Informations Rapides · 22 December 2023 · n° 331

At the end of Q3 2023, the Maastricht debt accounted for €3,088.2 billion Debt of the general government according to the Maastricht definition - third quarter 2023

At the end of Q3 2023, Maastricht’s debt reached €3,088.2 billion; it increased by €41.3 billion, after +€34,5 billion in Q2 2023. Expressed as a percentage of gross domestic product (GDP), it stood at 111.7%, as in Q2 2023. As in the previous quarter, the increase in public debt came with a reduction of the general government cash position (-€17.3 billion), so that the net debt increased more than the gross debt (+€61.0 billion) and stood at 102.9% of GDP.

At the end of Q3 2023, the State's public debt increased by €45.3 billion, after +€57.0 billion in Q2. The State increased its outstanding long-term securities (+€37.5 billion, net of repayment) and, to a lesser extent, its outstanding short-term securities (+€5.6 billion). Furthermore, the State’s cash liabilities (including the deposit of correspondents at the Treasury) increased by €1.9 billion. On the assets side, the State drew on its cash position (-€17,4 billion), so that its net debt increased more sharply (+€65.6 billion) than its contribution to public debt.

The contribution of the social security funds (SSF) to the public debt slightly decreased (‑€1.6 billion, after -€21.6 billion in Q2). Most of this debt reduction was taken on by repayment of short-term securities (-€1.3 billion). The debt reduction of the SSF was mainly driven by UNEDIC (-€1.1 billion). URSSAF Caisse nationale (ex-ACOSS) received payments from CADES as debt assumption of other social security funds. Consequently, its debt decreased by €4.2 billion, whereas the CADES debt increased by €4.8 billion.

The public debt of other central government bodies (OCGB) also decreased (-€1.3 billion, after ‑€0.4 billion in Q2), mainly due to repayment of bank loans (-€1,2 billion).

The public debt of local government decreased by €1.1 billion, after -€0.5 billion in Q2. This decrease followed repayment of bank loans (-€1,2 billion), mainly from local authorities. The public debt of other local government bodies slightly increased (+€0.2 billion).

General government net debt amounted to €2,846.9 billion in the third quarter of 2023, at 102.9% of GDP, after 102.2% in the second quarter. It increased by €61.0 billion, after +€56.6 billion in the previous quarter. The main counterpart to the €19,6 billion difference with increase in gross debt is the reduction of the general government cash position (-€17,3 billion), and especially the State’s one (-€17,4 billion).

In the third quarter of 2023, the total value of listed shares and mutual funds held by general government decreased by €4.1 billion and amounted to €261.8 billion. This reduction was due to quoted shares (-€2.8 billion) and collective investment shares (-€1.3 billion). Losses from quoted shares were driven by OCGB (-€2.1 billion). On the collective investment shares side, the decrease is most partly due to the SSF (-€1.1 billion).