Non-financial sector and Households debt, extended
In 2024, the total debt of non-financial organizations and households increased by 18.8 trillion rubles to 140.0 trillion rubles as of 1 January 2025 (including growth by 4.2 trillion ruble in Q4)
Annual growth rate of debt of the non-financial sector and households*,%
The annual growth rate of total debt of non-financial organizations and households (adjusted for foreign currency revaluation) decreased to 13.4% in Q4 2024 (14.8% in Q3 2024), households showed the most significant decline.
The extended indicator of debt of the non-financial sector and households*
|
01.01.2025 |
Quaterly growth, bln of rubles | Annual growth rate,% | |||||||
| bln of rubles | 01.07.2024 | 01.10.2024 | 01.01.2025 | 01.07.2024 | 01.10.2024 | 01.01.2025 | |||
| Non-financial sector and Households debt, total | 139 859 | 5 673 | 5 748 | 2 313 | 15,3 | 14,8 | 13,4 | ||
| in rubles | 119 457 | 5 503 | 6 054 | 4 202 | 19,2 | 18,5 | 17,8 | ||
| in foreign currency | 20 402 | 170 | -306 | -1 889 | -2,7 | -1,7 | -9 | ||
| Non-financial sector | 97 855 | 3 397 | 4 437 | 2 342 | 11,7 | 13,5 | 13,9 | ||
| Domestic borrowings | 87 091 | 3 833 | 4 844 | 3 389 | 19,4 | 20,6 | 20,2 | ||
| External borrowings | 10 764 | -436 | -407 | -1 048 | -23,5 | -20,6 | -22,8 | ||
| Households and NPISH | 42 004 | 2 276 | 1 312 | -28 | 24 | 18,1 | 12,5 | ||
| Domestic borrowings** | 41 610 | 2 281 | 1 307 | -20 | 24,1 | 18,2 | 12,7 | ||
| External borrowings | 394 | -5 | 4 | -8 | 12,5 | 9,9 | -3,2 | ||
Non-financial sector debt continued to account for the bulk of total debt indicator as of 1 January 2025 (70% or 97.9 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 (128.7 trillion rubles or 92%). Non-financial organizations domestic debt amounted to 87.1 trillion rubles (or 89%). Household debt is almost formed by domestic borrowing – 41.6 trillion rubles (or 99.1%).
Contribution of domestic and external borrowings to annual growth rate of debt, p.p.
In Q4 2024, the main contribution to annual growth rate of total debt (13.4%) continued to be made by non-financial sector domestic borrowings (11.9 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
Debt of the non-financial sector in Q4 2024 increased mainly due to domestic ruble loans
Loan debt formed the main part of non-financial organizations debt (85.6 trillion rubles or 87.4%).
Debt securities of non-financial organizations amounted to 12.3 trillion rubles as of 1 January 2025.
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 debt of non-financial organizations was made by the growth of loans in national currency (14.1 p.p.).
Structure by type of economic activity of non-financial sector domestic debt by OKVED 2***, 01.01.2025, %
As of 1 January 2025, manufacturing accounted for the largest share of non-financial organizations domestic debt – 27.8%, professional and scientific activities – 13.8%.
The structure of the extended indicator of households debt*, bln of rubles
As of 1 January 2025, the total households debt amounted to 42.0 trillion rubles, of which housing (mortgage) loans (HML) – 20.0 trillion rubles (or 47.7%).
Annual growth rate of households debt*, %
The annual growth rate of households debt on bank loans (adjusted for foreign currency revaluation) decreased to 12.5% as of 1 January 2025 2025 compared to 18.1% as of 1 October 2024.
The annual growth rate of household debt on HML (adjusted for foreign currency revaluation) decreased to 10.4% as of 1 January 2025 compared to 15.8% as of 1 October 2024.
Domestic borrowings of the non-financial organizations 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 organizations 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).