【TOP】【指数・為替・商品一覧】【関連銘柄】
「ネットの資金需要」は、クレディ・アグリコル証券チーフエコノミストの会田卓司氏が提唱する指標で、
企業貯蓄率＋財政収支（＝家計貯蓄率＋経常収支、という恒等式が成り立つ）として定義されます。
企業部門と政府部門を合わせた「資金を使う力」を表しており、値がマイナスに大きいほど資金需要が「強い」
（企業・政府が民間貯蓄を積極的に取り込んで支出している状態）、
プラスに大きいほど資金需要が「弱い」（資金余剰が積み上がり、支出よりも貯蓄が優勢な状態）ことを示します。
本ページでは、日本銀行「資金循環統計」の民間非金融法人企業・一般政府それぞれの資金過不足(フロー)を、 内閣府「国民経済計算（四半期別GDP速報）」の名目GDP（季節調整・年率換算値）で割った比率を四半期ごとに算出し、 その直近4四半期移動平均（4QMA）として表示しています。
| 時期 | 企業資金過不足(10億円) | 政府資金過不足(10億円) | 名目GDP(10億円) | 企業貯蓄率(%GDP,4QMA) | 財政収支(%GDP,4QMA) | ネットの資金需要(%GDP,4QMA) |
|---|---|---|---|---|---|---|
| 2026Q1 | 13,220.9 | 11,303.8 | 680,104.3 | 3.33% | -1.78% | 1.55% |
| 2025Q4 | -10,023.8 | -5,829.0 | 675,000.9 | 2.58% | -1.41% | 1.17% |
| 2025Q3 | 10,057.7 | -4,310.2 | 668,857.9 | 2.91% | -1.13% | 1.78% |
| 2025Q2 | 9,136.6 | -12,917.8 | 666,769.7 | 2.95% | -1.15% | 1.79% |
| 2025Q1 | 7,817.6 | 13,349.9 | 655,117.7 | 4.24% | -1.03% | 3.21% |
| 2024Q4 | -7,500.6 | -3,809.6 | 649,473.6 | 3.73% | -1.54% | 2.19% |
| 2024Q3 | 9,875.2 | -4,276.6 | 642,141.7 | 3.42% | -2.38% | 1.05% |
| 2024Q2 | 16,883.9 | -11,484.7 | 633,654.7 | 2.45% | -2.59% | -0.14% |
| 2024Q1 | 4,247.1 | 9,465.7 | 621,923.6 | 2.11% | -2.58% | -0.47% |
| 2023Q4 | -9,124.9 | -8,867.7 | 624,549.8 | 3.59% | -2.81% | 0.78% |
| 2023Q3 | 3,487.8 | -5,465.3 | 618,274.2 | 2.54% | -3.29% | -0.75% |
| 2023Q2 | 14,373.3 | -11,128.0 | 617,564.1 | 2.74% | -2.79% | -0.05% |
| 2023Q1 | 13,073.8 | 7,871.9 | 606,146.5 | 1.53% | -3.81% | -2.29% |
| 2022Q4 | -14,902.1 | -11,279.3 | 594,171.2 | -0.22% | -4.17% | -4.39% |
| 2022Q3 | 4,473.3 | -2,268.4 | 581,990.8 | 0.75% | -4.31% | -3.56% |
| 2022Q2 | 6,462.6 | -16,451.1 | 583,011.0 | 1.22% | -5.28% | -4.07% |
| 2022Q1 | 2,399.0 | 5,418.0 | 579,222.2 | 1.99% | -5.91% | -3.92% |
| 2021Q4 | -8,922.4 | -11,813.4 | 579,492.5 | 1.41% | -6.70% | -5.29% |
| 2021Q3 | 7,072.8 | -7,780.2 | 572,990.0 | 3.25% | -7.00% | -3.75% |
| 2021Q2 | 10,791.7 | -19,790.0 | 573,351.7 | 2.22% | -7.82% | -5.60% |
| 2021Q1 | -971.6 | 867.1 | 569,484.8 | -0.26% | -9.85% | -10.11% |
| 2020Q4 | 1,696.1 | -13,212.3 | 564,104.2 | 1.13% | -8.99% | -7.87% |
| 2020Q3 | 1,149.5 | -12,107.3 | 554,799.7 | -0.91% | -7.95% | -8.86% |
