At the end of Q1 2013, the Maastricht debt, which is a gross debt, reached €1870.3bn, a €36.5bn rise in comparison to Q4 2012. As a percentage of GDP, it peaked at 91.7 %, 1.5 point higher than Q4 2012. The net public debt was up by €21.9bn.
The State’s contribution to the debt went up by €37.4bn in the first quarter. The growth is driven by negotiable debt : the State issued €30.4bn of bonds and €6.4bn of short-term bills. The State borrowed €1.2bn in favour of the EFSF. Conversely, the Trésor deposit liabilites went down by €0.7bn.
Social security funds contribution to debt rose by €2.4bn. On the one hand, Acoss and Unedic respectively borrowed €4.3bn and €1.0bn. On the other hand, Cnaf and Cades respectively got out of €1.9bn and €1.1bn debt.
Local government units contribution to debt decreased by €3.3bn : they paid back €5.5bn of long-term loans and borrowed €2.1bn€ of short-term loans.
The contribution to debt of central agencies (Other central government units) remained steady.
General government debt under the Maastricht treaty (% of GDP) (*)
|(*) Explanations in the box "For more details"|
|Source : National Accounts 2005 basis - Insee, DGFiP, Banque de France|
|of which, by sub-sector :|
|Social security funds||234,2||226,0||224,9||210,3||212,7|
|of which, by category|
|Currency and deposits||31,5||30,8||32,3||37,7||37,0|
|Securities other than shares||1540,5||1571,6||1556,5||1546,1||1587,4|
The public net debt rises less rapidly than Maastricht gross debt
At the end of Q1 2013, the net public debt reached €1 697.1bn (equivalent to 83.3 % of GDP as opposed to 82.4 % in the previous quarter), a €21.9bn increase compared to the previous quarter. The €14.6bn gap between changes in net and gross debt is explained by the rise of State’s treasury (+€13.8bn). Among the other noteworthy changes, the State granted €1.2bn of long-term loans to Euro zone countries, within the framework of EFSF.
Debt and net debt
|of which :|
|Social security funds||154,7||155,5||163,0||166,1||168,4|
At the end of Q1 2013, the value of quoted shares and mutual fund shares held by general government units reached €174.3 bn, a €4.2 bn rise compared to Q4 2012. The amount of quoted shares went up by €3.3bn thanks to the appreciation of shares held by State and Central agencies (+€2.1bn and +€0.5bn). The value of mutual fund shares slightly increased by €0.9bn compared to the previous quarter : Unedic bought €1.4bn whereas RSI and FRR sold respectively for €0.4bn and €0.3bn.
General government holdings of quoted shares and mutual fund shares
|of which :|
|Social security funds||90,8||90,6||99,0||95,5||97,2|
n° 149 - June 28, 2013
Debt of the general government according to the Maastricht definition - 1st Quarter 2013
Next issue December 24, 2013 08:45 - 3rd quarter 2013
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