Debt ratios by institutional sectors - international comparisons - 2025-Q1
Published on the 19th of August 2025
Debt ratio of private non-financial agents continued to fall. 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 the first quarter of 2025, in the four zones (United States, Japan, Euro area and United Kingdom), the debt ratio of private non-financial agents decreased again thanks to the increase in nominal GDP (which decreases the ratio) higher than the increase of the nominal amount of debt. For the 4 zones, the debt ratio decreased for households.
- In the euro area, the debt ratio of private non-financial agents decreased by -0.4 pp after -0.7 pp. Among the major countries in the region, a decline was observed in Spain and France (-1.3 pp and -0.9 pp respectively), while the ratios for Germany and Italy remained stable.
- In France and despite recent declines, this debt ratio remained significantly higher than in the euro area, for all non-financial agents (134.2% versus 105.5%), but also particularly for the non-financial corporations (NFCs: 74.4% versus 54.4%). The net debt of French NFCs, i.e. their gross debt less treasury held, remained also higher than the euro area average (39.8% versus 28.3%).
Non-financial private sector debt (in % of GDP)
| Q1 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | |
| United States | 150.8 | 145.4 | 144.5 | 143.8 | 141.8 | 140.7 |
| Japan | 171.3 | 169.4 | 168.9 | 168.4 | 169.2 | 167.6 |
| Euro area | 114.4 | 107.9 | 107.6 | 106.6 | 105.9 | 105.5 |
| o/w Germany | 102.0 | 97.1 | 96.8 | 96.4 | 95.6 | 95.6 |
| France | 143.6 | 136.1 | 136.0 | 135.2 | 135.1 | 134.2 |
| Italy | 98.4 | 91.9 | 91.0 | 89.7 | 89.6 | 89.6 |
| Spain | 108.3 | 99.2 | 98.6 | 97.3 | 95.5 | 94.2 |
| United Kingdom | 132.3 | 126.1 | 126.0 | 126.0 | 125.3 | 124.5 |
Households debt ratio![]()
(in % of GDB and % of GDI)
Households debt
| Q1 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | |
| United States | 100.8 | 97.5 | 96.9 | 96.4 | 95.3 | 94.1 |
| 133.5 | 127.7 | 127.0 | 126.4 | 125.0 | 123.6 | |
| Japan | 66.9 | 65.1 | 65.2 | 64.7 | 64.7 | 64.3 |
| 115.2 | 114.5 | 110.6 | 115.3 | 115.7 | 115.9 | |
| Euro area | 55.1 | 52.3 | 52.1 | 51.7 | 51.4 | 51.1 |
| 90.3 | 84.8 | 84.2 | 83.5 | 83.0 | 82.7 | |
| o/w Germany | 52.7 | 50.6 | 50.2 | 50.1 | 49.9 | 49.7 |
| 83.2 | 78.8 | 78.3 | 77.8 | 77.3 | 76.9 | |
| France | 64.9 | 61.2 | 60.6 | 60.2 | 60.0 | 59.8 |
| 100.0 | 93.3 | 92.0 | 90.9 | 90.4 | 90.2 | |
| Italy | 39.0 | 36.6 | 36.4 | 36.2 | 36.1 | 36.1 |
| 59.6 | 56.7 | 56.3 | 56.1 | 56.1 | 55.9 | |
| Spain | 49.6 | 45.3 | 45.5 | 44.3 | 43.8 | 43.5 |
| 80.2 | 71.0 | 70.8 | 68.8 | 67.9 | 67.4 | |
| United Kingdom | 80.6 | 77.5 | 77.1 | 76.8 | 76.0 | 75.5 |
| 126.4 | 119.1 | 117.9 | 117.1 | 115.2 | 114.3 |
Non-financial corporations debt ratio (in % of GDP)![]()
Non-financial corporations debt (in % of GDP)
| Q1 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | |
| United States | 49.9 | 47.9 | 47.6 | 47.4 | 46.5 | 46.7 |
| Japan | 104.4 | 104.3 | 103.7 | 103.7 | 104.5 | 103.3 |
| Euro area | 59.3 | 55.6 | 55.5 | 54.9 | 54.5 | 54.4 |
| o/w Germany | 49.3 | 46.5 | 46.6 | 46.3 | 45.7 | 45.9 |
| France | 78.7 | 75.0 | 75.4 | 75.1 | 75.1 | 74.4 |
