Debt ratios by institutional sectors - international comparisons 2022Q3
Published on the 22nd of February 2023
Despite a decline in European averages due to nominal GDP growth, the private debt ratio remains stable and high in France, and the public debt ratio is increasing
Non-financial private sector debt ratio (in % of GDP)![]()
In the third quarter of 2022, the non-financial private sector debt (households and non-financial corporations) stands at 119.2 % of GDP in the euro area, 0.4 point down compared to the previous quarter (after - 1.6 point in 2022 Q2). Nominal debt continues to rise slightly but is outweighed by the increase of GDP.
The decline is very marked in Spain (- 3 points); the private debt ratio also decreases in Italy (- 0.5 point), while it increases in Germany (+ 0.7 point in 2022 Q3). The French ratio is stable (nominal debt continues to rise but is offset by the increase of nominal GDP) and stands at 147 % of GDP. The French private debt ratio remains the highest of the largest European countries.
Outside the euro area, the non-financial private sector debt ratio decreases more in the United Kingdom (- 1.8 point in 2022 Q3) than in the United States (- 1.2 point). In contrast, it increases in Japan (+ 0.9 point of GDP).
The decline is very marked in Spain (- 3 points); the private debt ratio also decreases in Italy (- 0.5 point), while it increases in Germany (+ 0.7 point in 2022 Q3). The French ratio is stable (nominal debt continues to rise but is offset by the increase of nominal GDP) and stands at 147 % of GDP. The French private debt ratio remains the highest of the largest European countries.
Outside the euro area, the non-financial private sector debt ratio decreases more in the United Kingdom (- 1.8 point in 2022 Q3) than in the United States (- 1.2 point). In contrast, it increases in Japan (+ 0.9 point of GDP).
Non-financial private sector debt (in % of GDP)
| Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | |
| United States | 157.2 | 155.8 | 154.8 | 154.0 | 152.8 |
| Japan | 169.3 | 170.7 | 169.7 | 170.9 | 171.8 |
| Euro area | 123.2 | 122.2 | 121.2 | 119.6 | 119.2 |
| o/w Germany | 108.3 | 107.9 | 107.3 | 106.6 | 107.3 |
| France | 148.4 | 147.9 | 147.1 | 147.0 | 147.0 |
| Italy | 111.3 | 112.1 | 110.5 | 109.8 | 109.3 |
| Spain | 128.0 | 125.4 | 122.0 | 119.9 | 116.9 |
| United Kingdom | 147.0 | 142.4 | 142.3 | 139.9 | 138.1 |
Households debt ratio (in % of GDP and % of GDI)![]()
Households debt
| Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | |
| United States | 105.5 | 104.7 | 103.3 | 103.0 | 102.4 |
| 125.3 | 126.4 | 130.1 | 132.3 | 133.8 | |
| Japan | 67.6 | 67.9 | 67.9 | 68.1 | 68.1 |
| 115.9 | 115.7 | 113.5 | 114.6 | 115.0 | |
| Euro area | 60.5 | 59.9 | 59.1 | 58.7 | 58.2 |
| 97.3 | 97.0 | 96.7 | 96.8 | 95.9 | |
| o/w Germany | 56.9 | 56.7 | 56.0 | 55.8 | 55.7 |
| 90.9 | 91.1 | 90.8 | 90.4 | 89.7 | |
| France | 66.1 | 65.6 | 65.7 | 65.6 | 65.7 |
| 101.7 | 101.7 | 102.4 | 102.7 | 102.4 | |
| Italy | 43.5 | 43.4 | 43.0 | 42.8 | 42.6 |
| 64.2 | 64.4 | 64.0 | 63.9 | 63.5 | |
| Spain | 59.8 | 58.4 | 56.9 | 56.5 | 54.4 |
| 90.2 | 89.3 | 88.4 | 88.9 | 87.6 | |
| United Kingdom | 88.9 | 86.7 | 85.1 | 84.3 | 83.8 |
| 131.7 | 130.1 | 130.4 | 130.2 | 130.1 |
Non-financial corporations debt ratio (in % of GDP)![]()
Non-financial corporations debt (in % of GDP)
| Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | |
| United States | 51.7 | 51.1 | 51.4 | 51.0 | 50.4 |
| Japan | 101.7 | 102.8 | 101.8 | 102.8 | 103.7 |
| Euro area | 62.7 | 62.3 | 62.1 | 60.9 | 61.0 |
| o/w Germany | 51.4 | 51.2 | 51.3 | 50.8 | 51.6 |
| France | 82.3 | 82.3 | 81.5 | 81.4 | 81.3 |
| Italy | 67.8 | 68.7 | 67.4 | 66.9 | 66.6 |
| Spain | 68.1 | 67.0 | 65.2 | 63.4 | 62.5 |
| United Kingdom | 58.1 | 55.7 | 57.2 | 55.5 | 54.3 |
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 decreases by 1.2 percentage points compared to the previous quarter due to nominal GDP growth in the denominator. It stands at 93 % of GDP in 2022 Q3. However, debt in the numerator of this ratio continues to increase (cf. additional information). The public debt ratio declines more significantly in Italy (- 3.1 points of GDP) than in Germany and in Spain (respectively by - 0.5 and by - 0.4 point). It increases in France (+ 0.4 point, despite the rise of the rolling four quarters GDP).
