26 March 2019
2019- n° 73At the end of Q4 2018, the Maastricht debt accounted for €2,315.3 billion Debt of the general government according to the Maastricht definition - fourth quarter
2018
At the end of the Q4 2018, the Maastricht debt reached €2,315.3 billion, a €7.9 billion decrease in comparison to Q3 2018. It accounted for 98.4% of gross domestic product (GDP), 1.0 point lower than last quarter. By contrast, the net public debt increased (€+12.3 billion).
Quarterly debt figures are based on an accounting data source less exhaustive than annual accounts. Results may therfore be updated during several quarters.
For the current quarter, q uarterly debt variations are not equal to the forecasted deficit . To obtain the deficit from the change in the Maastricht gross public debt, net acquisitions of financial assets and of liabilities excluded from the Maastricht debt definition must also be taken into consideration (for example issuances above/below nominal value). Moreover, the quarterly deficit published by INSEE is seasonally and trading-day adjusted, which is not the case of the quarterly debt.
- The Maastricht debt decreased by €7.9 billion compared to the previous quarter
- State debt went down
- Central agencies, local government and social security funds debts went up
- In Q4 2018, the net public debt increased by €12.3 billion
- The overall value of quoted shares and mutual fund shares held by general government decreased
- For more details
The Maastricht debt decreased by €7.9 billion compared to the previous quarter
At the end of the Q4 2018, the Maastricht debt reached €2,315.3 billion, a €7.9 billion decrease in comparison to Q3 2018. It accounted for 98.4% of gross domestic product (GDP), 1.0 point lower than last quarter. By contrast, the net public debt increased (€+12.3 billion).
State debt went down
In the fourth quarter of 2018, the State contribution to the debt decreased by €17.1 billion. This diminution stemmed mainly from short-term negotiable debt (€−8.7 billion), long-term negotiable debt (€−6,6 billion) and from the deposits at the French Treasury (€−1.7 billion) to a lesser extent.
Central agencies, local government and social security funds debts went up
In Q4 2018, the contribution of central agencies to the debt went up by € 0.3 billion above all because of SNCF Réseau.
The contribution of local government to the debt went up at a higher pace (€+7.0 billion) : Municipalities borrowed €2.6 billion, departments €1.1 billion, regions €0.7 billion, syndicates €0.5 billion and other units in local government €2.1 billionabove all because of the Société du Grand Paris.
The contribution of social security funds went up too by €1.9 billion above all because of CNAF (€1.4 billion) and UNÉDIC (€0.9 billion). Conversely, public hospitals decreased their debt (€−0.2 billion).
tableauGeneral government debt under the Maastricht treaty (% of GDP) (*)
| General government debt under the Maastricht treaty (% of GDP) (*) | |
|---|---|
| 1996-Q1 | 57.3 |
| 1996-Q2 | 58.2 |
| 1996-Q3 | 59.2 |
| 1996-Q4 | 60.0 |
| 1997-Q1 | 60.3 |
| 1997-Q2 | 62.3 |
| 1997-Q3 | 62.4 |
| 1997-Q4 | 61.4 |
| 1998-Q1 | 60.6 |
| 1998-Q2 | 60.8 |
| 1998-Q3 | 61.9 |
| 1998-Q4 | 61.3 |
| 1999-Q1 | 61.5 |
