28 June 2019
2019- n° 168At the end of Q1 2019, the Maastricht debt accounted for €2,258.9 billion Debt of the general government according to the Maastricht definition - first quarter
2019
At the end of the Q1 2019, the Maastricht debt reached €2,358.9 billion, a €43.6 billion increase in comparison to Q4 2018. It accounted for 99.6% of gross domestic product (GDP), 1.2 points higher than last quarter. By contrast, the net public debt increased moderately (€+23.0 billion) and accounted for 89.9 % of GDP.
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, quarterly 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 increased by €43.6 billion compared to the previous quarter
- State, central agencies and local government debts went up
- Social security funds debt went down
- In Q1 2019, the net public debt increased by €23.0 billion
- The overall value of quoted shares and mutual fund shares held by general government increased
- For more details
The Maastricht debt increased by €43.6 billion compared to the previous quarter
At the end of the Q1 2019, the Maastricht debt reached €2,358.9 billion, a €43.6 billion increase in comparison to Q4 2018. It accounted for 99.6% of gross domestic product (GDP), 1.2 points higher than last quarter. By contrast, the net public debt increased moderately (€+23.0 billion) and accounted for 89.9 % of GDP.
State, central agencies and local government debts went up
In the first quarter of 2019, the State contribution to the debt increased by €42.0 billion. This rise stemmed mainly from long-term negotiable debt (€+46.4 billion). Deposits at the French Treasury increased slightly (€+0.2 billion) and the short-term negotiable debt diminished (€−4,5 billion).
The contribution of central agencies to the debt went up by € 1.6 billion above all because of SNCF Réseau.
The contribution of local government to the debt went up by (€1.2 billion) : Regions borrowed €0.5 billion and the Société du Grand Paris €+2.2 billion. Conversely, municipalities paid off €1.0 billion and departments €0.4 billion.
Social security funds debt went down
In Q1 2019, the contribution of social security funds went down too by €1.2 billion above all because of ACOSS (€−1,1 billion) and CNAF (€−1,1 billion). CADES and public hospitals decreased their debts (respectively by €−0,6 billion and by €−0,3 billion). Conversely, UNEDIC and CNAM borrowed €1.6 billion and €0.3 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 | 85.0 |
| 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 | 95.5 |
| 2014-Q3 | 95.4 |
| 2014-Q4 | 94.9 |
| 2015-Q1 | 96.7 |
| 2015-Q2 | 97.0 |
| 2015-Q3 | 96.4 |
| 2015-Q4 | 95.6 |
| 2016-Q1 | 98.5 |
| 2016-Q2 | 99.6 |
| 2016-Q3 | 98.9 |
| 2016-Q4 | 98.0 |
| 2017-Q1 | 100.5 |
| 2017-Q2 | 100.8 |
| 2017-Q3 | 99.8 |
| 2017-Q4 | 98.4 |
| 2018-Q1 | 99.3 |
| 2018-Q2 | 98.9 |
| 2018-Q3 | 99.3 |
| 2018-Q4 | 98.4 |
| 2019-Q1 | 99.6 |
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
| 2018Q1 | 2018Q2 | 2018Q3 | 2018Q4 | 2019Q1 | |
|---|---|---|---|---|---|
| General Government | 2,296.1 | 2,301.1 | 2,323.2 | 2,315.3 | 2,358.9 |
| %of GDP | 99.3% | 98.9% | 99.3% | 98.4% | 99.6% |
| of which. by sub-sector: | |||||
| State | 1,809.6 | 1,828.3 | 1,859.5 | 1,842.4 | 1,884.4 |
| Central agencies | 63.8 | 62.4 | 63.0 | 63.3 | 64.9 |
| Local Government | 199.8 | 199.1 | 198.6 | 205.6 | 206.8 |
| Social security funds | 223.0 | 211.3 | 202.1 | 204.0 | 202.8 |
| of which. by category | |||||
| Currency and deposits | 40.1 | 41.0 | 42.5 | 40.8 | 41.0 |
| Securities other than shares | 1,977.4 | 1,983.0 | 2,005.4 | 1,993.0 | 2,039.2 |
| Short-term | 185.8 | 170.4 | 155.8 | 147.4 | 143.8 |
| Long-term | 1,791.6 | 1,812.6 | 1,849.6 | 1,845.6 | 1,895.4 |
| Loans | 278.6 | 277.1 | 275.4 | 281.6 | 278.8 |
| Short-term | 7.5 | 7.4 | 6.7 | 8.2 | 8.3 |
| Long-term | 271.1 | 269.7 | 268.7 | 273.4 | 270.4 |
- (*) Explanations in the box "For more details"
- Source: National Accounts 2014 basis - Insee, DGFiP, Banque de France
In Q1 2019, the net public debt increased by €23.0 billion
At the end of Q1 2019, the net public debt reached €2,129.8 billion (equivalent to 89.9% of GDP versus 89.5% in Q4 2018), a €23.0 billion increase compared to the previous quarter. The €20.6 billion gap between changes in net and gross debt is mainly explained by a sharp increase in the cash position of the State (€+18.2 billion) and the social security funds (€+2.5 billion) to a lesser extent.
tableauGeneral government net debt by sub-sector
| 2018Q1 | 2018Q2 | 2018Q3 | 2018Q4 | 2019Q1 | |
|---|---|---|---|---|---|
| General government | 2,070.1 | 2,084.8 | 2,094.2 | 2,106.8 | 2,129.8 |
| of which: | |||||
| The State | 1,691.8 | 1,713.5 | 1,733.3 | 1,733.7 | 1,758.2 |
| Central agencies | 48.3 | 49.2 | 50.0 | 50.5 | 51.6 |
| Local government | 187.5 | 186.7 | 186.1 | 193.1 | 194.2 |
| Social security funds | 142.5 | 135.3 | 124.8 | 129.5 | 125.7 |
- Source: National Accounts 2014 basis - Insee, DGFiP, Banque de France
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 | 2106.8 |
| 2019-Q1 | 2358.9 | 2129.8 |
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 increased
In Q1 2019, the overall value of quoted shares and mutual fund shares held by general government units went up to €228.2 billion, a €2.0 billion increase compared to Q4 2018.
The quoted shares held by the State lost €1.6 billion of value because of the drop in the price of EDF shares. Conversely, the quoted shares held by Bpifrance Participations and the Fonds de réserve des retraites (FRR) increased respectively by €0.8 billion and by €1.1 billion.
The mutual fund shares went up too due to the acquisitions of UNEDIC (€+1.1 billion) and the Sécurité sociale pour les indépendants (€+0.5 billion).
tableauGeneral government holdings of quoted shares and mutual fund shares
| 2018Q1 | 2018Q2 | 2018Q3 | 2018Q4 | 2019Q1 | |
|---|---|---|---|---|---|
| General government holdings of quoted shares and mutual fund shares | 233.4 | 246.8 | 246.8 | 226.2 | 228.2 |
| of which: | |||||
| The State | 66.7 | 58.9 | 66.3 | 59.3 | 57.7 |
| Central agencies | 29.8 | 40.2 | 41.0 | 37.1 | 38.3 |
| Local government | .1 | .1 | .1 | .1 | .1 |
| Social security funds | 136.8 | 138.1 | 139.4 | 129.7 | 132.0 |
- 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 | 226.2 |
| 2019-Q1 | 228.2 |
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.
The methodological note is available on the tab « Documentation » of this page.
Next release: 27 September 2019 at 8:45 am
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