Informations Rapides ·
29 March 2022 · n° 82
At the end of Q4 2021, the Maastricht debt accounted for €2,813.1 billion Debt of the general government according to the Maastricht definition - fourth quarter
2021
At the end of Q4 2021, Maastricht’s debt reached €2,813.1 billion. The recovery of GDP in 2021, combined with the reduction in debt this quarter (–€20.1 billion), will allow public debt to fall to 112.9% of GDP at the end of 2021. In order to reduce their debt, general government is drawing on its cash position, which fell sharply this quarter (–€24.6 billion). In total, the net debt increases by €4.0 billion to €2,522.5 billion, or 101.2% 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.
- During the fourth quarter, the public debt decreased by €20.1 billion and accounted for 112.9 % of GDP
- The decrease in the general government gross debt is mainly due to the decrease in the social securities funds debt
- The debt of other central government agencies and State decreased moderately
- The debt of local administrations increased
- During Q4 2021, net debt increased by €4.0 billion
- The overall value of quoted shares and collective investment shares held by general government increased strongly during the fourth quarter
- For more details
During the fourth quarter, the public debt decreased by €20.1 billion and accounted for 112.9 % of GDP
At the end of Q4 2021, Maastricht’s debt reached €2,813.1 billion. The recovery of GDP in 2021, combined with the reduction in debt this quarter (–€20.1 billion), will allow public debt to fall to 112.9% of GDP at the end of 2021. In order to reduce their debt, general government is drawing on its cash position, which fell sharply this quarter (–€24.6 billion). In total, the net debt increases by €4.0 billion to €2,522.5 billion, or 101.2% of GDP.
The decrease in the general government gross debt is mainly due to the decrease in the social securities funds debt
In the fourth quarter of 2021, the contribution of the social security funds (Asso) to the public debt decreased by €25.3bn. The Asso's massively reduced their outstanding debt securities (–€24.0 billion), mainly short-term (-€26.5 billion). This reduction in debt was driven by Acoss (-€21. billion) and Cades (–€3.3 billion). These repayments of short-term securities were accompanied by a significant drop in their cash position (–€16.5 billion).
The debt of other central government agencies and State decreased moderately
The contribution to Maastricht debt of central government agencies decreased by €2.3 billion this quarter, mainly due to the reduction in debt of SNCF Réseau (€3.7 billion). On the other hand, the ÉPIC BPI and France Compétences took on debt through bank loans (+€0.8 billion and +€0.6 billion respectively).
The State's contribution to the public debt decreased slightly in the fourth quarter (–€1.8 billion). The State reduced its outstanding short-term securities (–€8.7 billion), while increasing its long-term securities (+€6.2 billion). This decrease was accompanied by a fall in its cash position (–€7.6 billion) and a reduction in its outstanding loans (-€2.4 billion).
tableauGeneral government debt under the Maastricht treaty (% of GDP) (*)
| General government debt under the Maastricht treaty (% of GDP) (*) | |
