Saturday, 22 December 2012

UK Sectoral Balances and Private Debt Levels - Q3 2012


Q3 2012 Figures are out.

Normal service is resumed in Q3 after the Q2 post office pension transfer anomaly. Overall the non-government sector is saving to excess driving the government deficit - largely via the automatic stabilisers.

The five sector chart shows that the the government deficit is divided fairly equally between the business sector, external sector and households. So its a general level of excess savings desires in the non-government sector.

And finally the private debt levels:

The big news here is that the UK has started to relever in 2012. There's a definite trend emerging there now.

Source: Office of National Statistics, tables RPZD, RPYN, RQAW, RPZT, RQCH, DJDS (Seasonally adjusted Net Lending/Borrowing per sector plus residual error) and YBHA (Gross domestic product at market prices, seasonally adjusted). Private sector debt based on tables J8XI, NLBC, NKZA, NNQC, NNRE, NNXI, NNXM, NNWK, J8XK, NLSY, NLUA, J8XM, NJCS, and NJBQ (Lending, securites and derivatives per sector, not seasonally adjusted) scaled by BKTL (Gross domestic product at market prices, not seasonally adjusted).