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Financial accounts of the non-financial sectors 2018Q1

Published on 07/20/2018
Non-financial corporations and general government financial transactions - France - Q1 2018
NON-FINANCIAL CORPORATIONS
EUR billions
Years Quarters (SA)
2016 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018
Financial investment (a) 57.1 57.0 -2.4 21.8 6.5 23.7
- Currency and deposits 40.0 55.5 12.6 13.6 13.3 -0.2
- Securities -1.0 7.0 -20.5 10.7 -10.9 5.6
debt securities 4.3 7.9 1.2 -0.5 0.6 0.3
money market fund shares -10.9 -17.6 -26.3 9.1 -14.9 7.1
non-MMF invesment fund shares 5.6 16.8 4.6 2.1 3.4 -1.8
- Other net financial assets (b) 18.1 -5.4 5.5 -2.5 4.1 18.3
Financing 111.2 111.4 7.3 29.3 24.5 48.0
- MFI loans 54.7 58.4 3.0 19.3 21.7 12.7
- Debt securities 40.7 24.3 10.3 4.1 0.5 14.5
- Shares and net equities (c) 15.8 28.7 -6.0 5.9 2.3 20.8
(a) are excluded here several residual items
(b) mainly cross-border intercompany lending/borrowing
(c) including direct investment (equity capital and reinvested earnings)


The financial investments of non-financial corporations (NFCs) rose in 2018 Q1. They reallocated deposits towards money market fund shares, which are close substitutes in terms of liquidity.
The NFCs debt increased, due to a large issue of debt securities and of shares and net equities.
Flows of financial investment and financing (SA)
EUR billions

GENERAL GOVERNMENT
EUR billions
Year Quaters (SA)
2016 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018
Financial investment (a) -1.6 16.0 5.0 13.9 -31.9 18.3
- Currency and deposits -4.2 17.3 6.7 12.7 -29.6 11.3
- Securities 2.6 -1.2 -1.7 1.2 -2.3 7.0
debt securities -5.3 -6.6 -0.7 -2.0 -4.2 4.6
equities 3.4 2.3 2.0 2.3 0.1 0.6
invesment fund shares 4.6 3.1 -3.0 0.9 1.8 1.8
Financing 52.2 67.4 16.4 13.1 6.1 11.5
- Deposits -0.6 3.2 3.2 1.0 -2.6 6.0
- MFI loans -5.2 -4.9 -2.1 -1.2 -1.2 2.8
- Debt securities 57.9 69.0 15.3 13.3 9.9 2.7
(a) are excluded here several residual items


In the first quarter of 2018, the flow of financial investment of general government was positive. Deposits bounced back and the general government proceeded to debt securities purchases.
The debt of general government grew, due to a rise in deposits and to an upturn in MFI loans after several quarters of repayments.
Flows of financing investment and financing (SA)
EUR billions




Source and compilation: Direction Générale des Statistiques
More information on : methodology, time series, calendar
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STAT INFO - 1st quarter 2018
Non-financial sector financial transactions
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Financial accounts of the non-financial sectors
  • Published on 07/20/2018
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Published on Friday, July 20, 2018