Non-financial sector and Households debt, extended
In Q3 2024, the total debt of non-financial organizations and households continued to increase and amounted to 134 trillion rubles as of 1 October 2024
Annual growth rate of debt of the non-financial sector and households,%
The annual growth rate of total debt of non-financial organizations and households (adjusted for foreign currency revaluation) decreased to 14.6% in Q3 2024 (15% in Q2 2024). The annual growth rate of household debt reduced most significantly.
The extended indicator of debt of the non-financial sector and households*
|
01.10.2024 |
Quaterly growth, bln of rubles | Annual growth rate,% | |||||||
| bln of rubles | 01.04.2024 | 01.07.2024 | 01.10.2024 | 01.04.2024 | 01.07.2024 | 01.10.2024 | |||
| Non-financial sector and Households debt, total | 133 980 | 2 611 | 5 566 | 5 544 | 13 | 15 | 14,6 | ||
| in rubles | 113 454 | 2 391 | 5 439 | 5 681 | 18,2 | 18,9 | 18,1 | ||
| in foreign currency | 20 525 | 220 | 127 | -137 | -10,7 | -2,9 | -1,1 | ||
| Non-financial sector | 93 786 | 1 478 | 3 287 | 4 595 | 9,2 | 11,6 | 13,6 | ||
| Domestic borrowings | 82 690 | 2 267 | 3 833 | 4 844 | 17,6 | 19,4 | 20,6 | ||
| External borrowings | 11 096 | -789 | -546 | -249 | -28,2 | -23,8 | -19,7 | ||
| Households and NPISH | 40 194 | 1 132 | 2 279 | 949 | 22,7 | 23,2 | 16,8 | ||
| Domestic borrowings | 39 822 | 1 136 | 2 283 | 944 | 23 | 23,3 | 16,9 | ||
| External borrowings | 372 | -3 | -5 | 4 | 1,4 | 12,5 | 9,9 | ||
Non-financial sector debt continued to account for the bulk of total debt indicator as of 1 October 2024 (70% or 93.8 trillion rubles)
In Q3 2024, the growth of non-financial organizations debt was higher than in Q2 2024, while the growth of household debt decreased by half compared to Q2 2024.
The structure of domestic and external debt of the non-financial sector and households, bln of rubles
Domestic borrowings form the main part of the total debt (122.5 trillion rubles or 91.4%). Non-financial organizations domestic debt amounted to 82.7 trillion rubles (or 88.2%). Household debt is almost formed by domestic borrowing – 39.8 trillion rubles (or 99.1%).
Contribution of domestic and external borrowings to annual growth rate of debt, p.p.
In Q3 2024, the main contribution to annual growth rate of total debt (14.6%) continued to be made by non-financial sector domestic borrowings (12.1 p.p.).
Non-financial sector and households debt in foreign currency (as % of total debt)
The structure of domestic and external debt of the non-financial sector and households, bln of rubles
Debt of the non-financial sector in Q3 2024 increased mainly due to domestic loans ruble component
Loan debt formed the main part of non-financial organizations debt (82.7 trillion rubles or 88.2%).
Debt securities of non-financial organizations amounted to 11.1 trillion rubles in Q3 2024.
Contribution of main components to annual growth rate of non-financial sector debt, p.p.
As before, the main contribution to the annual growth rate of debt of non-financial organizations was made by the growth of loans in national currency (13.0 p.p.).
Structure by type of economic activity of non-financial sector domestic debt by OKVED 2**, 01.10.2024, %
As of 1 October 2024, manufacturing accounted for the largest share of non-financial organizations domestic debt – 27.3%, professional and scientific activities – 13.6%.
The structure of the extended indicator of households debt***, bln of rubles
As of 1 October 2024, the total households debt amounted to 40.2 trillion rubles, of which housing (mortgage) loans (HML) – 19.8 trillion rubles (or 49.3%).
Annual growth rate of households debt, %
The annual growth rate of households debt on bank loans (adjusted for foreign currency revaluation)* decreased to 16.8% as of 1 October 2024 compared to 23.2% as of 1 July 2024.
The annual growth rate of household debt on HML (adjusted for foreign currency revaluation) decreased to 15.8% as of 1 October 2024 compared to 26.2% as of 1 July 2024.
Domestic borrowings of the non-financial corporations sector comprise outstanding amounts on loans provided by the credit institutions subsector of the financial corporations sector and debt securities issued in the domestic market held in residents’ portfolio. Outstanding amounts on debt securities (F.3) are accounted for at face value less debt securities bought out by issuers.
Domestic borrowings of the households and NPISHs sector comprise their outstanding amounts on loans provided by the credit institutions subsector of the financial corporations sector.
Foreign borrowings of the non-financial corporations sector comprise debt securities held in non-residents’ portfolio (including outstanding amounts on promissory notes), as well as outstanding amounts on loans to the rest of the world (S.2) less outstanding amounts on repos.
Foreign borrowings of the households and NPISHs sector comprise their outstanding amounts on loans to the rest of the world less outstanding amounts on repos.
The classification of sectors and instruments corresponds to the System of National Accounts, 2008 (2008 SNA) (European Commission, IMF, OECD, UN, World Bank, 2009).