Financial accounts of the non-financial sectors - 2024-Q2
Published on the 22nd of October 2024
In the second quarter of 2024, financing for non-financial corporations was abundant
Warning: the national financial accounts change to base 2020. For more information on the benchmark revision, the revisions to the sources and methods used to compile the accounts and their impact, click here.
NON-FINANCIAL CORPORATIONS*![]()
| FINANCIAL TRANSACTIONS | YEARS | CUMULATIVE SUM OVER 4 QUARTERS |
QUARTERS (SA) | ||||
| (EUR billions) | 2022 | 2023 | 2024 T2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 |
| Financing | 83.0 | 88.9 | 115.6 | 27.8 | 14.2 | 23.4 | 50.2 |
| - MFI loans (a) | 101.4 | 37.0 | 29.9 | 15.6 | 9.3 | -6.9 | 11.9 |
| - Debt securities | -5.1 | 11.0 | 26.3 | 7.0 | 10.1 | -9.2 | 18.4 |
| - Shares and net equities (b) | -13.3 | 41.0 | 59.4 | 5.2 | -5.2 | 39.5 | 19.9 |
| Financial investment (c) | 43.5 | 49.7 | 45.1 | 20.2 | 18.2 | 5.4 | 1.3 |
| - Currency and deposits | 18.4 | -26.8 | 1.5 | -2.7 | 17.6 | -13.7 | 0.3 |
| - Securities | 41.8 | 53.4 | 38.5 | 11.6 | -1.2 | 23.3 | 4.8 |
| debt securities | 39.7 | 23.3 | 11.8 | 5.2 | -0.4 | 3.9 | 3.2 |
| money market fund shares | -5.9 | 33.9 | 28.6 | 8.0 | 0.4 | 19.1 | 1.1 |
| non-MMF invesment fund shares | 8.0 | -3.7 | -2.0 | -1.6 | -1.2 | 0.3 | 0.5 |
| - Other net financial assets (d) | -16.7 | 23.1 | 5.1 | 11.3 | 1.8 | -4.2 | -3.8 |
(a) including direct investment (equity capital and reinvested earnings)
(b) are excluded here several residual items
(c) mainly cross-border intercompany lending/borrowing
(b) are excluded here several residual items
(c) mainly cross-border intercompany lending/borrowing
Net financing by non-financial corporations (NFCs) increases again in the second quarter of 2024. NFCs finance themselves more via MFI loans and debt securities issuances. Net issues of shares and other equity remain positive but decrease in intensity, as NFCs hold more unlisted shares. At the same time, their financial investment in deposits, securities or other net financial assets is low. Net borrowing of NFCs therefore increases in Q2.
Non-financial corporations: Flows of financial investment and financing (SA) ![]()
EUR billions
(*) Accounting discrepancies can occur between yearly figures and the sum of quarterly flows due to rounding differences in the series used.
GENERAL GOVERNMENT*![]()
| FINANCIAL TRANSACTIONS | YEARS | CUMULATIVE SUM OVER 4 QUARTERS |
QUARTERS (SA) | ||||
| (EUR billions) | 2022 | 2023 | 2024 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 |
| Financing | 102.7 | 110.6 | 176.4 | 28.5 | 44.6 | 29.9 | 73.4 |
| - Deposits | 4.5 | -11.1 | -0.8 | 4.0 | 1.3 | -2.6 | -3.4 |
| - MFI loans (a) | -1.7 | 2.0 | 2.3 | -1.5 | 3.6 | -0.9 | 1.1 |
| - Debt securities | 99.9 | 119.8 | 174.9 | 26.0 | 39.7 | 33.4 | 75.7 |
| Financial investment (b) | -24.4 | -38.3 | 26.9 | -9.1 | 5.6 | 13.9 | 16.4 |
| - Currency and deposits | -24.5 | -54.9 | -4.6 | -11.6 | -2.9 | -7.3 | 17.2 |
| - Securities | 0.2 | 16.5 | 31.4 | 2.5 | 8.5 | 21.2 | -0.8 |
| debt securities | 1.9 | 1.6 | 18.2 | -2.8 | 3.2 | 19.7 | -2.0 |
| net equities | -4.9 | 9.0 | 6.0 | 5.6 | -1.5 | 0.4 | 1.6 |
| invesment fund shares | 3.2 | 6.0 | 7.2 | -0.3 | 6.8 | 1.1 | -0.4 |
(a) are excluded here several residual items
General government financing flows increase significantly in the second quarter of 2024. Issuances of debt securities increase sharply compared to the first quarter and are the highest since the second quarter of 2020. General government financial investment is also positive.
General government: Flows of financial investment and financing (SA)![]()
EUR billions
(*) Accounting discrepancies can occur between yearly figures and the sum of quarterly flows due to rounding differences in the series used.
HOUSEHOLDS*![]()
| FINANCIAL TRANSACTIONS | YEARS | CUMULATIVE SUM OVER 4 QUARTERS |
QUARTERS (SA) | ||||
| (EUR billions) | 2022 | 2023 | 2024 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 |
| Financing | 83.2 | 20.4 | -1.3 | 1.5 | -0.1 | 2.8 | -5.5 |
| - MFI loans (a) | 83.2 | 20.4 | -1.3 | 1.5 | -0.1 | 2.8 | -5.5 |
| Financial investment (b) | 170.9 | 109.0 | 113.4 | 35.0 | 21.0 | 15.1 | 42.3 |
| - Currency and deposits | 86.5 | 53.3 | 45.0 | 18.7 | 5.6 | 3.2 | 17.4 |
| of which transferable deposits | 6.6 | -59.5 | -34.1 | -7.9 | -16.7 | -10.5 | 1.1 |
| passbook savings | 58.1 | 45.1 | 31.2 | 8.6 | 14.5 | 1.3 | 6.8 |
| home saving plans | -6.7 | -28.5 | -32.9 | -6.7 | -8.3 | -10.7 | -7.2 |
| - Securities | 45.4 | 25.9 | 25.8 | 11.9 | 4.6 | -1.0 | 10.4 |
| debt securities | 6.5 | 7.7 | 6.4 | 2.7 | 2.0 | 1.7 | 0.1 |
| listed shares | 3.3 | -12.7 | -13.7 | 1.8 | -13.2 | -6.3 | 3.9 |
| unlisted shares and other equities | 24.8 | 22.2 | 20.8 | 2.8 | 14.3 | 1.2 | 2.4 |
| money market fund shares | 2.0 | 9.0 | 8.4 | 2.2 | 2.4 | 2.7 | 1.2 |
| non-MMF invesment fund shares | 8.9 | -0.3 | 3.9 | 2.4 | -0.9 | -0.3 | 2.8 |
| - Life insurance and pension plans | 39.0 | 29.8 | 42.6 | 4.4 | 10.8 | 12.9 | 14.5 |
| of which non-unit linked contracts | 4.3 | -5.8 | 12.6 | -0.5 | 2.8 | 4.9 | 5.4 |
(a) are excluded here several residual items
In the second quarter of 2024, households' investment flows increase sharply compared to the first quarter. They are more evenly distributed between deposits, securities and life insurance. Households also favor equity more than in the first quarter. Investment in life insurance continues to grow, particularly in unit-linked contracts. At the same time, net MFI loans flows are slightly negative. Households' financial savings are therefore very positive in Q2.
Households: Flows of financial investment and financing (SA)![]()
EUR billions
Source and compilation: Direction Générale des Statistiques, des Études et de l'International
(*) Accounting discrepancies can occur between yearly figures and the sum of quarterly flows due to rounding differences in the series used.
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Updated on the 25th of October 2024