|---|---|
| 2021-Q4 | 112.9 |
| 2021-Q3 | 116.3 |
| 2021-Q2 | 114.7 |
| 2021-Q1 | 118.0 |
| 2020-Q4 | 114.6 |
| 2020-Q3 | 115.4 |
| 2020-Q2 | 113.0 |
| 2020-Q1 | 100.7 |
| 2019-Q4 | 97.4 |
| 2019-Q3 | 99.8 |
| 2019-Q2 | 98.8 |
| 2019-Q1 | 98.8 |
| 2018-Q4 | 97.8 |
| 2018-Q3 | 98.6 |
| 2018-Q2 | 98.5 |
| 2018-Q1 | 98.5 |
| 2017-Q4 | 98.1 |
| 2017-Q3 | 99.7 |
| 2017-Q2 | 100.8 |
| 2017-Q1 | 100.5 |
| 2016-Q4 | 98.0 |
| 2016-Q3 | 99.0 |
| 2016-Q2 | 99.6 |
| 2016-Q1 | 98.5 |
| 2015-Q4 | 95.6 |
| 2015-Q3 | 96.3 |
| 2015-Q2 | 97.0 |
| 2015-Q1 | 96.7 |
| 2014-Q4 | 94.9 |
| 2014-Q3 | 95.4 |
| 2014-Q2 | 95.5 |
| 2014-Q1 | 94.9 |
| 2013-Q4 | 93.4 |
| 2013-Q3 | 92.9 |
| 2013-Q2 | 93.7 |
| 2013-Q1 | 92.1 |
| 2012-Q4 | 90.6 |
| 2012-Q3 | 90.2 |
| 2012-Q2 | 91.6 |
| 2012-Q1 | 90.2 |
| 2011-Q4 | 87.8 |
| 2011-Q3 | 87.3 |
| 2011-Q2 | 88.2 |
| 2011-Q1 | 86.7 |
| 2010-Q4 | 85.3 |
| 2010-Q3 | 85.5 |
| 2010-Q2 | 87.4 |
| 2010-Q1 | 85.0 |
| 2009-Q4 | 83.0 |
| 2009-Q3 | 81.5 |
| 2009-Q2 | 78.7 |
| 2009-Q1 | 73.6 |
| 2008-Q4 | 68.8 |
| 2008-Q3 | 66.8 |
| 2008-Q2 | 66.3 |
| 2008-Q1 | 65.9 |
| 2007-Q4 | 64.5 |
| 2007-Q3 | 65.9 |
| 2007-Q2 | 66.6 |
| 2007-Q1 | 65.7 |
| 2006-Q4 | 64.6 |
| 2006-Q3 | 66.1 |
| 2006-Q2 | 66.3 |
| 2006-Q1 | 67.3 |
| 2005-Q4 | 67.4 |
| 2005-Q3 | 67.1 |
| 2005-Q2 | 67.3 |
| 2005-Q1 | 66.8 |
| 2004-Q4 | 65.9 |
| 2004-Q3 | 66.0 |
| 2004-Q2 | 66.3 |
| 2004-Q1 | 65.0 |
| 2003-Q4 | 64.4 |
| 2003-Q3 | 64.5 |
| 2003-Q2 | 63.9 |
| 2003-Q1 | 61.8 |
| 2002-Q4 | 60.3 |
| 2002-Q3 | 59.7 |
| 2002-Q2 | 59.9 |
| 2002-Q1 | 58.6 |
| 2001-Q4 | 58.3 |
| 2001-Q3 | 58.8 |
| 2001-Q2 | 58.7 |
| 2001-Q1 | 57.8 |
| 2000-Q4 | 58.9 |
| 2000-Q3 | 59.0 |
| 2000-Q2 | 59.6 |
| 2000-Q1 | 59.6 |
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
| 2020Q4 | 2021Q1 | 2021Q2 | 2021Q3 | 2021Q4 | |
|---|---|---|---|---|---|
| General Government | 2,648.1 | 2,737.1 | 2,760.7 | 2,832.9 | 2,813.1 |
| %of GDP | 114.6% | 118.0% | 114.7% | 116.3% | 112.9% |
| of which. by sub-sector: | |||||
| State | 2,083.8 | 2,145.1 | 2,165.1 | 2,230.5 | 2,228.8 |
| Central agencies | 63.7 | 64.3 | 61.6 | 66.5 | 64.2 |
| Local Government | 229.7 | 230.6 | 233.1 | 236.0 | 245.5 |
| Social security funds | 270.9 | 297.1 | 300.9 | 299.9 | 274.6 |
| of which. by category | |||||
| Currency and deposits | 45.2 | 43.7 | 42.9 | 45.3 | 45.1 |
| Securities other than shares | 2,320.5 | 2,412.2 | 2,439.6 | 2,509.5 | 2,483.3 |
| Short-term | 261.9 | 273.4 | 270.5 | 268.0 | 231.5 |
| Long-term | 2,058.6 | 2,138.9 | 2,169.0 | 2,241.5 | 2,251.8 |
| Loans | 282.5 | 281.2 | 278.2 | 278.1 | 284.7 |
| Short-term | 11.9 | 13.7 | 12.1 | 12.4 | 11.0 |
| Long-term | 270.6 | 267.4 | 266.1 | 265.7 | 273.7 |
- (*) Explanations in the box "For more details"
- Source: National Accounts 2014 basis - Insee, DGFiP, Banque de France
The debt of local administrations increased
Local authorities (Apul) are the only sub-sector whose contribution to gross debt increased in the fourth quarter (+€9.2 billion). The dynamism of the debt of the Société du Grand Paris continues (+€4.7 billion), accompanied by the municipalities (+€2.1 billion) and the regions (+€1.0 billion). The Apul are increasing their debt by increasing their bank loans (+€5.4 billion) and debt security issues (+€3.9 billion).
