France private non-financial sector debt: % of GDP
France private non-financial sector debt: % of GDP stood at 134.15 % of GDP in Q1 2026, according to Banque de France – Webstat (webstat.banque-france.fr). It is one of the indicators in the Corporate and financial sector accounts table (Value · Quarterly), with a complete series running from Q1 1999 to Q1 2026. The complete series with an interactive chart, free to download.
This indicator in the Corporate and financial sector accounts table
| Indicator | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | Q4-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Private non-financial sector | |||||||||||
| Debt, % of GDP | 134.15 | 134.12 | 134.44 | 133.58 | 133.83 | 134.58 | 134.82 | 135.82 | 136.1 | 138.14 | |
| Outstanding debt | 4,036.19 | 4,017.04 | 4,004.57 | 3,963.73 | 3,950.23 | 3,952.34 | 3,939.06 | 3,933.75 | 3,912.39 | 3,920.04 |
Understanding france private non-financial sector debt: % of GDP
The combined indebtedness of households and non-financial corporations evaluated relative to aggregate economic output measures the overall debt burden of the private domestic economy. This broad metric aggregates the liabilities of all private non-financial actors and scales them against total economic output. Public sector debt and financial sector liabilities are deliberately excluded from this private aggregate.
Assessing this indicator requires understanding that corporate and household borrowing cycles can offset or amplify each other, obscuring sectoral divergences. Because the denominator reflects macroeconomic output, changes in price levels and economic growth can swing the ratio without any active shift in borrowing behavior. Revisions to national economic accounts routinely update the historical baseline of the output denominator.
Frequently asked questions
- Which sectors are combined in the private non-financial sector debt ratio?
- Non-financial corporations and households, excluding government and financial institutions.
- Why combine households and corporations into one debt measure?
- It provides a comprehensive view of total private sector leverage relative to the broader economy.
- Can economic growth alter this ratio without new borrowing?
- Yes, expansion in economic output reduces the ratio even if debt levels remain completely unchanged.