| 1999-Q2 | 60.9 |
| 1999-Q3 | 61.1 |
| 1999-Q4 | 60.5 |
| 2000-Q1 | 59.6 |
| 2000-Q2 | 59.6 |
| 2000-Q3 | 59.0 |
| 2000-Q4 | 58.9 |
| 2001-Q1 | 57.8 |
| 2001-Q2 | 58.7 |
| 2001-Q3 | 58.8 |
| 2001-Q4 | 58.3 |
| 2002-Q1 | 58.6 |
| 2002-Q2 | 59.9 |
| 2002-Q3 | 59.7 |
| 2002-Q4 | 60.3 |
| 2003-Q1 | 61.8 |
| 2003-Q2 | 63.9 |
| 2003-Q3 | 64.5 |
| 2003-Q4 | 64.4 |
| 2004-Q1 | 65.0 |
| 2004-Q2 | 66.4 |
| 2004-Q3 | 66.0 |
| 2004-Q4 | 65.9 |
| 2005-Q1 | 66.8 |
| 2005-Q2 | 67.3 |
| 2005-Q3 | 67.0 |
| 2005-Q4 | 67.4 |
| 2006-Q1 | 67.3 |
| 2006-Q2 | 66.3 |
| 2006-Q3 | 66.1 |
| 2006-Q4 | 64.6 |
| 2007-Q1 | 65.7 |
| 2007-Q2 | 66.6 |
| 2007-Q3 | 65.9 |
| 2007-Q4 | 64.5 |
| 2008-Q1 | 65.9 |
| 2008-Q2 | 66.3 |
| 2008-Q3 | 66.8 |
| 2008-Q4 | 68.8 |
| 2009-Q1 | 73.6 |
| 2009-Q2 | 78.7 |
| 2009-Q3 | 81.4 |
| 2009-Q4 | 83.0 |
| 2010-Q1 | 85.1 |
| 2010-Q2 | 87.4 |
| 2010-Q3 | 85.5 |
| 2010-Q4 | 85.3 |
| 2011-Q1 | 86.7 |
| 2011-Q2 | 88.2 |
| 2011-Q3 | 87.3 |
| 2011-Q4 | 87.8 |
| 2012-Q1 | 90.2 |
| 2012-Q2 | 91.6 |
| 2012-Q3 | 90.2 |
| 2012-Q4 | 90.6 |
| 2013-Q1 | 92.1 |
| 2013-Q2 | 93.7 |
| 2013-Q3 | 92.9 |
| 2013-Q4 | 93.4 |
| 2014-Q1 | 95.0 |
| 2014-Q2 | 95.6 |
| 2014-Q3 | 95.4 |
| 2014-Q4 | 94.9 |
| 2015-Q1 | 96.7 |
| 2015-Q2 | 96.9 |
| 2015-Q3 | 96.3 |
| 2015-Q4 | 95.6 |
| 2016-Q1 | 98.5 |
| 2016-Q2 | 99.7 |
| 2016-Q3 | 99.1 |
| 2016-Q4 | 98.0 |
| 2017-Q1 | 100.7 |
| 2017-Q2 | 101.0 |
| 2017-Q3 | 100.0 |
| 2017-Q4 | 98.4 |
| 2018-Q1 | 99.4 |
| 2018-Q2 | 99.0 |
| 2018-Q3 | 99.4 |
| 2018-Q4 | 98.4 |
graphiqueGeneral government debt under the Maastricht treaty (% of GDP) (*)
- Source: National Accounts 2014 basis - Insee, DGFiP, Banque de France.
tableauGeneral government debt under the Maastricht treaty by sub-sector and by category
| 2017Q4 | 2018Q1 | 2018Q2 | 2018Q3 | 2018Q4 | |
|---|---|---|---|---|---|
| General Government | 2,258.7 | 2,296.1 | 2,301.1 | 2,323.2 | 2,315.3 |
| %of GDP | 98.4% | 99.4% | 99.0% | 99.4% | 98.4% |
| of which. by sub-sector: | |||||
| State | 1,768.9 | 1,809.6 | 1,828.3 | 1,859.5 | 1,842.4 |
| Central agencies | 62.9 | 63.8 | 62.4 | 63.0 | 63.3 |
| Local Government | 201.2 | 199.8 | 199.1 | 198.6 | 205.6 |
| Social security funds | 225.6 | 223.0 | 211.3 | 202.1 | 204.0 |
| of which. by category | |||||
| Currency and deposits | 38.2 | 40.1 | 41.0 | 42.5 | 40.8 |
| Securities other than shares | 1,939.6 | 1,977.4 | 1,983.0 | 2,005.4 | 1,993.0 |
| Short-term | 170.6 | 185.8 | 170.4 | 155.8 | 147.4 |
| Long-term | 1,769.0 | 1,791.6 | 1,812.6 | 1,849.6 | 1,845.6 |
| Loans | 280.9 | 278.6 | 277.1 | 275.4 | 281.6 |
| Short-term | 6.7 | 7.5 | 7.4 | 6.7 | 8.2 |
| Long-term | 274.2 | 271.1 | 269.7 | 268.7 | 273.4 |
- (*) Explanations in the box "For more details"
- Source: National Accounts 2014 basis - Insee, DGFiP, Banque de France
In Q4 2018, the net public debt increased by €12.3 billion
At the end of Q4 2018, the net public debt reached €2,106.5 billion (equivalent to 89.5% of GDP versus 89.6% in Q3 2018), a €12.3 billion increase compared to the previous quarter. The €20.3 billion gap between changes in net and gross debt is mainly explained by a sharp decrease in the cash position of the State (€−19.0 billion) and the social security funds (€−0.9 billion) to a lesser extent.