Outside the euro area, the general government debt ratio decreases more in the United Kingdom (- 1.8 point in 2022 Q3) than in Japan and in the United States (respectively by - 1.2 and by - 1 point).
Outside the euro area, the general government debt ratio decreases more in the United Kingdom (- 1.8 point in 2022 Q3) than in Japan and in the United States (respectively by - 1.2 and by - 1 point).
Government sector debt (in % of GDP)
| Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | |
| United States | 121.9 | 122.9 | 122.8 | 120.3 | 119.3 |
| Japan | 232.1 | 231.6 | 237.3 | 240.0 | 238.8 |
| Euro area* | 97.3 | 95.4 | 95.2 | 94.2 | 93.0 |
| o/w Germany | 68.6 | 68.6 | 67.4 | 67.2 | 66.6 |
| France | 115.6 | 112.8 | 114.7 | 113.3 | 113.7 |
| Italy | 154.2 | 150.3 | 152.1 | 150.4 | 147.3 |
| Spain | 121.9 | 118.3 | 117.4 | 116.1 | 115.6 |
| United Kingdom * | 106.2 | 105.9 | 102.1 | 102.0 | 100.2 |
* "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 change in the ratio of households debt ratio (in % points of GDP)
| Change in the ratio | Debt change Effect | Nominal GDP change Effect | |
| Unites States | -0.6 | 1.7 | -2.2 |
| Japan | 0.0 | 0.2 | -0.2 |
| Euro Area | -0.5 | 0.5 | -1.0 |
| o/w Germany | 0.0 | 0.8 | -0.8 |
| France | 0.0 | 0.7 | -0.7 |
| Italy | -0.2 | 0.3 | -0.5 |
| Spain | -2.1 | -0.8 | -1.3 |
| United Kingdom | -0.6 | 1.2 | -1.8 |
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 | |
| Unites States | -0.6 | 0.5 | -1.1 |
| Japan | 0.9 | 1.2 | -0.4 |
| Euro Area | 0.1 | 1.1 | -1.0 |
| o/w Germany | 0.8 | 1.5 | -0.7 |
| France | -0.1 | 0.7 | -0.8 |
| Italy | -0.9 | 0.5 | -0.7 |
| Spain | -0.9 | 0.6 | -1.5 |
| United Kingdom | -1.2 | 0.0 | -1.2 |
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 | |
| Unites States | -0.9 | 1.7 | -2.6 |
| Japan | -1.2 | -0.3 | -0.8 |
| Euro Area | -1.2 | 0.4 | -1.6 |
| o/w Germany | -0.6 | 0.3 | -0.9 |
| France | 0.4 | 1.6 | -1.2 |
| Italy | -3.1 | -1.4 | -1.7 |
| Spain | -0.5 | 2.2 | -2.7 |
| United Kingdom | -1.8 | 0.4 | -2.2 |
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Updated on the 21st of February 2023