Debt ratios by institutional sectors - international comparisons - 2025-Q4
Published on 21st of May 2026
At the end of 2025, the decline in the debt ratio of private non-financial agents is confirmed across the major euro area countries.
Non-financial private sector debt ratio (in % of GDP)![]()
- In 2025, the debt ratio of private non-financial agents continued to decline in the United Kingdom, the United States and the euro area compared with 2024 (-2.8 pp, -2.3 pp and -1.7 pp, respectively). However, it increased slightly in Japan (+0.1 pp), driven by an increase in the debt of non-financial corporations.
- In the euro area, the debt ratio stood at 103.8% at end-2025, after 105.5% at end-2024. This decline reflects a significantly slower increase in debt than in nominal GDP. The decrease was particularly pronounced in Spain (-3.6 pp, after -4.9 pp in 2024) supported by strong economic growth, while it was more limited in France (-0.7 pp), Germany (-0.6 pp) and Italy (-0.5 pp).
- The household debt ratio continued to decline in the euro area in 2025 (by 0.6 pp on average). In France, it declined somewhat more by -0.9 pp, after a decrease of -1.9 pp in 2024. However, it remained significantly higher than in neighboring countries: the household debt ratio in France exceeded that of Germany by 10.1 pp, Spain by 16.3 pp and Italy by 23.2 pp.
- While it declined in Italy and Spain, the gross debt ratio of non-financial corporations (NFCs) increased slightly in France and Germany, by +0.2 pp and +0.1 pp respectively, following decreases of -1.1 pp and -1.3 pp in 2024. In France, it reached 75.5% of GDP, a level significantly higher than that observed in the other major countries as well as the euro area average (53.3%). The net indebtedness of French NFCs, i.e. their gross debt less cash held, was lower (40.6%) but still above the euro area average (26.7%).
Non-financial private sector debt (in % of GDP)
| Q4 2023 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
| United States | 145.8 | 141.3 | 140.4 | 139.8 | 139.4 | 139.0 |
| Japan | 162.5 | 162.6 | 160.8 | 160.0 | 160.3 | 162.7 |
| Euro area | 108.4 | 105.5 | 105.3 | 104.9 | 104.1 | 103.8 |
| o/w Germany | 97.3 | 95.2 | 96.1 | 96.1 | 95.7 | 94.6 |
| France | 138.5 | 135.3 | 134.6 | 134.2 | 135.0 | 134.6 |
| Italy | 92.7 | 89.2 | 89.2 | 89.4 | 88.6 | 88.7 |
| Spain | 102.0 | 97.1 | 96.1 | 96.7 | 94.8 | 93.5 |
| United Kingdom | 124.6 | 124.5 | 120.6 | 120.4 | 121.4 | 121.7 |
Households debt ratio![]()
(in % of GDB and % of GDI)
Households debt
| Q4 2023 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
| United States | 98.2 | 95.0 | 94.1 | 93.8 | 93.5 | 93.4 |
| 127.8 | 123.6 | 122.5 | 122.1 | 122.0 | 122.2 | |
| Japan | 62.4 | 62.1 | 61.8 | 61.3 | 61.1 | 61.1 |
| 114.2 | 115.7 | 115.9 | 115.7 | 115.8 | 116.2 | |
| Euro area | 52.5 | 51.1 | 50.8 | 50.8 | 50.7 | 50.5 |
| 85.7 | 82.7 | 82.4 | 82.6 | 82.5 | 82.4 | |
| o/w Germany | 50.6 | 49.7 | 49.4 | 49.3 | 49.2 | 49.0 |
| 79.5 | 76.9 | 76.5 | 76.3 | 76.3 | 76.0 | |
| France | 61.9 | 60.0 | 59.8 | 59.5 | 59.4 | 59.1 |
| 94.7 | 90.4 | 90.2 | 90.0 | 90.1 | 90.0 | |
| Italy | 36.9 | 36.0 | 35.9 | 35.9 | 35.8 | 35.9 |
| 57.2 | 55.7 | 55.5 | 55.6 | 55.4 | 55.8 | |
| Spain | 46.1 | 43.7 | 43.4 | 43.9 | 43.0 | 42.8 |
| 73.4 | 68.9 | 68.4 | 69.1 | 67.9 | 67.9 | |
| United Kingdom | 76.6 | 74.8 | 74.4 | 73.7 | 73.6 | 73.4 |
| 121.1 | 116.1 | 115.4 | 114.3 | 114.3 | 114.5 |
Non-financial corporations debt ratio (in % of GDP)![]()
Non-financial corporations debt (in % of GDP)
| Q4 2023 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
| United States | 47.6 | 46.3 | 46.2 | 46.0 | 45.9 | 45.6 |
