Financial accounts of the non-financial sectors - 2024-Q1
Published on the 17th of July 2024
Financing and financial investment flows are dynamic for non-financial corporations in Q1 2024
NON-FINANCIAL CORPORATIONS*![]()
| FINANCIAL TRANSACTIONS | YEARS | CUMULATIVE SUM OVER 4 QUARTERS |
QUARTERS (SA) | ||||
| (EUR billions) | 2022 | 2023 | 2024 T1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 |
| Financing | 96.7 | 56.4 | 54.6 | 2.9 | 23.6 | 5.5 | 22.6 |
| - MFI loans | 100.9 | 35.7 | 24.1 | 7.4 | 15.1 | 8.2 | -6.6 |
| - Debt securities | -4.6 | 11.2 | 10.4 | 2.5 | 5.8 | 11.2 | -9.1 |
| - Shares and net equities (a) | 0.4 | 9.5 | 20.1 | -7.0 | 2.7 | -13.9 | 38.3 |
| Financial investment (b) | 44.9 | 28.9 | 45.2 | 7.3 | 12.9 | 10.4 | 14.6 |
| - Currency and deposits | 21.0 | -29.8 | -14.6 | -16.0 | -2.5 | 16.0 | -12.1 |
| - Securities | 8.9 | 32.0 | 38.9 | 14.2 | 8.6 | -4.8 | 20.9 |
| debt securities | 16.6 | 7.1 | 9.6 | 3.6 | 3.8 | -1.8 | 4.1 |
| money market fund shares | -6.0 | 30.3 | 32.9 | 8.3 | 7.1 | -0.4 | 17.9 |
| non-MMF invesment fund shares | -1.8 | -5.4 | -3.6 | 2.3 | -2.3 | -2.6 | -1.1 |
| - Other net financial assets (c) | 15.1 | 26.7 | 20.8 | 9.1 | 6.8 | -0.8 | 5.8 |
(a) including direct investment (equity capital and reinvested earnings)
(b) are excluded here several residual items
(c) mainly cross-border intercompany lending/borrowing
(b) are excluded here several residual items
(c) mainly cross-border intercompany lending/borrowing
Net financing by non-financial corporations (NFCs) increases in Q1 2024, due in particular to a positive flow of unlisted shares issuances. Investment by NFCs is up, mainly in money market fund shares. At the same time, deposits by NFCs decline, in contrast to Q4 2023.
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 | CUMULATIVE SUM OVER 4 QUARTERS |
QUARTERS (SA) | ||||
| (EUR billions) | 2022 | 2023 | 2024 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 |
| Financing | 102.7 | 112.7 | 130.1 | 23.1 | 29.2 | 45.4 | 32.5 |
| - Deposits | 4.5 | -11.1 | -12.5 | -15.1 | 4.0 | 1.3 | -2.6 |
| - MFI loans | -1.7 | 2.9 | 2.2 | -0.2 | -0.9 | 2.7 | 0.6 |
| - Debt securities | 99.9 | 120.9 | 140.4 | 38.4 | 26.1 | 41.4 | 34.5 |
| Financial investment (a) | -22.4 | -38.6 | -22.4 | -34.6 | -9.6 | 6.4 | 15.6 |
| - Currency and deposits | -24.6 | -55.2 | -55.4 | -33.2 | -11.6 | -3.3 | -7.2 |
| - Securities | 2.2 | 16.7 | 33.0 | -1.4 | 2.0 | 9.7 | 22.8 |
| debt securities | 2.1 | 3.2 | 23.3 | 0.4 | -3.2 | 5.6 | 20.5 |
| net equities | -4.9 | 9.3 | 5.1 | 0.4 | 5.6 | -1.2 | 0.4 |
| invesment fund shares | 5.0 | 4.2 | 4.5 | -2.2 | -0.4 | 5.3 | 1.9 |
(a) are excluded here several residual items
General government financing flows remain positive in Q1 2024. Debt securities issuances are slightly lower than in Q4 2023. They are reduced on a net basis by an internal operation within the sector. Indeed, the Caisse de la Dette Publique (Government Debt Fund) has acquired during the quarter 20 billion in government bonds.
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*![]()
| FINANCIAL TRANSACTIONS | YEARS | CUMULATIVE SUM OVER 4 QUARTERS |
QUARTERS (SA) | ||||
| (EUR billions) | 2022 | 2023 | 2024 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 |
| Financing | 83.2 | 21.2 | 8.5 | 1.9 | 1.3 | 1.6 | 3.7 |
| - MFI loans | 83.2 | 21.2 | 8.5 | 1.9 | 1.3 | 1.6 | 3.7 |
| Financial investment (a) | 166.0 | 109.5 | 96.3 | 27.1 | 41.2 | 13.9 | 14.0 |
| - Currency and deposits | 88.0 | 55.1 | 40.9 | 12.1 | 23.8 | 3.8 | 1.2 |
| of which transferable deposits | 8.0 | -57.6 | -49.8 | -15.8 | -2.9 | -18.5 | -12.6 |
| passbook savings | 58.1 | 45.1 | 32.2 | 7.8 | 8.6 | 14.5 | 1.3 |
| home saving plans | -6.7 | -28.5 | -32.4 | -6.7 | -6.7 | -8.3 | -10.7 |
| - Securities | 42.4 | 24.0 | 18.9 | 6.0 | 12.4 | 1.0 | -0.6 |
| debt securities | 6.1 | 5.8 | 6.9 | 1.8 | 1.9 | 1.5 | 1.7 |
| listed shares | 7.5 | -12.1 | -17.2 | 0.0 | 2.1 | -12.9 | -6.3 |
| unlisted shares and other equities | 20.8 | 22.4 | 18.9 | 3.0 | 4.7 | 10.7 | 0.4 |
| money market fund shares | 1.8 | 8.4 | 9.4 | 2.4 | 1.9 | 2.4 | 2.7 |
| non-MMF invesment fund shares | 6.1 | -0.5 | 0.8 | -1.2 | 1.8 | -0.7 | 0.9 |
| - Life insurance and pension plans | 35.7 | 30.3 | 36.5 | 9.0 | 5.0 | 9.1 | 13.4 |
| of which non-unit linked contracts | 0.9 | 3.6 | 9.2 | -0.6 | 3.3 | 5.5 | 1.0 |
(a) are excluded here several residual items
In Q1 2024, the bulk of households' investment flows are into life insurance, mainly unit-linked. Withdrawals exceed deposits on current accounts and home saving plans, while passbook savings are balanced. Term accounts, on the other hand, remain fairly buoyant. Investment in securities is practically stable, with negative flows in listed shares. At the same time, households' MFI loans increase moderately.
Households: Flows of financial investment and financing (SA)![]()
EUR billions
Source and compilation: Direction Générale des Statistiques, des Études et de l'International
(*) Accounting discrepancies can occur between yearly figures and the sum of quarterly flows due to rounding differences in the series used.
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Updated on the 18th of July 2024