19 June 2020
2020- n° 151At the end of Q1 2020, the Maastricht debt accounted for €2,438.5 billion Debt of the general government according to the Maastricht definition - first quarter
2020
At the end of Q1 2020, Maastricht’s debt reached €2,438.5 billion, a €58.4 billion increase in comparison to Q4 2019. It accounted for 101.2% of gross domestic product (GDP), 3.1 points higher than last quarter, the highest increase since Q2 2019. Net public debt increased more moderately (€+45.7 billion) due to the rise in cash positions of general government. It accounted for 91.9 % of GDP.
Quarterly debt figures are based on an accounting data source less complete than annual accounts. Results may therefore be updated during several quarters.
For a given quarter, the change in debt does not allow the government deficit to be deducted. To move from the change in gross debt within the meaning of Maastricht to the deficit, net acquisitions of financial assets and of liabilities excluded from the Maastricht debt 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 for quarterly debt.
The contributions to the Maastricht debt computed for sub-sectors or for entities of general government exclude debts held by other general government entities. The Maastricht debt is consolidated.
- The Maastricht debt increased by €58.4 billion compared to the previous quarter
- State, local government and social security funds debts went up
- Central agencies debt remained almost stable
- In Q1 2020, the net public debt increased
- The overall value of quoted shares and collective investment shares held by general government decreased sharply
- For more details
The Maastricht debt increased by €58.4 billion compared to the previous quarter
At the end of Q1 2020, Maastricht’s debt reached €2,438.5 billion, a €58.4 billion increase in comparison to Q4 2019. It accounted for 101.2% of gross domestic product (GDP), 3.1 points higher than last quarter, the highest increase since Q2 2019. Net public debt increased more moderately (€+45.7 billion) due to the rise in cash positions of general government. It accounted for 91.9 % of GDP.
State, local government and social security funds debts went up
In the first quarter of 2020, the State’s contribution to debt increased by €35.1 billion. This rise stemmed mainly from long-term negotiable debt (€+52.8 billion). Conversely, deposits at the French Treasury (€−3.6 billion) and short-term negotiable debt (€−2.8 billion) decreased.
The contribution of local government to the debt increased to a lesser extent (€+3.3 billion) mainly due to Société du Grand Paris (€+2.5 billion). Regions and municipalities increased their debt (respectively by €1.0 billion and by €0.3 billion) while departments paid off €0.4 billion.
The contribution of social security funds to debt increased too (€+8.7 billion) due to ACOSS (€+3.7 billion), CADES (€+2.1 billion), Unédic (€+1.9 billion), hospitals (€+0.6 billion) and CNAF (€+0.3 billion). This rise in social security funds debt contrasts with the debt reductions of the two last years at the same time (€−1.2 billion in Q1 2019 and €−11.2 billion in Q1 2018). The decline in activity in the first quarter due to the health crisis and measures to support businesses and households (financing short-time working and deferring payment of social security contributions in particular) had to be financed by ACOSS and Unédic.
Central agencies debt remained almost stable
The contribution of central agencies to the debt diminished slightly (€−0.1 billion). SNCF Réseau reduced its debt (€−0.4 billion) while France compétences borrowed for €0.4 billion.
tableauGeneral government debt under the Maastricht treaty (% of GDP) (*)
| General government debt under the Maastricht treaty (% of GDP) (*) | |
|---|---|
| 1996-Q1 | 57.2 |
