[PDF] [PDF] In 2019, the private sector debt ratio is almost stable in the euro zone

All statistical time series published by the Banque de France can be accessed on Non-financial sector debt ratios - International comparisons • 2019 Q4



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[PDF] In 2019, the private sector debt ratio is almost stable in the euro zone

All statistical time series published by the Banque de France can be accessed on Non-financial sector debt ratios - International comparisons • 2019 Q4



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-1- More information on : methodology, time series, calendar

All statistical time series published by the Banque de France can be accessed on Webstat Banque de France

Publication available under Apple and Android

STAT INFO 4th quarter 2019

Non-financial sector debt ratios- international comparisons

Contact : GPS.support@banque-france.fr

26 May 2020

Non-financial sector debt ratios - International comparisons Q4 In 2019, the private sector debt ratio is almost stable in the euro zone Non-financial private sector debt ratio (in % of GDP)

At the end of 2019, the non-financial private sector (NFPS) debt ratio stands at 118.8 % of GDP in the

euro zone, a slightly higher level of 0.2 point compared to the end of 2018. Over the year, the private

debt ratio declines sharply in Spain (- 6 points) and, to a lesser extent, in Italy (- 1.5 point). It rises again

in France (+ 3.5 points in 2019 compared to + 4.2 points in 2018) and it increases more moderately in

Germany (+ 2.6 points). Indebtedness remains higher in France than in its major neighbours in the euro

area, both for non-financial corporations and for households.

The first available data on debt for the first quarter of 2020 show a marked increase in the debt of non-

financial corporations, concentrated in March, stronger in France than in the other euro area countries

(cf. press release, in French͗ ͞l'impact de la crise du COVID-19 sur la situation financière des entreprises

et des ménages - première photographie à fin mars 2020"). Outside the euro area, the non-financial private sector debt ratio in Japan continues to rise (+ 2.7

percentage points of GDP year-on-year) to reach 152.2% at the end of 2019. In contrast, it stabilizes

in the United States (+ 0.1 point) and declines in the United Kingdom (- 0.5 point). *Debt ratio at nominal value for the United Kingdom is calculated by interpolation.

Dec-17Dec-18Mar-19Jun-19Sep-19Dec-19

United States149,8148,9148,6148,8149,1149,0

Japan146,5149,5150,8150,2151,1152,2

Euro area118,7118,6118,5119,2119,6118,8

o/w Germany90,393,493,795,396,196,0

France 127,4131,6132,5133,3135,0135,1

Italy106,9106,4105,6105,5105,6104,9

Spain128,8124,0122,9122,0120,7118,0

United Kingdom151,2149,4146,7147,9150,3148,9

Non-financial private sector debt (in % of GDP)

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-2- More information on : methodology, time series, calendar

All statistical time series published by the Banque de France can be accessed on Webstat Banque de France

Publication available under Apple and Android

STAT INFO 4th quarter 2019

Non-financial sector debt ratios- international comparisons

Contact : GPS.support@banque-france.fr

Households debt ratio (in % of GDP and in % of GDI) Non-financial corporations debt ratio (in % of GDP) Source: Quarterly national financial accounts and Eurostat, Computation: Banque de France

Households debt

Dec-17Dec-18Mar-19Jun-19Sep-19Dec-19

United States103,8102,3101,5101,6101,9102,1

133,0130,4129,3129,3129,5129,8

Japan57,658,658,858,758,759,1

100,399,6100,2100,0100,5101,3

Euro area57,857,657,557,757,857,9

93,993,793,593,693,793,9

o/w Germany53,253,553,654,054,454,5

83,683,884,084,584,885,0

France58,259,759,960,361,061,6

93,095,395,696,297,398,1

Italy40,841,041,041,241,241,2

60,861,161,161,461,561,6

Spain61,259,058,458,757,456,9

99,095,294,394,492,491,5

United Kingdom83,183,483,183,383,783,6

120,9120,0119,8120,2121,1121,5

Non-financial corporations debt (in % of GDP)

Dec-17Dec-18Mar-19Jun-19Sep-19Dec-19

United States46,046,647,147,247,346,9

Japan89,090,992,091,592,493,1

Euro area60,960,961,061,561,860,9

o/w Germany37,039,940,141,341,741,5

France 69,372,072,673,073,973,5

Italy66,265,464,664,364,463,7

Spain67,665,064,563,363,361,1

United Kingdom68,166,063,764,666,665,3

-3- More information on : methodology, time series, calendar

All statistical time series published by the Banque de France can be accessed on Webstat Banque de France

Publication available under Apple and Android

STAT INFO 4th quarter 2019

Non-financial sector debt ratios- international comparisons

Contact : GPS.support@banque-france.fr

General government sector debt ratio (in % of GDP) In the euro zone, the general government debt ratio decreases by - 1.7 point in 2019 and reaches

84.2% of GDP at the end of the year. The public debt ratio is stable in France and in Italy. It declines in

Spain and in Germany (- 2.1 points). Germany's public debt falls below the 60% of GDP threshold for the first time since 2002.

In 2019, the government debt ratio rises more in the United States (+ 1.4 point) than in Japan (+ 0.4

point). It decreases in the United Kingdom (0.3 point over the year).

Additional information

For each sector (NFC, Households and General government), the French debt includes outstanding loans from resident and non-resident MFI (i.e. both loans between resident NFCs and between 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 in

withdrawing loans assets - mainly loans to resident and non-resident affiliated entities - from loans

liabilities.

Dec-17Dec-18Mar-19Jun-19Sep-19Dec-19

United States100,8102,2101,399,8102,4103,6

Japan211,3212,5213,3213,6211,5212,9

Euro area87,885,986,586,386,084,2

o/w Germany65,361,961,761,161,159,8

France98,398,199,599,5100,498,1

Italy134,1134,8136,4137,8137,1134,8

Spain98,697,698,698,697,595,5

United Kingdom86,285,784,184,784,185,4

Non-financial corporations debt (in % of GDP)

* "Maastricht" definition NSA (nominal value) for European Union countries. 30
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