## Figure 1.23. Group of Twenty Nonfinancial Sector Credit Trends

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**Canonical URL:** [Figure 1.23. Group of Twenty Nonfinancial Sector Credit Trends](https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-23.pdf)

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### 1. Gross Debt and GDP (Trillions of US dollars)
- Title: Debt has been rising more quickly than GDP ...
- Panel label: 1. Gross Debt and GDP (Trillions of US dollars)
- Series and categories shown: G20 emerging market economies, excluding China; G20 advanced economies; China; Nonfinancial companies; Households; General government; Nominal GDP; Debt (left scale); Cash (right scale).
- Data adjustment: Data are adjusted for foreign exchange movements by converting to US dollars at the end-2016 exchange rate.
- Note: Advanced economy nonfinancial corporate debt is shown net of estimated intercompany loans.

### 2. Gross Debt-to-GDP Ratios by Region (Percent)
- Title: ... and in sovereigns and firms ...
- Panel label: 2. Gross Debt-to-GDP Ratios by Region (Percent)
- Time coverage indicated in figure labels: 1990–2016 (panels show series across 1990, 92, 94, 96, 98, 2000, 02, 04, 06, 08, 10, 12, 14, 16).
- Caption summary: ... largely in advanced economies and China ...

### 3. Change in Gross Debt, 2006–16 (Trillions of US dollars)
- Panel label: 3. Change in Gross Debt, 2006–16 (Trillions of US dollars)
- Title note: ... with debt-to-GDP ratios above precrisis levels.
- In panel 3, OTH = other Group of Twenty (G20) economies.

### 4. Average Gross Debt-to-GDP Ratios by Sector (Percent)
- Panel label: 4. Average Gross Debt-to-GDP Ratios by Sector (Percent)
- Caption: Panel 4 shows the average debt-to-GDP ratio across the G20 economies, by sector.

### 5. Advanced Economy Net Debt-to-GDP Ratios by Sector (Percent)
- Panel label: 5. Advanced Economy Net Debt-to-GDP Ratios by Sector (Percent)
- Caption: Panel 5 shows debt minus financial assets as a percent of GDP.
- Annotation in figure: Private sector financial assets have risen ...

### 6. Advanced Economy Nonfinancial Corporate Debt and Cash (Percent of assets)
- Panel label: 6. Advanced Economy Nonfinancial Corporate Debt and Cash (Percent of assets)
- Caption: Panel 6 is based on a sample of more than 2,600 nonfinancial companies in continental Europe, Japan, the United Kingdom, and the United States. Each dot shows average debt and cash to assets for the same 50 firms. Data labels in the figure use International Organization for Standardization (ISO) country codes.
- Finding summary: ... but cash is unevenly distributed among firms.
- Additional note from figure: Firms with the highest debt have the lowest cash. Sample (ordered by debt-to-assets ratio) shows 50, 100, 150, 200, 250, 300 ranked firms.
- Selected numeric labels shown in the figure (country-level annotations):
  - USA 11.1
  - OTH 6.8
  - OTH 3.0
  - OTH 4.7
  - AUS 0.7
  - USA 1.5
  - IND 0.8
  - USA 4.5
  - CAN 0.7
  - CAN 0.7
  - JPN 2.7
  - GBR 1.4
  - CHN 4.4
  - CHN 14.4
  - CHN 3.9

Sources: Bank for International Settlements; Bloomberg Finance L.P.; Haver Analytics; IMF, World Economic Outlook database; and IMF staff calculations.

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2017/october/chapter-1/pdf-data/figure1-23.pdf_