| 1996-Q2 | 58.2 |
| 1996-Q3 | 59.2 |
| 1996-Q4 | 60.0 |
| 1997-Q1 | 60.3 |
| 1997-Q2 | 62.4 |
| 1997-Q3 | 62.4 |
| 1997-Q4 | 61.4 |
| 1998-Q1 | 60.6 |
| 1998-Q2 | 60.7 |
| 1998-Q3 | 61.9 |
| 1998-Q4 | 61.3 |
| 1999-Q1 | 61.5 |
| 1999-Q2 | 60.9 |
| 1999-Q3 | 61.2 |
| 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 | 66.3 |
| 2004-Q3 | 66.0 |
| 2004-Q4 | 65.9 |
| 2005-Q1 | 66.8 |
| 2005-Q2 | 67.3 |
| 2005-Q3 | 67.1 |
| 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 | 81.5 |
| 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 | 94.9 |
| 2014-Q2 | 95.5 |
| 2014-Q3 | 95.4 |
| 2014-Q4 | 94.9 |
| 2015-Q1 | 96.7 |
| 2015-Q2 | 97.0 |
| 2015-Q3 | 96.3 |
| 2015-Q4 | 95.6 |
| 2016-Q1 | 98.5 |
| 2016-Q2 | 99.6 |
| 2016-Q3 | 99.0 |
| 2016-Q4 | 98.0 |
| 2017-Q1 | 100.5 |
| 2017-Q2 | 100.8 |
| 2017-Q3 | 99.7 |
| 2017-Q4 | 98.3 |
| 2018-Q1 | 98.7 |
| 2018-Q2 | 98.6 |
| 2018-Q3 | 98.9 |
| 2018-Q4 | 98.1 |
| 2019-Q1 | 99.1 |
| 2019-Q2 | 99.1 |
| 2019-Q3 | 100.0 |
| 2019-Q4 | 98.1 |
| 2020-Q1 | 101.2 |
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
| 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | |
|---|---|---|---|---|---|
| General Government | 2,358.5 | 2,375.0 | 2,414.7 | 2,380.1 | 2,438.5 |
| %of GDP | 99.5% | 99.5% | 100.4% | 98.1% | 101.2% |
| of which. by sub-sector: | |||||
| State | 1,883.9 | 1,905.3 | 1,946.9 | 1,911.8 | 1,958.2 |
| Central agencies | 64.9 | 65.4 | 65.8 | 64.9 | 64.8 |
| Local Government | 206.9 | 206.6 | 205.9 | 210.3 | 213.6 |
| Social security funds | 202.8 | 197.8 | 196.1 | 193.1 | 201.8 |
| of which. by category | |||||
| Currency and deposits | 41.0 | 46.2 | 47.9 | 45.7 | 42.1 |
| Securities other than shares | 2,038.9 | 2,052.4 | 2,089.8 | 2,054.0 | 2,115.2 |
| Short-term | 143.9 | 147.2 | 150.7 | 145.8 | 150.0 |
| Long-term | 1,895.0 | 1,905.2 | 1,939.1 | 1,908.2 | 1,965.2 |
| Loans | 278.6 | 276.4 | 276.9 | 280.4 | 281.2 |
| Short-term | 8.3 | 8.2 | 9.2 | 9.9 | 12.9 |
| Long-term | 270.3 | 268.2 | 267.7 | 270.5 | 268.3 |
- (*) Explanations in the box "For more details"
- Source: National Accounts 2014 basis - Insee, DGFiP, Banque de France
In Q1 2020, the net public debt increased
At the end of Q1 2020, the net public debt reached €2,214.0 billion, a €45.7 billion increase (equivalent to 91.9% of GDP versus 89.4 % the previous quarter). The €12.7 billion gap between changes in net and gross debt mainly reflects an increase in the cash position of the State (€+15.5 billion). Conversely, cash position of SNCF Réseau diminished (€−2.6 billion).
tableauGeneral government net debt by sub-sector
| 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | |
|---|---|---|---|---|---|
| General government | 2,130.5 | 2,156.3 | 2,170.7 | 2,168.3 | 2,214.0 |
| of which: | |||||
| The State | 1,757.1 | 1,789.6 | 1,808.6 | 1,797.4 | 1,829.1 |
| Central agencies | 51.5 | 51.5 | 51.2 | 51.4 | 53.2 |
| Local government | 194.3 | 193.9 | 193.2 | 197.6 | 200.8 |
| Social security funds | 127.6 | 121.4 | 117.6 | 121.9 | 130.9 |
- 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 | 683.7 |
| 1999-Q1 | 838.4 | 697.4 |
| 1999-Q2 | 835.9 | 700.5 |
| 1999-Q3 | 846.9 | 701.7 |
| 1999-Q4 | 847.6 | 707.3 |
| 2000-Q1 | 845.5 | 711.6 |
| 2000-Q2 | 857.5 | 712.8 |
| 2000-Q3 | 861.2 | 727.4 |
| 2000-Q4 | 870.6 | 734.5 |
| 2001-Q1 | 866.0 | 748.6 |
| 2001-Q2 | 888.9 | 744.5 |
| 2001-Q3 | 898.6 | 758.2 |
| 2001-Q4 | 897.4 | 761.8 |
| 2002-Q1 | 909.6 | 770.8 |
| 2002-Q2 | 936.6 | 782.9 |
| 2002-Q3 | 940.3 | 812.1 |
| 2002-Q4 | 956.8 | 813.6 |
| 2003-Q1 | 988.5 | 830.8 |
| 2003-Q2 | 1028.2 | 850.9 |
| 2003-Q3 | 1044.0 | 877.2 |
| 2003-Q4 | 1050.4 | 897.3 |
| 2004-Q1 | 1071.9 | 914.7 |
| 2004-Q2 | 1106.2 | 931.2 |
| 2004-Q3 | 1111.3 | 952.2 |
| 2004-Q4 | 1123.6 | 965.9 |
| 2005-Q1 | 1146.7 | 992.4 |
| 2005-Q2 | 1165.8 | 1009.8 |
