"Figure 14: International comparison of non-financial corporations stock of debt as % of GDP, indexed to Quarter 1 2018 = 100","" "Quarter 1 (Jan to Mar) 2008 to Quarter 3 (July to Sept) 2018","" "","" "Notes","1. Debt calculated as stock of loans and debt securities. 2. All calculations are author’s own. " "Unit","Index points" "","" "","Euro area (19 countries)","Germany","France","Italy","USA","Canada","United Kingdom" "2008Q1","100","100","100","100","100","100","100" "2008Q2","101.7","100.9","102.9","100.3","101.4","98.3","100" "2008Q3","104.1","102.5","105.3","102.1","103.3","98","101.6" "2008Q4","106.4","105.7","107","101.3","106.7","106.3","109.3" "2009Q1","110.3","110.4","109.4","106.4","108.6","112.1","108.8" "2009Q2","110.8","109.5","110.2","108.8","109","113.9","102.9" "2009Q3","109.5","106.7","110.1","106.6","107.7","114.7","104.6" "2009Q4","109.3","104.9","108.9","106","104.9","113.3","103.3" "2010Q1","109.4","104.7","108.3","106.2","103.1","111.7","104.2" "2010Q2","109.3","103.2","107.5","105.7","100.5","113","101.1" "2010Q3","108.5","101.6","107.1","105.6","98.7","114.4","102.5" "2010Q4","109.1","99.1","107.4","105.1","97.4","112.6","99.5" "2011Q1","108.2","93.8","107.2","105.4","96.9","111.3","97.8" "2011Q2","109.2","93.8","109.6","105.8","95.7","112.9","98.5" "2011Q3","109.5","94.5","111.8","105.9","95.3","114.6","97.9" "2011Q4","113.1","95.4","112.9","105.6","94.7","112.4","96" "2012Q1","114.5","95.4","114.6","106.9","94.1","114.3","98.3" "2012Q2","116","96.3","116.4","107.7","94.1","116.3","99.5" "2012Q3","116","97","116.5","107.9","94.4","117.6","98.4" "2012Q4","114.9","96.5","116.7","108.8","95","118.4","97.1" "2013Q1","114.9","98.2","116.6","108","94.9","118.9","95.2" "2013Q2","113.8","98.7","114.7","106.9","95.8","119.2","97.1" "2013Q3","113","98.6","115.3","106","95.8","118.8","93.7" "2013Q4","111.8","98.9","114.6","105","95.5","118.9","91.8" "2014Q1","113.1","98.2","123.1","104.7","96.6","118.9","88.9" "2014Q2","113.8","99.3","124.9","105.3","96.1","118.7","86.5" "2014Q3","113.7","97.5","126","105.2","95.7","119.5","85.6" "2014Q4","114.4","94.7","126.6","103.3","96.6","122.9","85.1" "2015Q1","121","97","128.8","103.4","97.4","129.6","86.4" "2015Q2","119.3","97","129.6","102.3","97.9","130.3","81.7" "2015Q3","119.1","96.6","129.7","101","99","132.9","82.4" "2015Q4","118.1","95.2","131.8","97.8","100.5","136.5","82.8" "2016Q1","118.8","96.3","132.1","96.6","101.9","135.9","83.3" "2016Q2","120","95.9","135.5","97.4","102.1","138.4","86.2" "2016Q3","119.9","96.9","136.6","96.7","102.8","138.4","88.7" "2016Q4","118.3","95.6","137","94.9","103.1","137.3","86.5" "2017Q1","118.7","97.4","137.7","94.6","103.4","135.5","88.2" "2017Q2","116.7","96.4","137.3","93.8","103.7","135.2","87.6" "2017Q3","115.5","97.4","137.4","91.9","103.8","133.2","88.8" "2017Q4","114.7","97.2","137.6","92","104.1","133.3","88.6" "2018Q1","114.9","97.7","137.5","91.3","104.2","133.3","86.5" "2018Q2","114.7","99.9","138.5","91.1","104","133.8","87.2" "2018 Q3","","","","","104.3","132.6","86.3"