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Statistical Press Release – Non-financial sector indebtedness – December 2020

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 2020.

End-of-period positions

At the end of 2020 non-financial sector indebtedness stood at €745.8 billion, of which €342.5 billion referred to the public sector and €403.3 billion to the private sector.

Compared with the end of 2019, non-financial sector indebtedness increased by €27.4 billion. This increase was due to a €24.9 billion increase in public sector indebtedness and to a €2.5 billion increase in private sector indebtedness (Chart 1). The non-financial sector indebtedness as a percentage of GDP was 268.8%, an increase of 32.0 percentage points (p.p.) compared to the end of 2019, of which 19.2 p.p. due to the reduction in GDP.

The increase in public sector indebtedness was reflected in all financing sectors, with emphasis on the financial sector (€16.6 billions), followed by public administrations and external sector (Chart 2). 

In private sector indebtedness, there was a €2.3 billion increase in private individuals’ indebtedness, mainly due to the increase of indebtedness vis-à-vis the financial sector (€2.2 billions). The indebtedness of private corporations increased by €0.2 billion, due to an increase in financing from the financial sector (€5.8 billion), which was offset by the decrease of corporations and external financing.

Annual rates of change (1)

In the end of 2020 the annual rate of change (arc) of private corporations’ total indebtedness was 1.6%, a decrease of 0.5 p.p. compared to the end of 2019. The arc of total households’ indebtedness increased by 0.3 p.p., standing at 1.7%.

Next update: 18 Mar. 2021


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.