| 2005-Q3 | 1171.7 | 1027.8 |
| 2005-Q4 | 1189.9 | 1039.8 |
| 2006-Q1 | 1199.2 | 1037.4 |
| 2006-Q2 | 1196.0 | 1047.1 |
| 2006-Q3 | 1207.7 | 1072.6 |
| 2006-Q4 | 1194.1 | 1072.1 |
| 2007-Q1 | 1230.6 | 1091.6 |
| 2007-Q2 | 1263.0 | 1099.1 |
| 2007-Q3 | 1265.2 | 1123.0 |
| 2007-Q4 | 1252.9 | 1126.9 |
| 2008-Q1 | 1294.3 | 1142.5 |
| 2008-Q2 | 1313.4 | 1155.3 |
| 2008-Q3 | 1330.4 | 1174.7 |
| 2008-Q4 | 1370.3 | 1191.7 |
| 2009-Q1 | 1453.8 | 1228.2 |
| 2009-Q2 | 1542.6 | 1270.0 |
| 2009-Q3 | 1582.2 | 1326.5 |
| 2009-Q4 | 1608.0 | 1350.7 |
| 2010-Q1 | 1653.0 | 1379.6 |
| 2010-Q2 | 1710.8 | 1417.1 |
| 2010-Q3 | 1689.5 | 1432.5 |
| 2010-Q4 | 1701.1 | 1469.0 |
| 2011-Q1 | 1745.5 | 1496.3 |
| 2011-Q2 | 1790.1 | 1517.9 |
| 2011-Q3 | 1784.9 | 1548.0 |
| 2011-Q4 | 1808.0 | 1573.2 |
| 2012-Q1 | 1864.4 | 1592.5 |
| 2012-Q2 | 1899.8 | 1616.3 |
| 2012-Q3 | 1879.1 | 1639.1 |
| 2012-Q4 | 1892.5 | 1670.5 |
| 2013-Q1 | 1929.3 | 1692.5 |
| 2013-Q2 | 1971.0 | 1711.6 |
| 2013-Q3 | 1959.4 | 1726.5 |
| 2013-Q4 | 1977.7 | 1757.1 |
| 2014-Q1 | 2020.3 | 1781.4 |
| 2014-Q2 | 2038.6 | 1805.4 |
| 2014-Q3 | 2043.7 | 1826.8 |
| 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 | 1898.3 |
| 2016-Q1 | 2176.3 | 1957.7 |
| 2016-Q2 | 2209.5 | 1982.5 |
| 2016-Q3 | 2201.2 | 1986.5 |
| 2016-Q4 | 2188.5 | 1992.5 |
| 2017-Q1 | 2252.3 | 2018.6 |
| 2017-Q2 | 2275.8 | 2039.9 |
| 2017-Q3 | 2271.6 | 2039.2 |
| 2017-Q4 | 2258.6 | 2053.2 |
| 2018-Q1 | 2286.7 | 2060.4 |
| 2018-Q2 | 2300.5 | 2083.6 |
| 2018-Q3 | 2320.6 | 2089.4 |
| 2018-Q4 | 2314.9 | 2108.9 |
| 2019-Q1 | 2358.5 | 2130.5 |
| 2019-Q2 | 2375.0 | 2156.3 |
| 2019-Q3 | 2414.7 | 2170.7 |
| 2019-Q4 | 2380.1 | 2168.3 |
| 2020-Q1 | 2438.5 | 2214.0 |
graphiqueMaastricht gross debt and net debt
- Source: National Accounts 2014 basis - Insee, DGFiP, Banque de France.
The overall value of quoted shares and collective investment shares held by general government decreased sharply
In Q1 2020, the overall value of quoted shares and undertaking for collective investment schemes (UCIs) held by general government units went down by €43.6 billion to €225.2 billion. This is the largest decline since the first quarter of 2008.
The quoted shares held by the State decreased by €18.3 billion because of the decrease in the stock market price of Aéroports de Paris, EDF and Engie. Moreover, the quoted shares held by central agencies went down (€−7.4 billion) due to the decrease in the stock market price of shares held by Bpifrance Participations.
The quoted shares and UCI shares of social security funds went down too (€−17.9 billion) due to the decrease in the stock market prices.
tableauGeneral government holdings of quoted shares and mutual fund shares
| 2019Q1 | 2019Q2 | 2019Q3 | 2019Q4 | 2020Q1 | |
|---|---|---|---|---|---|
| General government holdings of quoted shares and mutual fund shares | 257.8 | 255.8 | 260.7 | 268.8 | 225.2 |
| of which: | |||||
| The State | 70.6 | 67.4 | 67.3 | 66.8 | 48.6 |
| Central agencies | 41.8 | 43.0 | 44.2 | 46.4 | 38.9 |
| Local government | .1 | .1 | .1 | .1 | .1 |
| Social security funds | 145.4 | 145.4 | 149.1 | 155.5 | 137.6 |
- 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 | 224.6 |
| 2011-Q1 | 222.7 |
| 2011-Q2 | 214.5 |
| 2011-Q3 | 182.3 |
| 2011-Q4 | 187.4 |
| 2012-Q1 | 191.6 |
| 2012-Q2 | 189.8 |
| 2012-Q3 | 197.0 |
| 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 | 211.5 |
| 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 | 235.7 |
| 2018-Q2 | 250.2 |
| 2018-Q3 | 261.4 |
| 2018-Q4 | 240.7 |
| 2019-Q1 | 257.8 |
| 2019-Q2 | 255.8 |
| 2019-Q3 | 260.7 |
| 2019-Q4 | 268.8 |
| 2020-Q1 | 225.2 |
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 of 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: 25 September 2020 at 8:45 am
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