Debt ratios by institutional sectors - international comparisons - 2026-Q1
Published on 18th of August 2026
In Q1 2026, the debt ratio of private non-financial agents leveled off in the euro area following the decline in 2025.
Non-financial private sector debt ratio (in % of GDP)![]()
- In the first quarter of 2026, the debt ratio of private non-financial agents continued to decline in the United Kingdom, the United States and the euro area (-2.4 pp, -0.5 pp and -0.1 pp, respectively), driven by growth in GDP higher than in nominal outstanding debt. However, it increased again in Japan (+0.2 pp), following a more pronounced increase in the previous quarter (+2.2 pp).
- In the euro area, the debt ratio fell for the fourth consecutive quarter to reach 104.2% (-1.7 pp over one year). This aggregated trend, however, masks differing national situations: compared with the previous quarter, the ratio declined in Germany (-0.4 pp) and Spain (-0.3 pp), while it rose slightly in France (+0.1 pp) and Italy (+0.1 pp). Over one year, France was the only major European country where it increased.
- In France, this debt ratio remained significantly higher than that of the euro area (134.2% versus 104.2%), and particularly for non-financial corporations (NFCs: 75.4% versus 53.6%). The net indebtedness of French NFCs, i.e. their gross debt less cash held, was much lower (40%) but still above the euro area average (27.1%).
Non-financial private sector debt (in % of GDP)
| Q12024 | Q12025 | Q22025 | Q32025 | Q42025 | Q12026 | |
| United States | 144.7 | 140.2 | 139.6 | 139.1 | 138.7 | 138.2 |
| Japan | 163.1 | 160.7 | 160.1 | 160.5 | 162.7 | 162.9 |
| Euro area | 107.9 | 105.9 | 105.5 | 104.7 | 104.3 | 104.2 |
| o/w Germany | 95.7 | 94.9 | 94.9 | 94.5 | 93.4 | 93.0 |
| France | 136.1 | 133.8 | 133.6 | 134.4 | 134.1 | 134.2 |
| Italy | 91.2 | 89.2 | 89.4 | 88.5 | 88.6 | 88.7 |
| Spain | 100.9 | 96.1 | 96.7 | 94.8 | 93.4 | 93.1 |
| United Kingdom | 124.9 | 121.2 | 119.7 | 120.0 | 119.2 | 116.8 |
Households debt ratio![]()
(in % of GDB and % of GDI)
Households debt
| Q12024 | Q12025 | Q22025 | Q32025 | Q42025 | Q12026 | |
| United States | 97.4 | 94.2 | 93.9 | 93.6 | 93.5 | 92.5 |
| 126.7 | 122.6 | 122.3 | 122.1 | 122.3 | 121.7 | |
| Japan | 62.4 | 61.7 | 61.2 | 61.1 | 61.1 | 61.1 |
| 118.0 | 113.7 | 114.1 | 113.6 | 113.2 | 113.2 | |
| Euro area | 52.0 | 50.9 | 51.0 | 50.9 | 50.8 | 50.6 |
| 84.1 | 82.1 | 82.3 | 82.3 | 82.2 | 82.0 | |
| o/w Germany | 49.8 | 48.8 | 48.6 | 48.6 | 48.3 | 48.0 |
| 78.5 | 76.5 | 76.3 | 76.4 | 76.1 | 75.6 | |
| France | 60.9 | 59.5 | 59.2 | 59.1 | 58.9 | 58.7 |
| 93.0 | 90.2 | 90.2 | 90.5 | 90.5 | 90.3 | |
| Italy | 36.4 | 35.9 | 35.9 | 35.8 | 35.9 | 35.9 |
| 56.4 | 55.6 | 55.6 | 55.5 | 55.8 | 55.7 | |
| Spain | 45.2 | 43.4 | 43.9 | 43.0 | 42.9 | 42.5 |
| 71.5 | 68.4 | 69.1 | 67.9 | 67.9 | 67.6 | |
| United Kingdom | 75.9 | 74.2 | 73.7 | 73.5 | 73.4 | 72.5 |
| 119.6 | 115.2 | 114.2 | 114.2 | 114.5 | 114.2 |
Non-financial corporations debt ratio (in % of GDP)![]()
Non-financial corporations debt (in % of GDP)
| Q12024 | Q12025 | Q22025 | Q32025 | Q42025 | Q12026 | |
| United States | 47.3 | 46.0 | 45.7 | 45.5 | 45.3 | 45.3 |
| Japan | 100.7 | 99.0 | 98.9 | 99.5 | 101.6 | 101.6 |
| Euro area | 55.9 | 54.9 | 54.5 | 53.8 | 53.5 | 53.5 |
