Corporate net debt did not increase significantly in 2020 despite the crisis.
The increase in loans taken out by companies has indeed been accompanied by an increase in their cash flow, according to data released Tuesday by the Banque de France.
With an increase limited to 0.8% (+17 billion euros) in 2020, "
we do not observe at this stage a marked increase in net debt (of companies) considered as a whole
", understood as the difference between their gross debt (outstanding loans) and their cash, notes the French central bank in a press release.
Read also: Is it possible to cancel Covid debt without harming creditors?
Over the whole of 2020, gross corporate debt (excluding financial companies) thus grew by 13% (+ € 217 billion).
Companies took out more bank loans (+139 billion euros), in particular the loan guaranteed by the State (PGE) set up by the government to support them during the crisis.
They also issued more debt securities (bonds, etc.).
At the same time, their cash flow jumped by nearly 30% (+200 billion euros), part of the loans taken out having been intended to feed them.
On the household side, the data confirms that they saved a lot during the crisis, in particular during the two lockdowns.
Over the whole of 2020, the savings surplus would reach between 100 and 120 billion euros, compared to the level that could have been predicted without the health crisis.
Outstanding deposits thus increased by 148.5 billion euros (+ 9.7%), and outstanding loans by 70.4 billion (+ 4.6%), details the Banque de France.
The bank also underlines the sharp increase (+ 16.5%) of the holding in cash, that is to say in cash.