| Italy | 59.3 | 55.3 | 54.6 | 53.5 | 53.5 | 53.5 |
| Spain | 58.7 | 53.9 | 53.2 | 53.1 | 51.7 | 50.7 |
| United Kingdom | 51.7 | 48.7 | 48.9 | 49.2 | 49.3 | 48.9 |
Net cash debt ratio of non-financial corporations (in % of GDP) ![]()
Net cash debt ratio of non-financtial corporations (in % of GDP)
| Q1 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | |
| United States | 39.5 | 37.4 | 37.0 | 36.5 | 35.6 | 36.1 |
| Japan | 41.4 | 41.9 | 42.6 | 43.3 | 45.3 | 42.9 |
| Euro area | 31.5 | 29.1 | 29.1 | 28.7 | 27.5 | 28.3 |
| o/w Germany | 28.3 | 26.3 | 26.8 | 25.8 | 24.5 | 25.6 |
| France | 40.1 | 38.8 | 39.2 | 39.9 | 40.1 | 39.8 |
| Italy | 35.0 | 31.0 | 29.1 | 29.5 | 28.7 | 29.6 |
| Spain | 34.4 | 29.7 | 28.7 | 28.8 | 26.9 | 27.2 |
| United Kingdom | 19.3 | 18.6 | 18.9 | 19.4 | 19.4 | 19.8 |
General government sector debt ratio (in % of GDP)![]()
- In the first quarter, the general government debt ratio in the euro area increased by +0.6 pp (after -0.6 pp in the previous quarter). Among the major member countries, the ratios of Italy, Spain and France increased (+2.6 pp, +1.7 pp and +0.8 pp respectively after -0.9 pp, -2.6 pp and -0.4 pp), while that of Germany decreased (-0.2 pp after +0.1 pp). Over one year, France's ratio increased by +3.6 pp compared to the first quarter of 2024.
- Outside the euro area, the public debt ratio fell in the other areas (Japan, the United States and the United Kingdom), down by -2.0 pp, -0.3 pp and -0.3 pp respectively (after -1.6 pp, +1.0 pp and +0.0 pp in the previous quarter).
Government sector debt (in % of GDP)
| Q1 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | |
| United States | 115.2 | 118.7 | 117.6 | 118.9 | 119.9 | 119.6 |
| Japan | 236.1 | 230.2 | 231.8 | 229.2 | 227.6 | 225.6 |
| Euro area* | 89.3 | 87.8 | 88.0 | 88.0 | 87.4 | 88.0 |
| o/w Germany | 64.6 | 62.6 | 62.0 | 62.4 | 62.5 | 62.3 |
| France | 112.1 | 110.4 | 112.1 | 113.6 | 113.2 | 114.0 |
| Italy | 137.2 | 134.9 | 136.6 | 136.2 | 135.3 | 137.9 |
| Spain | 109.0 | 106.3 | 105.3 | 104.4 | 101.8 | 103.5 |
| United Kingdom * | 98.3 | 99.6 | 101.1 | 101.3 | 101.3 | 101.0 |
* "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 | -0.1 | -1.1 |
| Japan | -0.3 | 0.5 | -0.8 |
| Euro area | -0.3 | 0.2 | -0.4 |
| o/w Germany | -0.2 | 0.1 | -0.3 |
| France | -0.1 | 0.2 | -0.3 |
| Italy | 0.0 | 0.1 | -0.1 |
| Spain | -0.3 | 0.2 | -0.5 |
| United Kingdom | -0.5 | 0.7 | -1.2 |
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 | 0.2 | 0.7 | -0.5 |
| Japan | -1.2 | 0.0 | -1.3 |
| Euro area | -0.1 | 0.4 | -0.5 |
| o/w Germany | 0.2 | 0.5 | -0.3 |
| France | -0.8 | -0.4 | -0.4 |
| Italy | 0.0 | 0.2 | -0.2 |
| Spain | -1.0 | -0.3 | -0.6 |
| United Kingdom | -0.4 | 0.4 | -0.8 |
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 | -0.3 | 1.0 | -1.4 |
| Japan | -2.0 | 0.8 | -2.8 |
| Euro area | 0.6 | 1.4 | -0.8 |
| o/w Germany | -0.2 | 0.2 | -0.4 |
| France | 0.8 | 1.4 | -0.6 |
| Italy | 2.6 | 3.0 | -0.4 |
| Spain | 1.7 | 2.9 | -1.2 |
| United Kingdom | -0.3 | 1.3 | -1.6 |
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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EN_Stat_info_Non-Financial_sector_debt_ratios-International_comparisons_2025Q1.pdf
Updated on the 18th of August 2025