| 2020Q2 | -3,177.9 | -28,944.7 | 528,805.7 | 0.27% | -6.19% | -5.93% |
| 2020Q1 | 6,922.3 | 5,713.1 | 567,629.7 | 1.73% | -2.51% | -0.78% |
| 2019Q4 | -9,805.2 | -7,317.7 | 564,583.7 | 1.17% | -2.06% | -0.89% |
| 2019Q3 | 7,975.3 | -2,477.5 | 575,468.9 | 2.11% | -1.91% | 0.21% |
| 2019Q2 | 4,952.7 | -10,267.9 | 574,858.6 | 1.87% | -1.84% | 0.02% |
| 2019Q1 | 3,765.4 | 8,330.3 | 572,525.5 | 1.60% | -1.73% | -0.13% |
| 2018Q4 | -4,500.9 | -6,503.0 | 568,076.6 | 1.83% | -1.66% | 0.17% |
| 2018Q3 | 6,472.4 | -2,080.6 | 567,924.8 | 2.05% | -1.69% | 0.36% |
| 2018Q2 | 3,380.4 | -9,549.3 | 571,304.9 | 2.31% | -2.27% | 0.04% |
| 2018Q1 | 5,079.4 | 8,686.0 | 569,522.9 | 3.05% | -2.15% | 0.90% |
| 2017Q4 | -3,252.7 | -6,705.8 | 569,668.6 | 3.51% | -2.68% | 0.83% |
| 2017Q3 | 7,951.3 | -5,371.2 | 569,866.6 | 3.25% | -2.72% | 0.54% |
| 2017Q2 | 7,504.7 | -8,753.5 | 561,539.6 | 2.36% | -2.38% | -0.02% |
| 2017Q1 | 7,530.8 | 5,572.5 | 559,091.9 | 1.37% | -2.03% | -0.66% |
| 2016Q4 | -4,579.3 | -6,729.9 | 555,820.0 | 2.15% | -1.43% | 0.72% |
| 2016Q3 | 2,751.5 | -3,361.0 | 555,209.9 | 2.47% | -1.12% | 1.34% |
| 2016Q2 | 1,961.3 | -6,741.3 | 554,635.4 | 3.10% | -1.53% | 1.56% |
| 2016Q1 | 11,834.4 | 8,916.2 | 557,387.1 | 3.88% | -1.98% | 1.90% |
| 2015Q4 | -2,793.0 | -4,958.9 | 550,692.8 | 3.43% | -2.80% | 0.63% |
| 2015Q3 | 6,213.1 | -5,602.1 | 550,639.9 | 2.86% | -3.50% | -0.64% |
| 2015Q2 | 6,254.9 | -9,141.2 | 548,781.7 | 3.54% | -3.69% | -0.14% |
| 2015Q1 | 9,085.7 | 4,300.1 | 545,542.4 | 3.15% | -4.74% | -1.60% |
| 2014Q4 | -5,702.4 | -8,580.5 | 533,061.6 | 2.87% | -4.20% | -1.33% |
| 2014Q3 | 9,539.9 | -6,333.6 | 528,128.8 | 3.89% | -5.32% | -1.43% |
| 2014Q2 | 3,918.6 | -14,344.2 | 527,153.5 | 4.07% | -5.65% | -1.58% |
| 2014Q1 | 7,289.3 | 6,952.3 | 524,017.4 | 4.48% | -6.04% | -1.56% |
| 2013Q4 | -252.2 | -14,157.7 | 518,893.7 | 4.61% | -6.97% | -2.37% |
| 2013Q3 | 10,298.5 | -7,924.7 | 518,954.3 | 4.18% | -7.01% | -2.83% |
| 2013Q2 | 5,933.1 | -15,957.6 | 513,144.8 | 3.30% | -7.41% | -4.10% |
| 2013Q1 | 7,699.6 | 1,983.7 | 508,289.4 | 3.60% | -7.52% | -3.92% |
| 2012Q4 | -2,366.1 | -13,887.9 | 502,480.2 | 4.22% | -8.32% | -4.10% |