| Japan | 100.1 | 100.4 | 99.0 | 98.8 | 99.2 | 101.6 |
| Euro area | 55.9 | 54.4 | 54.6 | 54.1 | 53.5 | 53.3 |
| o/w Germany | 46.6 | 45.5 | 46.7 | 46.8 | 46.4 | 45.6 |
| France | 76.6 | 75.3 | 74.8 | 74.7 | 75.6 | 75.5 |
| Italy | 55.8 | 53.2 | 53.3 | 53.5 | 52.7 | 52.7 |
| Spain | 55.9 | 53.4 | 52.8 | 52.8 | 51.7 | 50.7 |
| United Kingdom | 48.1 | 49.7 | 46.3 | 46.7 | 47.8 | 48.2 |
Net cash debt ratio of non-financial corporations (in % of GDP) ![]()
Net cash debt ratio of non-financtial corporations (in % of GDP)
| Q4 2023 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
| United States | 37.0 | 35.4 | 35.7 | 35.5 | 35.1 | 35.1 |
| Japan | 42.5 | 43.6 | 41.3 | 41.8 | 42.6 | 46.0 |
| Euro area | 29.0 | 27.5 | 28.4 | 28.5 | 27.5 | 26.7 |
| o/w Germany | 26.2 | 24.3 | 26.4 | 26.9 | 25.9 | 24.5 |
| France | 40.2 | 40.3 | 40.2 | 40.1 | 40.4 | 40.6 |
| Italy | 31.2 | 28.2 | 29.2 | 29.4 | 28.5 | 27.9 |
| Spain | 31.4 | 28.4 | 29.0 | 29.0 | 28.0 | 26.3 |
| United Kingdom | 18.0 | 20.4 | 17.6 | 18.7 | 19.7 | 19.9 |
General government sector debt ratio (in % of GDP)![]()
- The general government debt ratio in the euro area increased slightly in 2025 (+0.8 pp, after +0.1 pp in 2024). It stood at 87.9% of GDP at end-2025. Among the major Member States, it continued to decline in Spain, supported by very strong growth combined with controlled public expenditure (-0.9 pp, after -3.6 pp), while it continued to increase in France (+3.0 pp, after +3.1 pp) and in Italy (+2.4 pp, after +0.8 pp). In Germany, it increased again (+1.3 pp) after a slight decline in 2024 (-0.1 pp).
- The public debt ratio remained on an upward trend in the United Kingdom and the United States (+2.4 pp and +2.3 pp respectively, after +1.0 pp and +1.4 pp), while it continued to decline in Japan (-6.8 pp, after -2.0 pp).
Government sector debt (in % of GDP)
| Q4 2023 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
| United States | 117.9 | 119.5 | 119.2 | 117.9 | 120.7 | 121.8 |
| Japan | 220.7 | 218.7 | 216.7 | 215.5 | 212.9 | 211.9 |
| Euro area* | 87.0 | 87.1 | 87.7 | 88.1 | 88.5 | 87.9 |
| o/w Germany | 62.3 | 62.2 | 62.0 | 62.3 | 63.0 | 63.5 |
| France | 109.5 | 112.6 | 113.6 | 115.3 | 117.2 | 115.6 |
| Italy | 133.9 | 134.7 | 137.2 | 138.1 | 137.5 | 137.1 |
| Spain | 105.2 | 101.6 | 103.3 | 103.4 | 103.1 | 100.7 |
| United Kingdom * | 98.8 | 99.8 | 99.6 | 100.8 | 101.6 | 102.2 |
* "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 | GDP change Effect | |
| United States | -0.1 | 1.1 | -1.2 |
| Japan | 0.0 | 0.6 | -0.6 |
| Euro area | -0.1 | 0.4 | -0.5 |
| o/w Germany | -0.3 | 0.2 | -0.5 |
| France | -0.3 | 0.1 | -0.4 |
| Italy | 0.1 | 0.4 | -0.3 |
| Spain | -0.2 | 0.6 | -0.8 |
| United Kingdom | -0.1 | 0.7 | -0.8 |
Breakdown of the change in the ratio of non-financial corporations debt ratio (in % points of GDP)
| Change in the ratio | Debt change Effect | GDP change Effect | |
| United States | -0.2 | 0.4 | -0.6 |
| Japan | 2.4 | 3.4 | -1.0 |
| Euro area | -0.2 | 0.3 | -0.5 |
| o/w Germany | -0.8 | -0.4 | -0.4 |
| France | -0.1 | 0.3 | -0.5 |
| Italy | 0.0 | 0.4 | -0.4 |
| Spain | -1.1 | -0.2 | -0.9 |
| United Kingdom | 0.4 | 0.9 | -0.5 |
Breakdown of the change in the ratio of General government sector debt ratio (in % points of GDP)
| Change in the ratio | Debt change Effect | GDP change Effect | |
| United States | 1.1 | 2.7 | -1.6 |
| Japan | -1.0 | 1.1 | -2.1 |
| Euro area | -0.6 | 0.3 | -0.9 |
| o/w Germany | 0.5 | 1.1 | -0.6 |
| France | -1.6 | -0.8 | -0.8 |
| Italy | -0.4 | 0.7 | -1.1 |
| Spain | -2.4 | -0.7 | -1.7 |
| United Kingdom | 0.6 | 1.6 | -1.1 |
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 21st of May 2026