tableauGeneral government net debt by sub-sector
| 2017Q4 | 2018Q1 | 2018Q2 | 2018Q3 | 2018Q4 | |
|---|---|---|---|---|---|
| General government | 2,053.5 | 2,070.1 | 2,084.8 | 2,094.2 | 2,106.5 |
| of which: | |||||
| The State | 1,669.2 | 1,691.8 | 1,713.5 | 1,733.3 | 1,733.4 |
| Central agencies | 46.9 | 48.3 | 49.2 | 50.0 | 50.5 |
| Local government | 189.1 | 187.5 | 186.7 | 186.1 | 193.1 |
| Social security funds | 148.3 | 142.5 | 135.3 | 124.8 | 129.5 |
- Source: National Accounts 2014 basis - Insee, DGFiP, Banque de Francence
tableauMaastricht gross debt and net debt
| Maastricht debt | Net debt | |
|---|---|---|
| 1996-Q1 | 702.9 | 585.5 |
| 1996-Q2 | 719.6 | 605.0 |
| 1996-Q3 | 736.4 | 620.8 |
| 1996-Q4 | 751.3 | 617.8 |
| 1997-Q1 | 758.3 | 623.1 |
| 1997-Q2 | 790.6 | 651.7 |
| 1997-Q3 | 798.0 | 654.3 |
| 1997-Q4 | 794.1 | 649.9 |
| 1998-Q1 | 793.9 | 664.1 |
| 1998-Q2 | 805.2 | 675.9 |
| 1998-Q3 | 829.7 | 699.3 |
| 1998-Q4 | 829.4 | 684.0 |
| 1999-Q1 | 838.4 | 697.6 |
| 1999-Q2 | 835.9 | 700.8 |
| 1999-Q3 | 846.9 | 701.9 |
| 1999-Q4 | 847.6 | 707.7 |
| 2000-Q1 | 845.5 | 712.0 |
| 2000-Q2 | 857.5 | 713.2 |
| 2000-Q3 | 861.2 | 727.8 |
| 2000-Q4 | 870.6 | 735.2 |
| 2001-Q1 | 866.0 | 749.3 |
| 2001-Q2 | 888.9 | 745.1 |
| 2001-Q3 | 898.6 | 758.8 |
| 2001-Q4 | 897.4 | 762.6 |
| 2002-Q1 | 909.6 | 771.7 |
| 2002-Q2 | 936.6 | 783.8 |
| 2002-Q3 | 940.3 | 812.9 |
| 2002-Q4 | 956.8 | 814.7 |
| 2003-Q1 | 988.5 | 831.8 |
| 2003-Q2 | 1028.2 | 851.9 |
| 2003-Q3 | 1044.0 | 878.3 |
| 2003-Q4 | 1050.4 | 898.5 |
| 2004-Q1 | 1071.9 | 916.0 |
| 2004-Q2 | 1106.2 | 932.5 |
| 2004-Q3 | 1111.3 | 953.5 |
| 2004-Q4 | 1123.6 | 967.4 |
| 2005-Q1 | 1146.7 | 993.8 |
| 2005-Q2 | 1165.8 | 1011.3 |
| 2005-Q3 | 1171.7 | 1029.3 |
| 2005-Q4 | 1189.9 | 1041.5 |
| 2006-Q1 | 1199.2 | 1039.1 |
| 2006-Q2 | 1196.0 | 1048.8 |
| 2006-Q3 | 1207.7 | 1074.3 |
| 2006-Q4 | 1194.1 | 1074.0 |
| 2007-Q1 | 1230.6 | 1093.5 |
| 2007-Q2 | 1263.0 | 1101.0 |
| 2007-Q3 | 1265.2 | 1124.9 |
| 2007-Q4 | 1252.9 | 1128.8 |
| 2008-Q1 | 1294.3 | 1144.4 |
| 2008-Q2 | 1313.4 | 1157.3 |
| 2008-Q3 | 1330.4 | 1176.6 |
| 2008-Q4 | 1370.3 | 1191.7 |
| 2009-Q1 | 1453.8 | 1228.6 |
| 2009-Q2 | 1542.6 | 1271.4 |
| 2009-Q3 | 1582.2 | 1329.1 |
| 2009-Q4 | 1608.0 | 1350.7 |
| 2010-Q1 | 1653.0 | 1377.7 |
| 2010-Q2 | 1710.8 | 1412.1 |
| 2010-Q3 | 1689.5 | 1430.9 |
| 2010-Q4 | 1701.1 | 1469.0 |
| 2011-Q1 | 1745.5 | 1497.5 |
| 2011-Q2 | 1790.1 | 1519.4 |
| 2011-Q3 | 1784.9 | 1548.3 |
| 2011-Q4 | 1808.0 | 1573.3 |
| 2012-Q1 | 1864.4 | 1593.1 |
| 2012-Q2 | 1899.8 | 1616.5 |
| 2012-Q3 | 1879.1 | 1639.8 |
| 2012-Q4 | 1892.5 | 1670.6 |
| 2013-Q1 | 1929.3 | 1692.4 |
| 2013-Q2 | 1971.0 | 1711.7 |
| 2013-Q3 | 1959.4 | 1726.9 |
