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Statistical Press Release – Non-financial sector indebtedness – January 2021

Today, Banco de Portugal publishes statistics, in BPstat, on non-financial sector indebtedness (end-of-period positions and annual rates of change, respectively) for January 2021.

End-of-period positions

In January 2021 non-financial sector indebtedness stood at €743.7 billion, of which €341.6 billion referred to the public sector and €402.0 billion to the private sector.

Compared with December 2020, non-financial sector indebtedness decreased by €2.1 billion. This was caused by the €0.9 billion decrease in public sector indebtedness and by the €1.2 billion decrease in private sector indebtedness (Chart 1).

The reduction in public sector indebtedness was mainly reflected in the decrease of financing granted by the financial sector (€1.1 billion) and the general government (€0.5 billion). These reductions were partly offset by the increase of financing granted by the external sector (€0.5 billion) (Chart 2).

In the private sector, corporations’ indebtedness stands out, decreasing by €1.3 billion. This reduction mainly reflects the decrease in financing granted by the external sector (€0.9 billion) and the financial sector (€0.2 billion).

Annual rates of change (1)

In January 2021 the annual rate of change (arc) of private corporations’ total indebtedness was 1.2%, 0.4 percentage points (p.p.) less than the previous month. The annual rate of change of total households’ indebtedness decreased by 0.1 p.p., standing at 1.6%.

Next update: 22 Apr. 2021


(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.