Structural Reforms For Long-Term Development

% of GDP 250 200 150 100 50 50 0 Low Household, Corporate and Private Debt Household and Corporate Debt ال RO CZ HU PL SI SK DE IT AT GR FR FI ES PT UK BE SE NL IE ■Non-financials Source: Eurostat, data as end of 2017 Households Low debt dynamics reflects high GDP growth H 20 220 200 180 160 140 120 100 80 60 Private Debt - % of GDP ARDAL 40 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Belgium Slovakia - Finland Source: Eurostat

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