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Nonfinancial sector and Households debt, extended

In Q3 2022 the total amount of nonfinancial organizations and households debt increased by 4.4 trillion rubles and amounted to 95.1 trillion rubles as of 1 October 2022.

Annual growth rate of debt of the nonfinancial sector and households,%

The annual decline in the total debt (-0.6%) was replaced by an increase (0.8%) following a slowdown in the annual decline in the debt of nonfinancial organizations (from −4.9% to −2.4%).

In Q3 2022 the annual growth rate of the households debt decreased (from 11.1% to 9.3%).

The extended indicator of debt of the nonfinancial sector and households* (by financial instruments and currency)


Quaterly growth, bln of rubles Annual growth rate,%
bln of rubles 01.04.2022 01.07.2022 01.10.2022 01.04.2022 01.07.2022 01.10.2022
Nonfinancial sector and  Households debt, total 95 112 3 992 -9 678 4 408   12 -0,6 0,8  
   in rubles 80 249 1 998 985 3 877   15,6 11,6 12,5  
   in foreign currency 14 863 1 994 -10 663 531   2,5 -37,3 -35,4  
   Nonfinancial sector 66 959 3 209 -9 268 3 421   9,4 -4,9 -2,4  
     Domestic borrowings 54 669 2 227 -1 893 3 177   14,2 7,6 9,8  
     External borrowings 12 291 981 -7 374 244   -2 -36,5 -34,7  
   Households and  NPISH 28 153 784 -410 987   19,8 11,1 9,3  
     Domestic borrowings 27 846 701 -184 982   20,3 12,1 10,1  
     External borrowings 307 82 -226 5   -2,1 -38,2 -35,1  

* Households include households and non-profit institutions serving households (NPISHs)

As of 1 October 2022, nonfinancial organizations debt formed the main part of total debt (70.0% or 67.0 trillion rubles).

In Q3 2022 nonfinancial organizations debt increased by 3.4 trillion rubles compared to a reduction of 9.3 trillion rubles in Q2 2022.

Household borrowing increased by 987 billion rubles in Q3 2022 after falling by 410 billion rubles in Q2 2022.

The structure of domestic and external borrowings of the nonfinancial sector and households, bln of rubles

Domestic borrowings form the main part of the total debt — 80.4 trillion rubles on 01.10.2022 (approximately 86.8%).

Nonfinancial organizations domestic borrowings amounted to 54.7 trillion rubles (81.6%). Almost all households debt was formed by domestic borrowings (27.8 trillion rubles or 98.9%).

Contribution of domestic and external borrowings to annual growth rate of debt,%

In Q3 2022 the annual growth rate of total debt retuned to positive values (0.8%) despite the significant negative contribution of external borrowings of the nonfinancial sector (-6.9 p.p.).

Compared to the previous quarter, the contribution of domestic borrowing to the annual growth rate of total debt slightly increased (7.9 p.p.).

Nonfinancial sector and Households debt in foreign currency (as % of total debt)

In Q3 2022 the share of debt of the nonfinancial sector and households in foreign currency continued to decline.

  • for total debt to 15.6% (minimum indicator since 2013)
  • for households debt to 1.2%
  • for nonfinancial organizations debt to 21.7%.

The structure of the extended indicator of the nonfinancial sector debt by financial instrument, bln of rubles

Loans account the bulk of nonfinancial organizations debt (58.3 trillion rubles or 87.0%).

The increase in the debt of nonfinancial organizations in Q3 2022 was provided by the national currency component of the loans.

Debt securities of nonfinancial organizations slightly increased and amounted to 8.7 trillion rubles as of 1 October 2022.

Contribution of main components to annual growth rate of nonfinancial sector debt,%

In Q3 2022 the annual growth rate of nonfinancial sector debt remained negative (-2.4%).

The main negative contribution to the annual growth rate of debt of nonfinancial organizations was provided by the loans in foreign currency (-11.7%).

Structure by type of economic activity of nonfinancial sector domestic debt by OKVED 2*, 01.10.2022, %

* The distribution based on the detailed information of the Reporting Form 0409303 “Granted Funds to Legal Entities”

The main share in the structure of internal debt of nonfinancial organizations as of 1 October 2022 was made by manufacturing industries — 28.7% and wholesale and retail trade — 11.0%.

The structure of the extended indicator of households debt*, bln of rubles

* Domestic and external borrowings of households.

Households debt in Q3 2022 increased by 987 billion rubles to 28,2 trillion rubles. The amount outstanding of housing (mortgage) loans rose and amounted to 12,7 trillion rubles.

The share of outstanding amount of housing (mortgage) loans (HML) in the structure of households debt almost unchanged compared to the Q2 2022 and amounted 47.3%.

Annual growth rate of households debt, %

The annual growth rate of households loans* continued to decline and amounted to 11,1% as of 1 October 2022 (as of July 1 2022 — 9.3%).

The annual growth rate of households debt on HML decreased to 16,0% as of 1 October 2022 but still significantly exceeded the annual growth rate of debt on other bank loans (3.8%).

* Domestic and external loans of households

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).

Department responsible for publication: Statistics Department
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Last updated on: 23.01.2023