Financial accounts of the non-financial sectors - 2024-Q4
Published on the 17th of April 2025
NFC financing flows increased in 2024 and their financial investments fell sharply
NON-FINANCIAL CORPORATIONS*![]()
| FINANCIAL TRANSACTIONS | YEARS | QUARTERS (SA) | |||||
| (EUR billions) | 2022 | 2023 | 2024 | 2024 Q1 | 2024 Q2 | 2024 Q3 | Q42024 |
| Financing | 84.2 | 88.9 | 101.9 | 24.6 | 46.9 | 6.0 | 24.4 |
| - MFI loans (a) | 101.4 | 36.9 | 25.0 | -5.8 | 10.3 | 11.4 | 9.1 |
| - Debt securities | -5.1 | 10.2 | 2.9 | -8.1 | 16.6 | -4.5 | -1.1 |
| - Shares and net equities (b) | -12.0 | 41.7 | 74.0 | 38.5 | 20.0 | -0.9 | 16.4 |
| Financial investment (c) | 53.6 | 62.5 | 10.2 | 16.6 | 0.7 | -12.4 | 5.3 |
| - Currency and deposits | 18.5 | -26.4 | -16.7 | -8.8 | -2.2 | -11.6 | 5.9 |
| - Securities | 42.1 | 61.4 | 24.2 | 22.7 | 5.9 | -4.9 | 0.5 |
| debt securities | 39.7 | 23.3 | 3.8 | 4.6 | 2.3 | -1.1 | -2.0 |
| money market fund shares | -6.0 | 35.0 | 11.3 | 14.3 | 1.5 | -6.3 | 1.8 |
| non-MMF invesment fund shares | 8.4 | 3.1 | 9.1 | 3.8 | 2.1 | 2.5 | 0.7 |
| - Other net financial assets (d) | -7.0 | 27.6 | 2.7 | 2.7 | -3.0 | 4.1 | -1.1 |
(a) including securitization transactions
(b) including share capital and cross-border reinvested earnings of groups (direct investments)
(c) are excluded here several residual items
(d) mainly cross-border intercompany lending/borrowing (direct investments)
(b) including share capital and cross-border reinvested earnings of groups (direct investments)
(c) are excluded here several residual items
(d) mainly cross-border intercompany lending/borrowing (direct investments)
Financing flows for non-financial corporations (NFCs) increased in Q4 2024. Year-to-date, they were slightly higher in 2024 than in 2023. Most of this increase is attributable to shares and other net equity holdings. At the same time, their financial investments in deposits and securities returned to positive territory in Q4 2024, but overall investments were significantly lower than in 2023 on a year-to-date basis.
Non-financial corporations: Flows of financial investment and financing (SA) ![]()
EUR billions
(*) Accounting discrepancies can occur between yearly figures and the sum of quarterly flows due to rounding differences in the series used.
GENERAL GOVERNMENT*![]()
| FINANCIAL TRANSACTIONS | YEARS | QUARTERS (SA) | |||||
| (EUR billions) | 2022 | 2023 | 2024 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 |
| Financing | 103.0 | 106.6 | 181.0 | 38.0 | 63.4 | 50.7 | 28.9 |
| - Deposits | 4.5 | -11.1 | -5.6 | -1.5 | -2.2 | 0.0 | -2.0 |
| - MFI loans (a) | -1.4 | -2.5 | 9.3 | 0.5 | 1.3 | 1.6 | 5.9 |
| - Debt securities | 99.9 | 120.2 | 177.4 | 39.0 | 64.3 | 49.1 | 25.0 |
| Financial investment (b) | -25.2 | -41.7 | 15.3 | 15.5 | 16.1 | 7.8 | -24.1 |
| - Currency and deposits | -25.1 | -57.1 | 11.2 | -5.8 | 17.0 | 6.8 | -6.8 |
| - Securities | -0.1 | 15.4 | 4.0 | 21.3 | -0.9 | 1.0 | -17.3 |
| debt securities | 1.9 | 1.1 | -2.1 | 19.8 | -2.1 | -0.1 | -19.8 |
| net equities | -5.0 | 9.2 | 3.7 | 0.4 | 1.6 | 0.6 | 1.2 |
| invesment fund shares | 3.0 | 5.1 | 2.5 | 1.1 | -0.4 | 0.5 | 1.3 |
(a) including securitization transactions
(b) are excluded here several residual items
(b) are excluded here several residual items
General government financing flows declined in the fourth quarter of 2024. On a year-to-date basis, however, they remained substantial and well above those of 2023. General government financial investments turned negative in the fourth quarter. On a year-to-date basis, however, they remained positive, unlike in previous years.
General government: Flows of financial investment and financing (SA)![]()
EUR billions
(*) Accounting discrepancies can occur between yearly figures and the sum of quarterly flows due to rounding differences in the series used.
HOUSEHOLDS*![]()
* Accounting discrepancies can occur between yearly figures and the sum of quarterly flows due to rounding differences in the series used.
| FINANCIAL TRANSACTIONS | YEARS | QUARTERS (SA) | |||||
| (EUR billions) | 2022 | 2023 | 2024 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 |
| Financing (a) | 83.2 | 20.4 | 3.2 | 1.7 | -3.9 | 1.6 | 3.9 |
| Financial investment (b) | 168.8 | 112.3 | 112.8 | 17.7 | 36.2 | 19.7 | 39.2 |
| - Currency and deposits | 86.5 | 53.6 | 29.0 | 5.0 | 9.8 | 1.0 | 13.3 |
| of which transferable deposits | 6.6 | -59.3 | -16.7 | -9.1 | -0.9 | -3.1 | -3.7 |
| passbook savings | 58.1 | 45.1 | 36.6 | 3.8 | 4.7 | 5.1 | 23.0 |
| home saving plans | -6.7 | -28.5 | -29.7 | -8.9 | -7.4 | -6.7 | -6.8 |
| time deposits | 19.4 | 84.4 | 26.5 | 15.7 | 9.5 | 2.0 | -0.7 |
| - Securities | 43.6 | 27.7 | 22.0 | -1.1 | 9.9 | 7.3 | 5.8 |
| debt securities | 6.5 | 7.7 | 2.0 | 1.7 | 0.1 | -0.4 | 0.6 |
| listed shares | 3.3 | -12.7 | -1.6 | -6.3 | 3.9 | 1.5 | -0.7 |
| unlisted shares and other equities | 23.2 | 23.2 | 5.0 | 0.8 | 1.3 | 0.8 | 2.0 |
| money market fund shares | 2.0 | 9.0 | 6.6 | 2.3 | 1.4 | 2.2 | 0.8 |
| non-MMF invesment fund shares | 8.8 | 0.4 | 9.9 | 0.4 | 3.2 | 3.2 | 3.1 |
| - Life insurance and pension plans | 38.6 | 31.1 | 61.7 | 13.8 | 16.5 | 11.4 | 20.1 |
| of which non-unit linked contracts | 3.9 | -4.5 | 32.7 | 5.7 | 7.5 | 7.3 | 12.3 |
(a) including securitization transactions
(b) are excluded here several residual items
(b) are excluded here several residual items
In the fourth quarter of 2024, households' investment flows rose sharply compared with the third quarter, driven by passbook savings accounts. However, year-to-date flows were lower than in 2023. Investments in life insurance rose sharply. MFI loans flows increased for the second consecutive quarter, but remained at a historically low level.
Households: Flows of financial investment and financing (SA)![]()
EUR billions
Source and compilation: Direction Générale des Statistiques, des Études et de l'International
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Updated on the 18th of April 2025