During Q4 2021, net debt increased by €4.0 billion
General government net debt amounted to €2,522.5 billion in the fourth quarter, at 101.2% of GDP. It increased by €4.0 billion, despite the reduction in gross debt. The main counterpart to the fall in gross debt in the fourth quarter was the reduction in the general government cash position (–€24.6 billion).
tableauGeneral government net debt by sub-sector
| 2020Q4 | 2021Q1 | 2021Q2 | 2021Q » | 2021Q4 | |
|---|---|---|---|---|---|
| General government | 2,360.1 | 2,408.5 | 2,477.2 | 2,518.2 | 2,522.5 |
| of which: | |||||
| The State | 1,896.1 | 1,935.4 | 1,994.3 | 2,030.6 | 2,038.8 |
| Central agencies | 53.3 | 53.1 | 50.6 | 55.1 | 53.1 |
| Local government | 216.1 | 216.8 | 219.1 | 222.0 | 231.4 |
| Social security funds | 194.6 | 203.2 | 213.1 | 210.5 | 199.1 |
- Source: National Accounts 2014 basis - Insee, DGFiP, Banque de France
tableauMaastricht gross debt and net debt
| Maastricht debt | Net debt | |
|---|---|---|
| 2021-Q4 | 2813.1 | 2522.5 |
| 2021-Q3 | 2832.9 | 2518.1 |
| 2021-Q2 | 2760.7 | 2477.2 |
| 2021-Q1 | 2737.1 | 2408.5 |
| 2020-Q4 | 2648.1 | 2360.1 |
| 2020-Q3 | 2670.0 | 2336.7 |
| 2020-Q2 | 2634.2 | 2319.1 |
| 2020-Q1 | 2433.6 | 2211.9 |
| 2019-Q4 | 2374.9 | 2165.9 |
| 2019-Q3 | 2409.1 | 2165.3 |
| 2019-Q2 | 2368.2 | 2151.4 |
| 2019-Q1 | 2352.0 | 2127.1 |
| 2018-Q4 | 2310.9 | 2109.0 |
| 2018-Q3 | 2316.1 | 2089.3 |
| 2018-Q2 | 2296.1 | 2083.4 |
| 2018-Q1 | 2282.4 | 2060.3 |
| 2017-Q4 | 2254.3 | 2053.2 |
| 2017-Q3 | 2271.6 | 2039.2 |
| 2017-Q2 | 2275.8 | 2039.9 |
| 2017-Q1 | 2252.3 | 2018.6 |
| 2016-Q4 | 2188.5 | 1992.5 |
| 2016-Q3 | 2201.2 | 1986.5 |
| 2016-Q2 | 2209.5 | 1982.5 |
| 2016-Q1 | 2176.3 | 1957.7 |
| 2015-Q4 | 2101.3 | 1898.3 |
| 2015-Q3 | 2107.1 | 1882.1 |
| 2015-Q2 | 2108.7 | 1881.8 |
| 2015-Q1 | 2092.1 | 1856.4 |
| 2014-Q4 | 2039.9 | 1837.3 |
| 2014-Q3 | 2043.7 | 1826.8 |
| 2014-Q2 | 2038.6 | 1805.4 |
| 2014-Q1 | 2020.3 | 1781.4 |
| 2013-Q4 | 1977.7 | 1757.1 |
| 2013-Q3 | 1959.4 | 1726.5 |
| 2013-Q2 | 1971.0 | 1711.6 |
| 2013-Q1 | 1929.3 | 1692.5 |
