- non-financial organisations and other financial (except credit) organisations debt on bank loans and debt securities,
- households and non-profit institutions serving households (NPISHs) debt on bank lending; debt on housing mortgage loans sold by credit institutions to mortgage agents and debt on consumer loans sold by credit institutions to specialized financial companies (including repayment).
Organisations and Households debt
Q2 2025
Last update: 17.10.2025
| Data link: | Organisations and Households debt |
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As of July 1, 2025, the debt of organisations and households amounted to 163.9 trn rubles. For Q2 2025 the debt of organisations and households (hereinafter – adjusted for foreign currency revaluation) increased by 3.4 trn rubles (+ 1.3 trn rubles in Q1 2025).Domestic borrowings dominate in total debt 94.0%.
The debt-to-GDP ratio remained approximately at the level of the previous quarter – 79.2%. In general, the annual growth rate of debt in Q2 2025 continued the downward trend (10.9% compared to the 13.1% in Q1 2025), annual growth rate of debt in Q2 did not change compared to the Q1 and amounted to 14.0%.
Tab. 1
| 01.07.2025 trn rubles |
% GDP | Quarterly changes*, trn rubles |
Growth rates*, % | |||||
| Quarterly | Annual | |||||||
| Q1 2025 | Q2 2025 | 01.04.2025 | 01.07.2025 | 01.04.2025 | 01.07.2025 | |||
|---|---|---|---|---|---|---|---|---|
| Organisations and households debt | 163,9 | 79,2 | 1,3 | 3,4 | 0,8 | 2,1 | 13,1 | 10,9 |
| in rubles | 143,5 | |
0,7 | 2,5 | 0,5 | 1,8 | 19,4 | 13,6 |
| in foreign currency | 20,3 | |
0,6 | 0,9 | 2,5 | 4,2 | -7,1 | −3,5 |
| Non-financial organisations | 98,4 | 47,5 | 1,7 | 3,5 | 1,7 | 3,6 | 14,0 | 14,0 |
| Financial organisations** | 23,8 | 11,5 | 0 | −0,3 | -0,1 | −1,1 | 18,2 | 14,4 |
| Households and NPISH | 41,7 | 20,1 | -0,3 | 0,2 | -0,8 | 0,4 | 8,3 | 2,6 |
Organisations and households debt, trn rubles
Fig. 1
** except depository corporations
Annual growth rates of organisations and households debt*, %
Fig. 2
* excluding foreign currency revaluation
** except depository corporations
Debt of non-financial organisations still accounted for the bulk of the debt of organisations and households and was formed mainly by debt on loans (by 01.07.2025 – 84.4 trn rubles or 85.8%). At the same time, the share of debt securities of non-financial organisations continued to increase and amounted to 14.2% (13.6% in the Q1 2025). The largest contribution to the annual growth rate of debt as of July 1, 2025 was made by manufacturing production – 6.5 p.p.
Debt of financial organisations (hereinafter – except credit institutions) was formed mainly by debt on loans (by 01.07.2025 – 12.5 trn rubles or 52.6%). Debt securities of financial organisations as of July 1, 2025 amounted to 11.3 trn rubles. The annual growth rate of debt of financial organisations decreased to 14.4% (18.2% in Q1).
Household debt as of July 1, 2025 decreased to 41.7 trn rubles, of which 22.1 trn rubles (or 53.1%) accounted for housing mortgage loans. The annual growth rate of household debt decreased to 2.6% (8.3% in Q1). The growth rate of household debt on mortgage loans (with the exception of currency revaluation) in annual terms as of July 1, 2025 decreased to 4.4% compared to 8.7% as of April 1, 2025. For more information on household credit debt, see Household Savings .
Non-financial organisations debt (by instruments), trn rubles
Fig. 3
Contribution of components to the annual growth rate of debt of non-financial organisations (by type of economic activity), p.p. ***
Fig. 4
* excluding foreign currency revaluation
*** by OKVED 2
Financial organisations debt (by instruments), trn rubles
Fig. 5
** except depository corporations
Structure of household debt*, trn rubles
Fig. 6
Annual growth rates of households debt*, %
Fig. 7
* excluding foreign currency revaluation
The structure of domestic and external debt of organisations and households, trn of rubles
Fig. 8
Methodological notes
External borrowings of organisations and households comprise:
Full notes available on the link
The Bank of Russia publishes “Organisations and households debt” by economic sector, financial instrument and currency (rubles and foreign currency) on quarterly basis.
The debt comprises domestic and external borrowings of the non-financial organisations, other financial (except credit) organisations and households and non-profit institutions serving households (NPISHs).
Domestic borrowings of organisations and households comprise:- outstanding amounts on loans to non-residents less outstanding amounts on repos, as well as debt securities of non-financial organisations and other financial (except credit) organisations held in non-residents’ portfolio (including outstanding amounts on promissory notes),
- debt of households and NPISHs comprise their outstanding amounts on loans to non-residents less outstanding amounts on repos.
Excluding the effect of currency revaluation (IVP) as a result of a change in the exchange rate of foreign currency against the ruble allows you to analyze the change in the debt of organisations and households for a certain period as a result of transactions, and not a change in the exchange rate of the currency in which the currency component is expressed.
Department responsible for publication: Statistics Department
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Last updated on: 17.10.2025
** except depository corporations