Debt ratios by institutional sectors - international comparisons - 2024-Q4
Published on the 23rd of May 2025
In 2024, debt ratio of private non-financial agents continued to fall thanks to nominal GDP growth. It remains, however, higher in France than elsewhere in the euro area, for both households and businesses.
Non-financial private sector debt ratio (in % of GDP)![]()
- In 2024, the debt ratio of private non-financial agents (households and private non-financial companies) continued to fall in the four zones, United States, Euro area, United Kingdom and Japan, with a decline compared to 2023 of -4.5 pp, -3 pp, -1.5 pp and -0.5 pp respectively.
- In the euro area, this debt ratio stood at 105.8% of GDP in 2024, 3 percentage points lower than at the end of 2023. In nominal terms, however, debt continued to increase slightly, but this increase was more than offset by GDP growth in value. By major country, the decline compared to 2023 is of -4.8 pp in Spain, -3.7 pp in Italy, -3.5 pp in France and -2.0 pp in Germany (less significant than in 2023 when it had fallen by, respectively, -12.9 pp, -7.9 pp, -6.9 pp and -6.4 pp compared to 2022).
- French household indebtedness is part of this trend, with a decrease of -2.1 pp compared to 2023 (after -3.3 pp in 2023 compared to 2022). However, it still remained significantly higher than that of its neighbors: the debt/GDP ratio is 10 pp above that of Germany, 16 pp above Spain and 24 pp above Italy.
- Similarly, the gross debt ratio of French NFCs decreased by -1.7 pp compared to 2023 (after -4.5 pp in 2023 compared to 2022). At 75.1% of GDP, it remained well above that of NFCs in other major countries and of the average for the euro area (54.3%). The net indebtedness of French NFCs, i.e. their gross debt less cash held, was lower but also higher than the euro area average.
Non-financial private sector debt (in % of GDP)
| Q4 2022 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |
| United States | 152.4 | 146.3 | 145.3 | 144.5 | 143.8 | 141.8 |
| Japan | 174.1 | 169.7 | 169.7 | 169.0 | 168.6 | 169.2 |
| Euro area | 116.8 | 108.8 | 107.6 | 107.3 | 106.5 | 105.8 |
| o/w Germany | 104.0 | 97.6 | 97.1 | 96.8 | 96.3 | 95.6 |
| France | 145.4 | 138.5 | 136.4 | 136.1 | 135.3 | 135.0 |
| Italy | 101.1 | 93.3 | 91.9 | 91.1 | 89.8 | 89.6 |
| Spain | 112.9 | 100.0 | 99.1 | 98.6 | 97.2 | 95.2 |
| United Kingdom | 133.9 | 126.8 | 126.1 | 126.0 | 126.0 | 125.3 |
Households debt ratio![]()
(in % of GDB and % of GDI)
Households debt
| Q4 2022 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |
| United States | 102.3 | 98.5 | 97.5 | 96.9 | 96.4 | 95.2 |
| 135.8 | 128.9 | 127.6 | 126.9 | 126.4 | 125.0 | |
| Japan | 67.5 | 65.3 | 65.4 | 65.5 | 65.1 | 65.1 |
| 115.3 | 114.8 | 115.3 | 111.3 | 116.0 | 116.5 | |
| Euro area | 56.3 | 52.8 | 52.3 | 52.1 | 51.8 | 51.5 |
| 92.3 | 86.1 | 84.9 | 84.3 | 83.7 | 83.2 | |
| o/w Germany | 53.6 | 51.0 | 50.6 | 50.2 | 50.1 | 49.9 |
| 84.9 | 79.9 | 78.8 | 78.2 | 77.7 | 77.1 | |
| France | 65.3 | 62.0 | 61.3 | 60.7 | 60.2 | 59.9 |
| 101.5 | 94.9 | 93.6 | 92.3 | 91.4 | 90.9 | |
| Italy | 40.0 | 37.1 | 36.6 | 36.4 | 36.2 | 36.1 |
| 61.0 | 57.4 | 56.7 | 56.3 | 56.1 | 56.1 | |
| Spain | 51.5 | 46.1 | 45.2 | 45.4 | 44.2 | 43.7 |
| 82.8 | 73.1 | 71.0 | 70.7 | 68.6 | 67.7 | |
| United Kingdom | 82.2 | 78.1 | 77.5 | 77.1 | 76.8 | 76.0 |
| 129.1 | 120.6 | 119.1 | 117.9 | 117.1 | 115.2 |
Non-financial corporations debt ratio (in % of GDP)![]()
Non-financial corporations debt (in % of GDP)
| Q4 2022 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |
| United States | 50.1 | 47.9 | 47.8 | 47.6 | 47.4 | 46.5 |
| Japan | 106.6 | 104.4 | 104.3 | 103.5 | 103.4 | 104.2 |
