UK credit to non-financial sector, % of GDP
UK credit to non-financial sector, % of GDP stood at 214.9 % 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 1966 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 sector total, % of GDP | 214.9 | 220.2 | 217.8 | 217.4 | 217.7 | 223.4 | 228.6 | 228.2 | 228.7 | 230.2 | |
| Private non-financial sector, % of GDP | 128.4 | 131.3 | 131.5 | 130.8 | 132.6 | 137.7 | 139.4 | 140.1 | 140.4 | 139.8 |
Understanding UK credit to non-financial sector, % of GDP
All outstanding credit absorbed by domestic borrowers outside the financial system across the United Kingdom is scaled here against gross domestic product. The measure brings together borrowing by households, non-financial corporations, and general government, drawing on loans and debt securities supplied by domestic banks, foreign institutions, and non-bank lenders. Intragovernmental obligations and claims among financial intermediaries are entirely excluded. Unlike narrower breakdowns that separate private enterprise, personal balance sheets, or sovereign liabilities, this aggregate captures the gross debt burden resting on the broader real economy.
Because the numerator tracks end-quarter debt stocks whilst the denominator uses a moving sum of quarterly output, changes in this percentage reflect both debt accumulation and the pace of economic growth. Sudden movements can stem entirely from denominator contractions rather than fresh borrowing. Quarter-on-quarter comparisons are sensitive to routine revisions in quarterly national accounts, so evaluation over four-quarter intervals provides a more dependable view of structural leveraging. Users should remember that compiling claims across varied lenders involves periodic adjustments for institutional reclassifications and market valuations of debt securities.
Frequently asked questions
- Does this ratio include intercompany loans between foreign parents and UK subsidiaries?
- Cross-border loans and bond funding provided to domestic non-financial firms by foreign entities are included to capture complete external financing.
- Why does this total differ from standard general government debt ratios?
- It combines sovereign liabilities with household and corporate obligations rather than isolating public sector borrowing.
- Can a contraction in nominal economic output push this measure upward without new borrowing?
- Yes, because nominal GDP forms the denominator, any contraction in output raises the ratio even if nominal debt remains unchanged.