| 2012Q3 | 5,544.9 | -9,665.3 | 502,661.3 | 4.46% | -8.62% | -4.16% |
| 2012Q2 | 7,338.4 | -16,295.0 | 504,919.7 | 5.87% | -8.64% | -2.78% |
| 2012Q1 | 10,906.9 | -2,072.5 | 512,057.5 | 4.58% | -8.58% | -4.00% |
| 2011Q4 | -1,129.4 | -15,487.4 | 505,190.5 | 5.29% | -7.86% | -2.57% |
| 2011Q3 | 12,656.1 | -9,819.2 | 504,590.9 | 5.56% | -8.08% | -2.52% |
| 2011Q2 | 821.5 | -15,652.9 | 494,311.0 | 5.37% | -7.65% | -2.28% |
| 2011Q1 | 14,221.1 | 1,594.8 | 501,580.4 | 6.35% | -7.77% | -1.42% |
| 2010Q4 | 269.2 | -16,764.9 | 510,302.6 | 6.34% | -8.17% | -1.83% |
| 2010Q3 | 11,937.7 | -7,823.5 | 515,396.2 | 6.39% | -7.76% | -1.37% |
| 2010Q2 | 5,863.4 | -16,771.7 | 509,982.9 | 6.20% | -8.22% | -2.02% |
| 2010Q1 | 14,264.3 | -406.6 | 505,595.4 | 6.10% | -8.41% | -2.32% |
| 2009Q4 | 525.2 | -14,390.4 | 500,160.3 | 6.18% | -8.92% | -2.74% |
| 2009Q3 | 10,512.1 | -9,768.5 | 495,203.3 | 4.01% | -8.05% | -4.05% |
| 2009Q2 | 5,260.5 | -17,500.3 | 502,566.3 | 3.12% | -7.40% | -4.29% |
| 2009Q1 | 14,518.2 | -2,939.6 | 500,145.1 | 1.73% | -5.33% | -3.61% |
| 2008Q4 | -10,794.1 | -10,526.6 | 523,089.0 | -1.17% | -2.64% | -3.81% |
| 2008Q3 | 6,501.9 | -6,987.4 | 528,901.9 | 0.70% | -1.80% | -1.11% |
| 2008Q2 | -1,839.3 | -7,619.0 | 539,213.3 | 0.40% | -1.31% | -0.91% |
| 2008Q1 | 26.3 | 11,406.4 | 542,638.5 | 2.08% | -1.57% | 0.51% |
| 2007Q4 | -1,070.8 | -6,349.0 | 542,389.0 | 1.08% | -1.79% | -0.71% |
| 2007Q3 | 5,041.4 | -4,487.5 | 541,621.0 | 0.94% | -2.40% | -1.46% |
| 2007Q2 | 7,332.8 | -9,156.9 | 547,730.0 | -0.28% | -2.89% | -3.17% |
| 2007Q1 | -5,439.7 | 10,291.2 | 546,779.1 | -1.40% | -2.81% | -4.21% |
| 2006Q4 | -1,826.1 | -9,707.1 | 546,008.2 | -0.79% | -3.40% | -4.19% |
| 2006Q3 | -1,549.3 | -7,107.8 | 538,339.7 | -1.46% | -3.64% | -5.10% |
| 2006Q2 | 1,168.7 | -8,588.2 | 539,139.5 | -1.06% | -3.32% | -4.38% |
| 2006Q1 | -2,058.8 | 6,932.9 | 538,787.4 | -0.71% | -3.85% | -4.56% |
| 2005Q4 | -5,413.0 | -10,874.5 | 539,555.9 | 3.44% | -5.00% | -1.56% |
| 2005Q3 | 580.6 | -5,388.4 | 539,036.3 | 3.62% | -4.97% | -1.35% |
| 2005Q2 | 3,048.7 | -11,398.2 | 536,910.9 | 6.04% | -4.76% | 1.28% |
