200 180  in %  160 140  France  120  Germany  100  Greece  80  Italy Spain  60  US  40 20 0 1999 2001 2003 2005 2007 2009 2011 2013 2015  Source: BIS (2017)  16 Graph 3: Private sector debt (% of GDP) Graph 3 shows the development of private sector debt to GDP (as a percentage).
Private sector comprises non-financial corporations (both private-owned and public-owned), households and non-profit institutions serving households. Vertical line separates the pre-crisis period (up to 2007) from the crisis period (as of 2008).