Non-financial sector and Households debt, extended
In Q2 2024 the total debt of non-financial organizations and households increased by 4.1 trillion rubles and amounted to 126.9 trillion rubles as of 1 July 2024.
Annual growth rate of debt of the non-financial sector and households,%
The annual growth rate of non-financial organizations and households debt (adjusted for foreign currency revaluation) increased to 15% in Q2 2024 after 13% in Q1 2024.
The extended indicator of debt of the non-financial sector and households*
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01.07.2024 |
Quaterly growth, bln of rubles | Annual growth rate,% | |||||||
| bln of rubles | 01.01.2024 | 01.04.2024 | 01.07.2024 | 01.01.2024 | 01.04.2024 | 01.07.2024 | |||
| Non-financial sector and Households debt, total | 126 889 | 3 424 | 2 611 | 5 566 | 12,9 | 13 | 15 | ||
| in rubles | 107 774 | 3 871 | 2 391 | 5 439 | 19,1 | 18,2 | 18,9 | ||
| in foreign currency | 19 115 | -447 | 220 | 127 | -16,1 | -10,7 | -2,9 | ||
| Non-financial sector | 87 670 | 1 997 | 1 478 | 3 287 | 9 | 9,2 | 11,6 | ||
| Domestic borrowings | 77 029 | 3 166 | 2 267 | 3 833 | 18,1 | 17,6 | 19,4 | ||
| External borrowings | 10 641 | -1 169 | -789 | -546 | -29,5 | -28,2 | -23,8 | ||
| Households and NPISH | 39 219 | 1 427 | 1 132 | 2 279 | 22,6 | 22,7 | 23,2 | ||
| Domestic borrowings | 38 874 | 1 389 | 1 136 | 2 283 | 23 | 23 | 23,3 | ||
| External borrowings | 344 | 39 | -3 | -5 | -12,7 | 1,4 | 12,5 | ||
| Внутренние заимствования | 38 874 | 1 389 | 1 136 | 2 283 | 23 | 23 | 23,3 | ||
In Q2 2024, the debt of non-financial organizations has risen by 1.8 trillion rubles, and households — by 2.3 trillion rubles.
Non-financial sector debt continued to account for the bulk of total debt indicator (69.1% or 87.7 trillion rubles).
In Q2 2024 the growth of non-financial organizations debt was lower (+1.8 trillion rubles) than in Q1 2024 (+2.1 trillion rubles).
Growth of households debt in Q2 2024 (+2.3 trillion rubles) increased compared to Q1 2024 (+1.1 trillion rubles).
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 — 115.9 trillion rubles (or 91,3%).
At the same time non-financial organizations domestic debt amounted to 77.0 trillion rubles (or 87.9%), while households debt is almost all formed by domestic borrowings — 38.9 trillion rubles (or 99.1%).
Contribution of domestic and external borrowings to annual growth rate of debt, p.p.
In Q2 2024 the main contribution to annual growth rate of total debt (14.7%) continued to be made by non-financial sector domestic borrowings(11.3 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
The increase of debt of the non-financial organizations (+1.8 trillion rubles) in Q2 2024 was mainly provided by the national currency component of domestic loans.
Loan debt formed the main part of non-financial organizations debt (77.4 trillion rubles or 88.3%).
Debt securities of non-financial organizations in Q2 2024 increased by 0.3 billion rubles and amounted to 10.3 trillion rubles.
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 non-financial organizations debt (11.3%), was made by the growth of the loans in national currency (12.1 p.p.).
Structure by type of economic activity of non-financial sector domestic debt by OKVED 2**, 01.07.2024, %
As of 1 July 2024, manufacturing accounted for the largest share of non-financial organizations domestic debt — 26.6% and professional and scientific activities — 13.2%.
The structure of the extended indicator of households debt***, bln of rubles
In Q2 2024 the annual growth rate the households debt of housing (mortgage) loans (HML) decreased .
As of 1 July 2024, the total households debt amounted to 39.2 trillion rubles, of which housing (mortgage) loans — 19.8 trillion rubles (or 50.8%).
Annual growth rate of households debt, %
The annual growth rate of households debt on bank loans (adjusted for foreign currency revaluation)* as of 1 July 2024 increased to 23.2% compared to 22.7% as of 1 April 2024.
The annual growth rate of household debt on HML (adjusted for foreign currency revaluation) decreased to 26.2% as of 1 July 2024 compared to 27.2% as of 1 April 2024, while the same indicator of the annual growth rate of debt on other bank loans increased to 20.8% (19% as of 1 April 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 and outstanding amounts on debt securities (including promissory notes).
The classification of sectors and instruments corresponds to the System of National Accounts, 2008 (2008 SNA) (European Commission, IMF, OECD, UN, World Bank, 2009).
The growth of debt in foreign currency adjusted for foreign currency revaluation calculates as the growth of currency component for each debt indicator in dollar terms, converted into rubles using the average arithmetic exchange rate at the beginning and the end of period.