| 2013-Q4 | 1977.7 | 1757.3 |
| 2014-Q1 | 2020.3 | 1781.6 |
| 2014-Q2 | 2038.6 | 1805.6 |
| 2014-Q3 | 2043.7 | 1827.0 |
| 2014-Q4 | 2039.9 | 1837.3 |
| 2015-Q1 | 2092.1 | 1856.4 |
| 2015-Q2 | 2108.7 | 1881.8 |
| 2015-Q3 | 2107.1 | 1882.1 |
| 2015-Q4 | 2101.3 | 1898.6 |
| 2016-Q1 | 2176.3 | 1957.9 |
| 2016-Q2 | 2209.5 | 1982.7 |
| 2016-Q3 | 2201.2 | 1986.8 |
| 2016-Q4 | 2188.5 | 1992.7 |
| 2017-Q1 | 2252.3 | 2018.9 |
| 2017-Q2 | 2275.8 | 2040.1 |
| 2017-Q3 | 2271.6 | 2039.4 |
| 2017-Q4 | 2258.7 | 2053.5 |
| 2018-Q1 | 2296.1 | 2070.1 |
| 2018-Q2 | 2301.1 | 2084.8 |
| 2018-Q3 | 2323.2 | 2094.2 |
| 2018-Q4 | 2315.3 | 2106.5 |
graphiqueMaastricht gross debt and net debt
- Source: National Accounts 2014 basis - Insee, DGFiP, Banque de France.
The overall value of quoted shares and mutual fund shares held by general government decreased
In Q4 2018, the overall value of quoted shares and mutual fund shares held by general government units went down to €235.4 billion, a €11.4 billion decrease compared to Q3 2018.
The quoted shares held by the State lost €6.0 billion of value because of the drop in the price of EDF, Aéroports de Paris, Safran and Renault shares. Moreover, the State sold about €1.0 billion of Safran quoted shares.
The quoted shares held by central agencies and social security funds and the mutual fund shares went down (respectively €−1.2 billion, €−0.9 billion and €−2.2 billion) because of the drop of stock market prices.
tableauGeneral government holdings of quoted shares and mutual fund shares
| 2017Q4 | 2018Q1 | 2018Q2 | 2018Q3 | 2018Q4 | |
|---|---|---|---|---|---|
| General government holdings of quoted shares and mutual fund shares | 232.1 | 233.4 | 237.3 | 246.8 | 235.4 |
| of which: | |||||
| The State | 64.9 | 66.7 | 58.9 | 66.3 | 59.2 |
| Central agencies | 29.5 | 29.8 | 40.2 | 41.0 | 39.9 |
| Local government | .1 | .1 | .1 | .1 | .1 |
| Social security funds | 137.6 | 136.8 | 138.1 | 139.4 | 136.2 |
- Source: National Accounts 2014 basis - Insee, DGFiP, Banque de France
tableauGeneral government holdings of quoted shares and mutual fund shares
| General government holdings of quoted shares and mutual fund shares | |
|---|---|
| 1996-Q1 | 37.5 |
| 1996-Q2 | 36.3 |
| 1996-Q3 | 36.0 |
| 1996-Q4 | 34.9 |
| 1997-Q1 | 36.4 |
| 1997-Q2 | 36.7 |
| 1997-Q3 | 37.4 |
| 1997-Q4 | 62.9 |
| 1998-Q1 | 81.3 |
| 1998-Q2 | 94.3 |
| 1998-Q3 | 77.4 |
| 1998-Q4 | 91.1 |
| 1999-Q1 | 100.1 |
| 1999-Q2 | 107.5 |
| 1999-Q3 | 114.0 |
| 1999-Q4 | 151.0 |
| 2000-Q1 | 186.2 |
| 2000-Q2 | 167.8 |
| 2000-Q3 | 151.3 |
| 2000-Q4 | 134.5 |
| 2001-Q1 | 114.2 |
| 2001-Q2 | 107.1 |
| 2001-Q3 | 84.3 |
| 2001-Q4 | 95.4 |
| 2002-Q1 | 99.6 |
