France credit-to-GDP: non-financial corporations
France credit-to-GDP: non-financial corporations stood at 155.2 % of GDP in Q1 2026, according to BIS – Bank for International Settlements (data.bis.org). It is one of the indicators in the Total credit and debt service (BIS) table (Value · Quarterly), with a complete series running from Q4 1977 to Q1 2026. The complete series with an interactive chart, free to download.
This indicator in the Total credit and debt service (BIS) table
| Indicator | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | Q4-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Non-financial sector (private and government) | 323.7 | 322.3 | 323.7 | 324.4 | 322.4 | 321.4 | 322.3 | 319.5 | 320.2 | 322.9 | |
| Private non-financial sector | 214.3 | 214.6 | 214.2 | 215.2 | 215 | 214.2 | 213.8 | 214.6 | 214.5 | 216.8 | |
| Non-financial corporations | 155.2 | 155.2 | 154.5 | 155.2 | 154.9 | 153.7 | 153.2 | 153.5 | 153 | 154.4 |
Understanding france credit-to-GDP: non-financial corporations
This indicator measures the debt burdens carried by corporate enterprises outside the financial sector, scaled as a proportion of total national output. It encompasses commercial loans, trade credit extensions, and debt securities issued by businesses, while excluding both household borrowing and government liabilities. This focus isolates enterprise leverage, providing insight into how commercial entities fund capital expenditures, operational requirements, and corporate restructuring through debt markets.
Interpreting corporate leverage requires careful attention to the cyclical nature of business investment, which can generate sharp shifts in borrowing demand independent of household credit trends. Analysts should evaluate these figures alongside profitability indicators and interest rate environments, as corporate debt service capacity depends heavily on operating margins. Revisions to early estimates often emerge as companies submit delayed regulatory filings or when statistical authorities refine enterprise population frames.
Frequently asked questions
- Does this indicator cover financial sector corporations like banks?
- No, financial institutions are excluded to maintain focus exclusively on non-financial commercial enterprises.
- What forms of financing are captured in corporate credit?
- It includes commercial loans from banks, issued debt securities, and trade credit liabilities.
- Why might corporate credit-to-GDP diverge from household credit-to-GDP?
- Businesses respond rapidly to economic cycles and investment opportunities, whereas household borrowing is typically tied to longer-term housing decisions.