | 121.4 | 124.6 | 128.4 |
| Japan | 209.0 | 210.3 | 211.2 | 224.3 | 230.8 | 234.2 |
| Euro area* | 85.8 | 84.0 | 86.2 | 95.0 | 97.3 | 98.1 |
| o/w Germany | 61.8 | 59.7 | 60.9 | 67.3 | 70.0 | 69.8 |
| France | 98.0 | 97.6 | 101.4 | 114.0 | 116.4 | 115.7 |
| Italy | 134.4 | 134.6 | 137.8 | 149.5 | 154.5 | 155.8 |
| Spain | 97.4 | 95.5 | 99.1 | 110.2 | 114.0 | 120.0 |
| United Kingdom * | 85.8 | 85.3 | 84.4 | 96.2 | 100.5 | 104.5 |
* "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 | 1.7 | 1.4 | 0.3 |
| Japan | 0.9 | 0.7 | 0.2 |
| Euro Area | 1.1 | 0.5 | 0.6 |
| o/w Germany | 1.2 | 0.8 | 0.4 |
| France | 1.5 | 0.9 | 0.6 |
| Italy | 0.9 | 0.2 | 0.6 |
| Spain | 1.4 | 0.0 | 1.4 |
| United Kingdom | 1.5 | 0.8 | 0.7 |
Breakdown of the increase in non-financial corporations debt ratio (in % of GDP)
| Ratio Increase | Debt Effect | GDP Effect | |
| Unites States | 0.4 | 0.3 | 0.2 |
| Japan | 1.2 | 0.9 | 0.3 |
| Euro Area | 0.8 | 0.1 | 0.7 |
| o/w Germany | 0.3 | -0.1 | 0.3 |
| France | 1.9 | 1.2 | 0.8 |
| Italy | 1.3 | 0.3 | 1.0 |
| Spain | 1.0 | -0.6 | 1.6 |
| United Kingdom | 0.5 | 0.0 | 0.5 |
Breakdown of the increase in General government sector debt ratio (in % of GDP)
| Ratio Increase | Debt Effect | GDP Effect | |
| Unites States | 3.8 | 3.5 | 0.4 |
| Japan | 3.3 | 2.6 | 0.7 |
| Euro Area | 0.9 | 0.0 | 1.0 |
| o/w Germany | -0.1 | -0.6 | 0.5 |
| France | 0.0 | -1.0 | 1.0 |
| Italy | 1.4 | -0.7 | 2.1 |
| Spain | 6.0 | 3.3 | 2.7 |
| United Kingdom | 3.9 | 3.1 | 0.8 |
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Updated on the 26th of May 2021