| Euro area | 60.5 | 56.0 | 55.2 | 55.2 | 54.7 | 54.3 |
| o/w Germany | 50.4 | 46.6 | 46.5 | 46.6 | 46.2 | 45.6 |
| France | 80.0 | 76.5 | 75.1 | 75.5 | 75.1 | 75.1 |
| Italy | 61.1 | 56.2 | 55.4 | 54.7 | 53.5 | 53.5 |
| Spain | 61.4 | 53.9 | 53.9 | 53.1 | 53.0 | 51.5 |
| United Kingdom | 51.6 | 48.7 | 48.7 | 48.9 | 49.2 | 49.3 |
Net cash debt ratio of non-financial corporations (in % of GDP) ![]()
Net cash debt ratio of non-financtial corporations (in % of GDP)
| Q4 2022 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |
| United States | 39.1 | 37.0 | 37.2 | 37.5 | 37.6 | 36.8 |
| Japan | 45.8 | 44.5 | 41.4 | 42.0 | 42.7 | 44.9 |
| Euro area | 31.3 | 28.8 | 28.7 | 28.8 | 28.5 | 27.2 |
| o/w Germany | 28.5 | 26.0 | 26.3 | 26.8 | 25.8 | 24.5 |
| France | 41.0 | 40.1 | 38.8 | 39.3 | 39.9 | 40.1 |
| Italy | 34.6 | 31.5 | 31.1 | 29.1 | 29.6 | 28.8 |
| Spain | 35.6 | 29.5 | 29.6 | 28.7 | 28.8 | 26.8 |
| United Kingdom | 17.7 | 18.2 | 18.6 | 18.9 | 19.4 | 19.4 |
Source: Quarterly national financial accounts and Eurostat, Computation: Banque de France
General government sector debt ratio (in % of GDP)![]()
- The general government debt ratio in the euro area was almost stable between 2023 and 2024 (after -2.1 pp in 2023 compared to 2022) and stood at 87.5% of GDP at the end of 2024. Among the large member countries, it fell significantly in Spain (-3.3 pp) and slightly in Germany (-0.4 pp) while it increased by +0.7 pp in Italy and by +3.2 pp in France.
- The public debt ratio decreased over one year in Japan (-2.1 pp after -6.5 pp). On the other hand, it increased in the United Kingdom (+0.9 pp after +0.7 pp) and a little more sharply in the United States (+1.7 pp after +2.4 pp).
Government sector debt (in % of GDP)
| Q4 2022 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |
| United States | 115.8 | 118.2 | 118.7 | 117.6 | 118.8 | 119.9 |
| Japan | 236.2 | 229.7 | 229.9 | 231.6 | 229.1 | 227.6 |
| Euro area* | 89.5 | 87.4 | 87.8 | 88.1 | 88.1 | 87.5 |
| o/w Germany | 65.0 | 62.9 | 62.6 | 62.0 | 62.4 | 62.5 |
| France | 111.4 | 109.8 | 110.5 | 112.2 | 113.6 | 113.0 |
| Italy | 138.3 | 134.6 | 134.9 | 136.7 | 136.2 | 135.3 |
| Spain | 109.5 | 105.1 | 106.3 | 105.3 | 104.4 | 101.8 |
| United Kingdom * | 99.6 | 100.4 | 99.6 | 101.1 | 101.3 | 101.3 |
* "Maastricht" definition NSA (nominal value) for European Union countries.
Additional information
The French debt of NFCs includes outstanding loans from resident and non-resident MFI (i.e. both loans between resident NFCs and from 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 | -1.2 | 0.0 | -1.2 |
| Japan | -0.1 | 0.6 | -0.7 |
| Euro area | -0.3 | 0.2 | -0.5 |
| o/w Germany | -0.2 | 0.1 | -0.3 |
| France | -0.3 | 0.1 | -0.4 |
| Italy | -0.1 | 0.2 | -0.3 |
| Spain | -0.5 | 0.2 | -0.7 |
| United Kingdom | -0.8 | 0.3 | -1.1 |
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 | -0.9 | -0.3 | -0.6 |
| Japan | 0.8 | 1.8 | -1.1 |
| Euro area | -0.4 | 0.1 | -0.5 |
| o/w Germany | -0.6 | -0.4 | -0.2 |
| France | 0.0 | 0.5 | -0.5 |
| Italy | 0.0 | 0.4 | -0.4 |
| Spain | -1.5 | -0.7 | -0.8 |
| United Kingdom | 0.1 | 0.9 | -0.7 |
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 | 1.0 | 2.5 | -1.5 |
| Japan | -1.5 | 0.9 | -2.3 |
| Euro area | -0.6 | 0.2 | -0.8 |
| o/w Germany | 0.1 | 0.4 | -0.3 |
| France | -0.6 | 0.1 | -0.7 |
| Italy | -0.9 | 0.2 | -1.1 |
| Spain | -2.6 | -1.0 | -1.6 |
| United Kingdom | 0.0 | 1.5 | -1.5 |
Sources: euro area (Quarterly national accounts, INSEE, Eurostat, ECB), United States (Fed, BEA), Japan (BoJ, CaO, OECD), United Kingdom (ONS, OECD)
Computation : Banque de France
Computation : Banque de France
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Updated on the 23rd of May 2025