| 2005Q1 | 20,127.9 | 734.0 | 534,439.3 | 4.55% | -6.07% | -1.52% |
| 2004Q4 | -4,380.3 | -10,601.4 | 533,908.4 | 3.62% | -5.85% | -2.23% |
| 2004Q3 | 13,547.2 | -4,208.6 | 535,940.7 | 4.22% | -6.32% | -2.10% |
| 2004Q2 | -4,935.4 | -18,339.2 | 533,630.7 | 5.23% | -7.13% | -1.90% |
| 2004Q1 | 15,168.9 | 1,902.8 | 534,932.7 | 7.35% | -7.84% | -0.48% |
| 2003Q4 | -1,173.8 | -13,047.2 | 532,357.8 | 8.08% | -7.08% | 1.01% |
| 2003Q3 | 18,777.6 | -8,474.1 | 530,989.5 | 6.61% | -7.34% | -0.74% |
| 2003Q2 | 6,389.9 | -22,037.3 | 531,417.5 | 5.62% | -6.94% | -1.32% |
| 2003Q1 | 18,782.2 | 5,888.6 | 526,785.1 | 4.86% | -6.57% | -1.71% |
| 2002Q4 | -9,028.0 | -14,443.0 | 531,686.1 | 4.69% | -6.89% | -2.21% |
| 2002Q3 | 13,564.6 | -6,359.5 | 531,840.8 | 3.83% | -6.81% | -2.98% |
| 2002Q2 | 2,358.4 | -20,109.6 | 532,360.9 | 5.20% | -7.12% | -1.92% |
| 2002Q1 | 18,105.1 | 4,252.8 | 533,966.1 | 3.36% | -7.29% | -3.93% |
| 2001Q4 | -13,592.6 | -14,012.0 | 531,827.6 | 3.37% | -6.65% | -3.28% |
| 2001Q3 | 20,941.3 | -8,044.0 | 534,273.4 | 4.65% | -6.23% | -1.58% |
| 2001Q2 | -7,581.5 | -21,413.3 | 542,517.7 | 3.76% | -7.49% | -3.73% |
| 2001Q1 | 18,725.7 | 7,915.4 | 550,229.2 | 4.03% | -6.11% | -2.07% |
| 2000Q4 | -6,956.4 | -12,101.0 | 546,253.6 | 1.34% | -6.24% | -4.90% |
| 2000Q3 | 16,419.0 | -15,018.7 | 542,137.5 | 3.92% | -6.93% | -3.01% |
| 2000Q2 | -6,132.5 | -13,923.8 | 544,168.9 | 3.21% | -6.11% | -2.90% |
| 2000Q1 | 3,864.3 | 7,077.6 | 542,388.2 | 5.09% | -6.86% | -1.76% |
| 1999Q4 | 6,951.9 | -15,499.3 | 533,980.8 | 5.92% | -6.75% | -0.84% |
| 1999Q3 | 12,430.8 | -10,462.8 | 534,864.9 | 4.74% | -11.13% | -6.39% |
| 1999Q2 | 4,041.4 | -17,681.3 | 535,352.8 | 3.49% | -10.71% | -7.22% |
| 1999Q1 | 8,207.6 | 7,520.1 | 534,642.4 | 0.85% | -10.66% | -9.81% |
| 1998Q4 | 690.4 | -39,717.6 | 545,929.1 | -1.24% | -9.41% | -10.65% |
直近の動向（自動解説）
2026年第1四半期のネットの資金需要（%GDP、4QMA）は+1.55%となり、ネットの資金需要がほぼ消滅した水準にあります。直近1四半期では0.37ポイント上昇し、資金需要はやや縮小方向にある一方、1年前と比べると1年前と比べて資金需要が強まる方向に大きく変化しています。 内訳をみると、企業貯蓄率は+3.33%で企業部門は緩やかな資金余剰にとどまっています。財政収支は-1.78%で、財政収支は赤字基調が続いています。
※ この解説は直近データから機械的なルールで自動生成した参考コメントであり、投資判断等の助言を目的とするものではありません。