Nonfinancial sector and Households debt, extended
In Q1 2024 the total debt of nonfinancial organizations and households increased by 3.2 trillion rubles and amounted to 122.8 trillion rubles as of 1 April 2024.
Annual growth rate of debt of the nonfinancial sector and households,%
The annual growth rate of nonfinancial organizations and households debt decreased to 16.4% in Q1 2024 after 17.4% in Q4 2023.
The extended indicator of debt of the nonfinancial sector and households* (by financial instruments and currency)
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01.04.2024 |
Quaterly growth, bln of rubles | Annual growth rate,% | |||||||
| bln of rubles | 01.10.2023 | 01.01.2024 | 01.04.2024 | 01.10.2023 | 01.01.2024 | 01.04.2024 | |||
| Nonfinancial sector and Households debt, total | 122 794 | 7 165 | 1 805 | 3 200 | 23,8 | 17,4 | 16,4 | ||
| in rubles | 102 335 | 5 439 | 3 871 | 2 391 | 19,7 | 19,1 | 18,2 | ||
| in foreign currency | 20 459 | 1 726 | -2 067 | 810 | 46,1 | 9,5 | 8,1 | ||
| Nonfinancial sector | 85 828 | 4 575 | 406 | 2 057 | 24,5 | 15,2 | 13,8 | ||
| Domestic borrowings | 73 951 | 4 317 | 2 451 | 2 551 | 26,1 | 21,2 | 20,1 | ||
| External borrowings | 11 877 | 258 | -2 045 | -493 | 17,2 | -10,3 | -14,1 | ||
| Households and NPISH | 36 966 | 2 591 | 1 398 | 1 143 | 22,3 | 22,9 | 22,9 | ||
| Domestic borrowings | 36 594 | 2 549 | 1 385 | 1 137 | 22,4 | 23,1 | 23 | ||
| External borrowings | 371 | 42 | 13 | 6 | 14,7 | 10,4 | 19,1 | ||
In Q1 2024, the debt of nonfinancial organizations has risen by 2.1 trillion rubles, and households — by 1.1 trillion rubles.
Nonfinancial sector debt continued to account for the bulk of total debt indicator (69.9% or 85.8 trillion rubles).
In Q1 2024 the growth of nonfinancial organizations debt was significantly higher (+2.1 trillion rubles) than in Q4 2023 (+0.4 trillion rubles).
Growth of households debt in Q1 2024 (+1.1 trillion rubles) was lower compared to Q4 2023 (+1.4 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 — 110.5 trillion rubles (or 90%).
At the same time nonfinancial organizations domestic debt amounted to 74 trillion rubles (or 86.2%), while households debt is almost all formed by domestic borrowings — 36.6 trillion rubles (or 99%).
Contribution of domestic and external borrowings to annual growth rate of debt, p.p.
In Q1 2024 the main contribution to annual growth rate of total debt (16.4%) continued to be made by nonfinancial sector domestic borrowings(11.7 p.p.).
Nonfinancial sector and households debt in foreign currency (as % of total debt)
The share of nonfinancial sector and households debt in foreign currency in total debt increased to 16.7% compared to 16.4% under the condition of ruble weakening.
- Share of nonfinancial organizations debt in foreign currency increased to 23.4%.
- Share of households debt remained at the level of the previous quarter and amounted to 1.0%.
The structure of the extended indicator of the nonfinancial sector debt by financial instrument, bln of rubles
The increase of debt of the nonfinancial organizations (+2.1 trillion rubles) in Q1 2024 was mainly provided by the national currency component of domestic loans (+1.3 trillion rubles).
Loan debt formed the main part of nonfinancial organizations debt (75.8 trillion rubles or 88.3%).
Debt securities of nonfinancial organizations in the Q1 2024 increased by 0.3 billion rubles and amounted to 10 trillion rubles.
Contribution of main components to annual growth rate of nonfinancial sector debt, p.p.
As before, the main contribution to the annual growth rate of nonfinancial organizations debt (13.8%), was made by the growth of the loans in national currency (12.2 p.p.).
Structure by type of economic activity of nonfinancial sector domestic debt by OKVED 2*, 01.04.2024, %
As of 1 April 2024, manufacturing accounted for the largest share of nonfinancial organizations domestic debt — 27.3% and professional and scientific activities — 12.5%.
The structure of the extended indicator of households debt*, bln of rubles
In Q1 2024 the households debt of housing (mortgage) loans (HML) continued to grow .
As of 1 April 2024, the total households debt amounted to 37 trillion rubles, of which housing (mortgage) loans — 18.3 trillion rubles. The share of HML in the structure of total household debt remained unchanged compared to the Q4 2023 and amounted to 50.9%.
Annual growth rate of households debt, %
The annual growth rate of household debt on HML decreased to 27.2% as of 1 April 2024 compared to 29.4% as of 1 January 2024, while the same indicator of the annual growth rate of debt on other bank loans increased to 18.9% (16.9% as of 1 January 2024).
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).