Organisations and Households debt, extended
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Organisations and Households debt, extended |
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Q1 2025
In the first quarter of 2025, the growth of total debt of organisations and households (adjusted for foreign currency revaluation) was less then a half of Q4 2024 value, as of 1 April 2025 total debt amounted to 161.7 trn rubles.
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As of 01.04.2025, bln rubles |
Quarterly growth*, bln rubles | Growth rates*, % | |||||
| Quarterly | Annual | ||||||
| Q4 2024 | Q1 2025 | 01.01.2025 | 01.04.2025 | 01.01.2025 | 01.04.2025 | ||
|---|---|---|---|---|---|---|---|
| Organisations and households debt | 161 710 | 4 109 | 1 343 | 2,5 | 0,8 | 14,3 | 13,1 |
| in rubles | 140 974 | 6 496 | 738 | 4,9 | 0,5 | 19,4 | 17,3 |
| in foreign currency | 20 735 | -2 387 | 605 | -9,7 | 2,5 | -10,9 | -7,4 |
| Non-financial organisations | 95 938 | 2 344 | 1 690 | 2,5 | 1,7 | 13,9 | 14,0 |
| Domestic borrowings | 86 671 | 3 394 | 1 575 | 4,1 | 1,8 | 20,2 | 18,5 |
| External borrowings | 9 267 | -1 050 | 115 | -9,6 | 1,1 | -22,8 | -14,3 |
| Other financial organisations | 24 207 | 1 841 | -24 | 8,1 | -0,1 | 19,2 | 18,0 |
| Domestic borrowings | 23 501 | 1 940 | 9 | 8,9 | 0,0 | 21,1 | 19,2 |
| External borrowings | 705 | -99 | -33 | -11,4 | -4,2 | -20,1 | -12,2 |
| Households and NPISH | 41 565 | -76 | -323 | -0,2 | -0,8 | 12,4 | 8,3 |
| Domestic borrowings** | 41 232 | -68 | -322 | -0,2 | -0,8 | 12,5 | 8,4 |
| External borrowings | 334 | -8 | -1 | -2,2 | -0,2 | -3,2 | -2,3 |
Annual growth rates of organisations and households debt and debt to GDP ratio*, %
Fig. 1
* adjusted for foreign currency revaluation
Total debt to GDP ratio as of 01.04.2025 amounted to 79%, annual growth rate of debt (adjusted for foreign currency revaluation) decreased to 13.1% in Q1 2025 compared to 14.3% in Q4 2024, households debt demonstrates the most significant decrease.
The main part of total debt as of 1 April 2025 was formed by non-financial organisations (59.3% or 95.9 trn rubles).
Organisations and households debt (by instruments), bln rubles
Fig. 2
Loans formed the main part of non-financial organisations debt (82.9 trn rubles or 86.4%).
The bond debt of non-financial organisations as of 1 April 2025 amounted to 13.1 trn rubles.
Contribution to the annual growth rate of non-financial organisations debt (by type of economic activity)***
Fig. 3
Household debt as of 1 April 2025 decreased and amounted to 41.6 trn rubles, of which 20.1 trn rubles (or 48.8%) accounted for mortgage loans.
Structure of household debt*, bln rubles
Fig. 4
* Domestic and external households debt.
Annual growth rates of households debt*, %
Fig. 5
* excluding foreign currency revaluation
The annual growth rate of household loans (adjusted for foreign currency revaluation) as of 1 April 2025 decreased to 8.3% compared to 12.5% as of 1 January 2025.
The growth rate of mortgages (adjusted for foreign currency revaluation) in annual terms as of 1 April 2025 decreased to 7.9% compared to 10.4% as of 1 January 2025.
The structure of domestic and external debt of organisations and households, bln of rubles
Fig. 6
Domestic borrowings dominate in total debt (151.4 trn rubles or 94%).
Non-financial organisations domestic debt amounts to 86.7 trn rubles (or 90.3%). Household debt is almost totally formed by domestic borrowing – 41.2 trn rubles (or 99.2%).
The share of debt in foreign currency in total debt decreased to 12.8% as of 1 April 2025 compared to 14.9% as of 1 January 2025.
Full notes available on the link
Domestic borrowings of the non-financial organisations comprise outstanding amounts on loans provided by the credit institutions and debt securities issued in the domestic market held in residents’ portfolio. Outstanding amounts on debt securities are accounted for at face value less debt securities bought out by issuers.
Domestic borrowings of the households and NPISHs comprise their outstanding amounts on loans provided by the credit institutions ; debt on housing mortgage loans sold by credit institutions to mortgage agents (including repayment), debt on consumer loans sold by credit institutions to specialized financial companies.
Foreign borrowings of the non-financial organisations comprise debt securities held in non-residents’ portfolio (including outstanding amounts on promissory notes), as well as outstanding amounts on loans to non-residents less outstanding amounts on repos.
Foreign borrowings of the households and NPISHs sector comprise their outstanding amounts on loans and the and debt securities to non-residents.
The classification of sectors and instruments corresponds to the System of National Accounts, 2008 (2008 SNA) (European Commission, IMF, OECD, UN, World Bank, 2009).
** From 01.01.2018 includes debt on housing mortgage loans sold by credit institutions to mortgage agents (including repayment); from 01.01.2025 includes debt on consumer loans sold by credit institutions to specialised financial companies