| 2012-Q4 | 1892.5 | 1670.5 |
| 2012-Q3 | 1879.1 | 1639.1 |
| 2012-Q2 | 1899.8 | 1616.3 |
| 2012-Q1 | 1864.4 | 1592.5 |
| 2011-Q4 | 1808.0 | 1573.2 |
| 2011-Q3 | 1784.9 | 1548.0 |
| 2011-Q2 | 1790.1 | 1517.9 |
| 2011-Q1 | 1745.5 | 1496.3 |
| 2010-Q4 | 1701.1 | 1469.0 |
| 2010-Q3 | 1689.5 | 1432.5 |
| 2010-Q2 | 1710.8 | 1417.1 |
| 2010-Q1 | 1653.0 | 1379.6 |
| 2009-Q4 | 1608.0 | 1350.7 |
| 2009-Q3 | 1582.2 | 1326.5 |
| 2009-Q2 | 1542.6 | 1270.0 |
| 2009-Q1 | 1453.8 | 1228.2 |
| 2008-Q4 | 1370.3 | 1191.7 |
| 2008-Q3 | 1330.4 | 1174.7 |
| 2008-Q2 | 1313.4 | 1155.3 |
| 2008-Q1 | 1294.3 | 1142.5 |
| 2007-Q4 | 1252.9 | 1126.9 |
| 2007-Q3 | 1265.2 | 1123.0 |
| 2007-Q2 | 1263.0 | 1099.1 |
| 2007-Q1 | 1230.6 | 1091.6 |
| 2006-Q4 | 1194.1 | 1072.1 |
| 2006-Q3 | 1207.7 | 1072.6 |
| 2006-Q2 | 1196.0 | 1047.1 |
| 2006-Q1 | 1199.2 | 1037.4 |
| 2005-Q4 | 1189.9 | 1039.8 |
| 2005-Q3 | 1171.7 | 1027.8 |
| 2005-Q2 | 1165.8 | 1009.8 |
| 2005-Q1 | 1146.7 | 992.4 |
| 2004-Q4 | 1123.6 | 965.9 |
| 2004-Q3 | 1111.3 | 952.2 |
| 2004-Q2 | 1106.2 | 931.2 |
| 2004-Q1 | 1071.9 | 914.7 |
| 2003-Q4 | 1050.4 | 897.3 |
| 2003-Q3 | 1044.0 | 877.2 |
| 2003-Q2 | 1028.2 | 850.9 |
| 2003-Q1 | 988.5 | 830.8 |
| 2002-Q4 | 956.8 | 813.6 |
| 2002-Q3 | 940.3 | 812.1 |
| 2002-Q2 | 936.6 | 782.9 |
| 2002-Q1 | 909.6 | 770.8 |
| 2001-Q4 | 897.4 | 761.8 |
| 2001-Q3 | 898.6 | 758.2 |
| 2001-Q2 | 888.9 | 744.5 |
| 2001-Q1 | 866.0 | 748.6 |
| 2000-Q4 | 870.6 | 734.5 |
| 2000-Q3 | 861.2 | 727.4 |
| 2000-Q2 | 857.5 | 712.8 |
| 2000-Q1 | 845.5 | 711.6 |
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 increased strongly during the fourth quarter
In the fourth quarter of 2021, the total value of listed shares and mutual funds held by general government increased by €17.2 billion to €314.3 billion. Within general government, this increase mainly concerns Odac (+€10.5 billion) and Asso (+€6.5 billion). This increase was driven by the dynamism of securities prices (+€16.7 billion) in the wake of the rise in financial markets. In addition, purchases (net of sales) amounted to €0.5 billion.
