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Statistical Press Release – Non-financial sector indebtedness – December 2019

Today, Banco de Portugal publishes statistics, in Table A.20 and A.21 of the Statistical Bulletin and in BPstat, on non-financial sector indebtedness (end-of-period positions and annual rates of change, respectively) for December 2019.

End-of-period positions

At the end of 2019 non-financial sector indebtedness stood at €721.0 billion, of which €317.4 billion referred to the public sector and €403.6 billion to the private sector.

Compared with the end of 2018, non-financial sector indebtedness increased by €3.1 billion. This increase was due to a €2.4 billion increase in public sector indebtedness and to a €0.8 billion increase in private sector indebtedness (Chart 1).

The increase in public sector indebtedness was reflected in an increase of external financing and indebtedness vis-à-vis the general government. This increase was partly offset by a decrease in financing from the financial sector (Chart 2).

In private sector indebtedness, there was a €0.9 billion increase in private individuals’ indebtedness, mainly due to the increase of indebtedness vis-à-vis the financial sector (€0.7 billions). In turn, the indebtedness of private corporations decreased by €0.1 billion, due to a decrease in financing from the financial sector and private individuals (€-2.0 and €-2.2 billion, respectively), which was largely offset by the increase of external financing (€4.0 billion).

Annual rates of change (1)

In the end of 2019 the annual rate of change (a.r.) of private corporations’ total indebtedness was 0.7%, an increase of 0.8 percentage points (p.p.) compared to the end of 2018. The a.r. of total households’ indebtedness increased by 1.0 pp, standing at 1.1%.

Next update: 19 Mar. 2020


Notes

(1) Annual rates of change in indebtedness reflect developments in total debt (including loans, debt securities and trade credits) of the non-financial private sector to the other institutional sectors (information on a consolidated basis). Annual rates of change are calculated on the basis of an index built from derived transactions, i.e. changes in end-of-period positions excluding reclassifications, revaluations, exchange rate variations and other changes that do not arise from financial transactions.