UK non-financial corporate credit, % of GDP
UK non-financial corporate credit, % of GDP stood at 55.8 % of GDP in Q1 2026, according to Bank for International Settlements (BIS). It is one of the indicators in the Credit and debt burden table (Value · Quarterly), with a complete series running from Q1 1976 to Q1 2026. The complete series with an interactive chart, free to download.
This indicator in the Credit and debt burden table
| Indicator | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | Q4-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Credit as a share of GDP | |||||||||||
| Non-financial corporations, % of GDP | 55.8 | 57.8 | 58 | 57.1 | 58.3 | 62.8 | 63.6 | 64 | 64 | 63 | |
| General government, % of GDP | 101 | 102.3 | 101.6 | 100.7 | 99.5 | 99.7 | 99.9 | 99.8 | 98.4 | 98.8 |
Understanding UK non-financial corporate credit, % of GDP
Liabilities contracted by commercial, industrial, and service enterprises across the United Kingdom are matched here against aggregate gross domestic product. Included instruments comprise syndicated commercial bank loans, commercial paper programmes, and long-term corporate bonds issued in domestic or international capital markets. All monetary institutions, financial holding companies, public administrative bodies, and personal borrowers are left out. Unlike household-focused rows, this metric highlights corporate borrowing capacity and external financing usage across productive enterprise.
Interpreting this percentage requires caution regarding corporate debt valuation, as marketable bonds are recorded at market prices that fluctuate with benchmark yields. Significant movements in foreign exchange rates can also revalue foreign-currency debt tranches without any genuine change in underlying obligations. Comparing identical quarters across consecutive years provides a clearer signal than sequential quarterly readings, which frequently suffer from preliminary GDP revisions. In addition, large multinational corporate restructurings can introduce step changes in recorded corporate obligations.
Frequently asked questions
- Are debt securities issued overseas by domestic firms included in this corporate measure?
- Yes, corporate bond issues placed abroad by resident non-financial companies are captured in the total debt stock.
- Why is the financial sector excluded from this corporate debt ratio?
- Financial firms act primarily as intermediaries, so including their liabilities would cause extensive double counting of funds routed through the banking system.
- Does equity financing affect this ratio?
- No, the series measures only debt obligations such as loans and bonds, entirely excluding ordinary shares and retained reserves.