tableauGeneral government holdings of quoted shares and mutual fund shares
| 2020Q4 | 2021Q1 | 2021Q2 | 2021Q3 | 2021Q4 | |
|---|---|---|---|---|---|
| General government holdings of quoted shares and mutual fund shares | 269.5 | 281.0 | 297.0 | 297.1 | 314.3 |
| of which: | |||||
| The State | 65.2 | 71.3 | 76.9 | 78.2 | 78.4 |
| Central agencies | 49.7 | 52.4 | 57.6 | 57.6 | 68.1 |
| Local government | .1 | .1 | .1 | .1 | .1 |
| Social security funds | 154.5 | 157.2 | 162.4 | 161.2 | 167.7 |
- 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 | |
|---|---|
| 2021-Q4 | 314.3 |
| 2021-Q3 | 297.1 |
| 2021-Q2 | 297.0 |
| 2021-Q1 | 281.0 |
| 2020-Q4 | 269.5 |
| 2020-Q3 | 240.4 |
| 2020-Q2 | 244.8 |
| 2020-Q1 | 220.3 |
| 2019-Q4 | 268.8 |
| 2019-Q3 | 260.7 |
| 2019-Q2 | 255.8 |
| 2019-Q1 | 257.9 |
| 2018-Q4 | 240.7 |
| 2018-Q3 | 261.4 |
| 2018-Q2 | 250.2 |
| 2018-Q1 | 235.7 |
| 2017-Q4 | 232.1 |
| 2017-Q3 | 226.6 |
| 2017-Q2 | 218.4 |
| 2017-Q1 | 214.9 |
| 2016-Q4 | 212.8 |
| 2016-Q3 | 207.5 |
| 2016-Q2 | 195.4 |
| 2016-Q1 | 201.6 |
| 2015-Q4 | 208.3 |
| 2015-Q3 | 203.7 |
| 2015-Q2 | 218.5 |
| 2015-Q1 | 226.9 |
| 2014-Q4 | 211.5 |
| 2014-Q3 | 216.8 |
| 2014-Q2 | 212.2 |
| 2014-Q1 | 221.4 |
| 2013-Q4 | 213.7 |
| 2013-Q3 | 213.6 |
| 2013-Q2 | 195.4 |
| 2013-Q1 | 190.6 |
| 2012-Q4 | 186.8 |
| 2012-Q3 | 197.0 |
| 2012-Q2 | 189.8 |
| 2012-Q1 | 191.6 |
| 2011-Q4 | 187.4 |
| 2011-Q3 | 182.3 |
| 2011-Q2 | 214.5 |
| 2011-Q1 | 222.7 |
| 2010-Q4 | 224.6 |
| 2010-Q3 | 226.6 |
| 2010-Q2 | 219.2 |
| 2010-Q1 | 245.9 |
| 2009-Q4 | 244.3 |
| 2009-Q3 | 240.1 |
| 2009-Q2 | 203.6 |
| 2009-Q1 | 182.6 |
| 2008-Q4 | 220.6 |
| 2008-Q3 | 257.5 |
| 2008-Q2 | 284.7 |
| 2008-Q1 | 274.7 |
| 2007-Q4 | 334.0 |
| 2007-Q3 | 323.6 |
| 2007-Q2 | 343.6 |
| 2007-Q1 | 301.4 |
| 2006-Q4 | 285.9 |
| 2006-Q3 | 258.0 |
| 2006-Q2 | 247.3 |
| 2006-Q1 | 256.2 |
| 2005-Q4 | 229.9 |
| 2005-Q3 | 178.3 |
| 2005-Q2 | 153.5 |
| 2005-Q1 | 140.3 |
| 2004-Q4 | 130.3 |
| 2004-Q3 | 119.8 |
| 2004-Q2 | 115.3 |
| 2004-Q1 | 111.2 |
| 2003-Q4 | 109.0 |
| 2003-Q3 | 101.4 |
| 2003-Q2 | 99.9 |
| 2003-Q1 | 78.1 |
| 2002-Q4 | 78.4 |
| 2002-Q3 | 70.1 |
| 2002-Q2 | 76.8 |
| 2002-Q1 | 99.6 |
| 2001-Q4 | 95.4 |
| 2001-Q3 | 84.3 |
| 2001-Q2 | 107.1 |
| 2001-Q1 | 114.2 |
| 2000-Q4 | 134.5 |
| 2000-Q3 | 151.3 |
| 2000-Q2 | 167.8 |
| 2000-Q1 | 186.2 |
| 1999-Q4 | 151.0 |
| 1999-Q3 | 114.0 |
| 1999-Q2 | 107.5 |
| 1999-Q1 | 100.1 |
| 1998-Q4 | 91.1 |
| 1998-Q3 | 77.4 |
| 1998-Q2 | 94.3 |
| 1998-Q1 | 81.3 |
| 1997-Q4 | 62.9 |
| 1997-Q3 | 37.4 |
| 1997-Q2 | 36.7 |
| 1997-Q1 | 36.4 |
| 1996-Q4 | 34.9 |
| 1996-Q3 | 36.0 |
| 1996-Q2 | 36.3 |
| 1996-Q1 | 37.5 |
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: 24 June 2022 at 8:45 am
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