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Statistical Press Release – Non-financial sector indebtedness – November 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 November 2019.

End-of-period positions

In November 2019 non-financial sector indebtedness stood at €724.7 billion, of which €320.1 billion referred to the public sector and €404.6 billion to the private sector. 

Compared with October 2019, non-financial sector indebtedness increased by €0.7 billion. This was mostly caused by the €0.7 billion increase in public sector indebtedness (Chart 1).

The rise in public sector indebtedness was driven by an increase in financing from the financial sector, general government and corporations. This increase was partly offset by a decrease in external financing (Chart 2).

Private sector indebtedness was unchanged, which reflects the decrease in indebtedness of private corporations, which was offset by the rise in households’ financing from the financial sector. The decrease in the indebtedness of private corporations was due to the €1.1 billion decrease in financing from the financial sector. This decline was partly offset by the increase in external financing (€0.9 billion).

Annual rates of change (1)

In November the annual rate of change (a.r.) of private corporations’ total indebtedness was 1.0%, 0.3 percentage points (p.p.) down from the previous month. The a.r. of total households increased by 0.1 p.p., standing at 0.7%.

Next update: 20 Feb. 2020


(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.