| o/w Germany | 46.0 | 46.1 | 46.2 | 45.9 | 45.1 | 45.1 |
| France | 75.2 | 74.4 | 74.3 | 75.3 | 75.2 | 75.2 |
| Italy | 54.8 | 53.3 | 53.4 | 52.7 | 52.7 | 52.7 |
| Spain | 55.7 | 52.8 | 52.8 | 51.8 | 50.5 | 50.5 |
| United Kingdom | 49.0 | 46.9 | 46.0 | 46.5 | 45.7 | 45.7 |
Net cash debt ratio of non-financial corporations (in % of GDP) ![]()
Net cash debt ratio of non-financtial corporations (in % of GDP)
| Q12024 | Q12025 | Q22025 | Q32025 | Q42025 | Q12026 | |
| United States | 36.9 | 35.3 | 35.2 | 34.9 | 33.8 | 34.5 |
| Japan | 41.6 | 42.3 | 43.1 | 43.8 | 47.0 | 44.5 |
| Euro area | 29.3 | 28.5 | 28.6 | 27.6 | 26.7 | 27.1 |
| o/w Germany | 26.1 | 26.1 | 26.7 | 25.6 | 24.2 | 25.0 |
| France | 39.2 | 39.9 | 39.9 | 40.3 | 40.4 | 40.0 |
| Italy | 30.5 | 29.2 | 29.3 | 28.4 | 27.9 | 28.7 |
| Spain | 31.4 | 29.0 | 29.0 | 28.0 | 26.2 | 26.6 |
| United Kingdom | 19.4 | 18.1 | 18.0 | 18.3 | 17.2 | 16.1 |
General government sector debt ratio (in % of GDP)![]()
- The general government debt ratio in the euro area rose by 1.2 pp in the first quarter of 2026 to 88.9% of GDP, following a one-off decline in the previous quarter (-0.5pp). It increased in all major euro area countries, though at different rates: +1.8 pp for France and Italy, +0.9 pp for Germany and Spain. Over one year, public debt ratio increased by 4.1 pp in France, compared with 1.7pp in the euro area as a whole and a decline of -1.8 pp in Sapin.
- The public debt ratio continued to rise in the United States (+0.2 pp, after +1.1 pp in the previous quarter), while it continued to decline in Japan (-1.3 pp, after -0.9 pp). In the United Kingdom, it fell by 1.4 pp, after rising steadily throughout 2025.
Government sector debt (in % of GDP)
| Q12024 | Q12025 | Q22025 | Q32025 | Q42025 | Q12026 | |
| United States | 118.4 | 119.2 | 117.9 | 120.7 | 121.8 | 122.0 |
| Japan | 220.9 | 216.6 | 215.5 | 213.0 | 212.1 | 210.8 |
| Euro area* | 86.9 | 87.2 | 87.8 | 88.2 | 87.7 | 88.9 |
| o/w Germany | 62.1 | 62.0 | 62.3 | 63.0 | 63.5 | 64.4 |
| France | 110.0 | 113.4 | 115.2 | 117.0 | 115.7 | 117.5 |
| Italy | 134.2 | 137.3 | 138.1 | 137.5 | 137.1 | 138.9 |
| Spain | 106.3 | 103.3 | 103.4 | 103.1 | 100.7 | 101.6 |
| United Kingdom * | 98.1 | 99.7 | 100.9 | 101.8 | 102.4 | 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 | GDP change Effect | |
| United States | -1.0 | 0.4 | -1.4 |
| Japan | 0.0 | 0.6 | -0.5 |
| Euro area | -0.2 | 0.2 | -0.4 |
| o/w Germany | -0.3 | 0.1 | -0.4 |
| France | -0.2 | 0.1 | -0.3 |
| Italy | 0.0 | 0.2 | -0.2 |
| Spain | -0.3 | 0.3 | -0.6 |
| United Kingdom | -1.0 | -0.1 | -0.9 |
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 | 0.4 | 1.1 | -0.7 |
| Japan | 0.2 | 1.1 | -0.9 |
| Euro area | 0.1 | 0.5 | -0.5 |
| o/w Germany | 0.0 | 0.3 | -0.4 |
| France | 0.2 | 0.5 | -0.3 |
| Italy | 0.1 | 0.5 | -0.4 |
| Spain | 0.0 | 0.7 | -0.7 |
| United Kingdom | -1.5 | -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 | 0.2 | 2.0 | -1.8 |
| Japan | -1.3 | 0.6 | -1.9 |
| Euro area | 1.2 | 1.9 | -0.7 |
| o/w Germany | 0.9 | 1.4 | -0.5 |
| France | 1.8 | 2.5 | -0.7 |
| Italy | 1.8 | 2.8 | -1.0 |
| Spain | 0.9 | 2.4 | -1.5 |
| United Kingdom | -1.4 | -0.2 | -1.2 |
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_2026Q1.pdf
Updated on the 17th of August 2026