| 2002-Q2 | 76.8 |
| 2002-Q3 | 70.1 |
| 2002-Q4 | 78.4 |
| 2003-Q1 | 78.1 |
| 2003-Q2 | 99.9 |
| 2003-Q3 | 101.4 |
| 2003-Q4 | 109.0 |
| 2004-Q1 | 111.2 |
| 2004-Q2 | 115.3 |
| 2004-Q3 | 119.8 |
| 2004-Q4 | 130.3 |
| 2005-Q1 | 140.3 |
| 2005-Q2 | 153.5 |
| 2005-Q3 | 178.3 |
| 2005-Q4 | 229.9 |
| 2006-Q1 | 256.2 |
| 2006-Q2 | 247.3 |
| 2006-Q3 | 258.0 |
| 2006-Q4 | 285.9 |
| 2007-Q1 | 301.4 |
| 2007-Q2 | 343.6 |
| 2007-Q3 | 323.6 |
| 2007-Q4 | 334.0 |
| 2008-Q1 | 274.7 |
| 2008-Q2 | 284.7 |
| 2008-Q3 | 257.5 |
| 2008-Q4 | 220.6 |
| 2009-Q1 | 182.6 |
| 2009-Q2 | 203.6 |
| 2009-Q3 | 240.1 |
| 2009-Q4 | 244.3 |
| 2010-Q1 | 245.9 |
| 2010-Q2 | 219.2 |
| 2010-Q3 | 226.6 |
| 2010-Q4 | 224.4 |
| 2011-Q1 | 222.6 |
| 2011-Q2 | 214.4 |
| 2011-Q3 | 182.2 |
| 2011-Q4 | 187.2 |
| 2012-Q1 | 191.5 |
| 2012-Q2 | 189.6 |
| 2012-Q3 | 196.8 |
| 2012-Q4 | 186.8 |
| 2013-Q1 | 190.6 |
| 2013-Q2 | 195.4 |
| 2013-Q3 | 213.6 |
| 2013-Q4 | 213.7 |
| 2014-Q1 | 221.4 |
| 2014-Q2 | 212.2 |
| 2014-Q3 | 216.8 |
| 2014-Q4 | 211.4 |
| 2015-Q1 | 226.9 |
| 2015-Q2 | 218.5 |
| 2015-Q3 | 203.7 |
| 2015-Q4 | 208.3 |
| 2016-Q1 | 201.6 |
| 2016-Q2 | 195.4 |
| 2016-Q3 | 207.5 |
| 2016-Q4 | 212.8 |
| 2017-Q1 | 214.9 |
| 2017-Q2 | 218.4 |
| 2017-Q3 | 226.6 |
| 2017-Q4 | 232.1 |
| 2018-Q1 | 233.4 |
| 2018-Q2 | 237.3 |
| 2018-Q3 | 246.8 |
| 2018-Q4 | 235.4 |
graphiqueGeneral government holdings of quoted shares and mutual fund shares
- Source: National Accounts 2014 basis - Insee, DGFiP, Banque de France.
For more details
For the fourth quarter release, the measure of GDP used in debt-to-GDP ratios is the annual GDP based on gross data. This figure has no proper equivalent during the year; it is approximated by the sum for the last four quarters of quarterly GDP based on data adjusted for seasonal variations and working days.
Data by institutional sub-sectors of general government presented in this issue of Informations Rapides are consolidated: liabilities held by the same sub-sector as well as those held by other sub-sectors of general government are excluded from the calculations.
- Complementary data (long-term data series, webpages linked, etc.)are available on the web page of this indicator:http://www.insee.fr/en/statistiques?debut=0&idprec=2123554&theme=30&conjoncture=63
- The methodological note about the quarterly debt according to the Maastricht definition is available here: http://www.insee.fr/fr/statistiques/documentation/Dette_m_EN.pdf
- Find the long-term data series in the BDM:https://www.insee.fr/fr/statistiques/series/113008288
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Next release: 28 June 2019 at 8:45 am
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