Nonfinancial sector and Households debt, extended
In 2023, the total amount of nonfinancial organizations and households debt increased by 17.8 trillion rubles and amounted to 119.6 trillion rubles as of 1 January 2024.
Annual growth rate of debt of the nonfinancial sector and households,%
The annual growth rate of nonfinancial organizations and households debt decreased from 23.8% in Q3 2023 to 17.5% in Q4 2023.
The extended indicator of debt of the nonfinancial sector and households* (by financial instruments and currency)
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01.01.2024 |
Quaterly growth, bln of rubles | Annual growth rate,% | |||||||
| bln of rubles | 01.07.2023 | 01.10.2023 | 01.01.2024 | 01.07.2023 | 01.10.2023 | 01.01.2024 | |||
| Nonfinancial sector and Households debt, total | 119 623 | 5 147 | 7 165 | 1 835 | 22 | 23,8 | 17,5 | ||
| in rubles | 99 971 | 4 082 | 5 439 | 3 898 | 18,6 | 19,7 | 19,2 | ||
| in foreign currency | 19 653 | 1 065 | 1 726 | -2 063 | 39,7 | 46,1 | 9,5 | ||
| Nonfinancial sector | 83 834 | 3 380 | 4 575 | 470 | 24 | 24,5 | 15,3 | ||
| Domestic borrowings | 71 400 | 3 051 | 4 317 | 2 451 | 25,5 | 26,1 | 21,2 | ||
| External borrowings | 12 435 | 328 | 258 | -1 981 | 17,5 | 17,2 | -9,8 | ||
| Households and NPISH | 35 789 | 1 768 | 2 591 | 1 365 | 17,2 | 22,3 | 22,8 | ||
| Domestic borrowings | 35 457 | 1 769 | 2 549 | 1 385 | 17,3 | 22,4 | 23,1 | ||
| External borrowings | 332 | -2 | 42 | -20 | 2,6 | 14,7 | 0,3 | ||
In 2023, nonfinancial organizations borrowings increased (+11.1 trillion rubles), households debt rose by 6.6 trillion rubles.
Nonfinancial sector debt continued to account for the bulk of total debt indicator (70.1% or 83.8 trillion rubles).
In Q4 2023 the growth of nonfinancial organizations debt was significantly lower (+0.5 trillion rubles) than in Q3 (+4.6 trillion rubles).
The growth of households debt in Q4 2023 (+1.4 trillion rubles) also decreased compared to Q3 2023 (+2.6 trillion rubles).
The structure of domestic and external debt of the nonfinancial sector and households, bln of rubles
Domestic borrowings form the main part of the total debt — 106.9 trillion rubles (or 89.3%).
Nonfinancial organizations domestic debt amounted to 71.4 trillion rubles (or 85.2%), while households debt is almost all formed by domestic borrowings — 35.5 trillion rubles (or 99.1%).
Contribution of domestic and external borrowings to annual growth rate of debt, p.p.
In Q4 2023 the main contribution to annual growth rate of total debt (17.5%) was provided by domestic borrowings (18.8 p.p.).
Nonfinancial sector and households debt in foreign currency (as % of total debt)
In Q4 2023, under the condition of ruble appreciation the share of nonfinancial sector and households debt in foreign currency decreased from 18.4 to 16.4%.
- Share of nonfinancial organizations debt in foreign currency decreased to 23.0%.
- Share of households debt in foreign currency decreased to 1.0%.
The structure of the extended indicator of the nonfinancial sector debt by financial instrument, bln of rubles
Total nonfinancial organizations debt increased in 2023 mainly due to the ruble component of domestic loans (+9.7 trillion rubles).
Loan debt formed the main part of nonfinancial organizations debt(74.2 trillion rubles or 88.5%).
Growth of debt securities of nonfinancial organizations was several times higher than in 2022 (+657.3 billion rubles).
Contribution of main components to annual growth rate of nonfinancial sector debt, p.p.
The main contribution to the annual growth rate of nonfinancial organizations debt (15.3%) was provided by the growth of the loans in national currency (12.9 p.p.).
Structure by type of economic activity of nonfinancial sector domestic debt by OKVED 2*, 01.01.2024, %
As of 1 January 2024, manufacturing accounted for the largest share of nonfinancial organizations domestic debt — 28.0% and wholesale and retail trade — 12.5%.
The structure of the extended indicator of households debt*, bln of rubles
Within the households debt the amount outstanding of housing (mortgage) loans (HML) continued to grow in 2023.
As of 1 January 2024, households debt amounted to 35.8 trillion rubles, of which 18.2 trillion rubles were housing (mortgage) loans. The share of HML in the structure of households debt increased in comparison to Q3 and amounted to 50.9% as of 1 January 2024.
Annual growth rate of households debt, %
In Q4 2023, the annual growth rate of amount outstanding of households loans* rose from 22.3 to 22.8% as of 1 January 2024.
At the same time, households debt on HML was growing at a faster rate. Annual growth rate of HML increased to 29.4% as of 1 January 2024 and exceeded significantly the annual growth rate of debt on other bank loans (16.6%).
Domestic borrowings of the nonfinancial 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 nonfinancial corporations sector comprise debt securities held in nonresidents’ 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).