At the end of Q3 2015, the Maastricht debt accounted for 96.9 % of GDPDebt of the general government according to the Maastricht definition - 3rd Quarter 2015

Warnings: Quarterly debt figures are based on an accounting data source less exhaustive than the annual accounts. Results may therefore be updated during several quarters.

Informations rapides
No 324
Paru le : 23/12/2015
Prochaine parution le : 22/12/2017 at 08:45 - third quarter 2017

Warnings: Quarterly debt figures are based on an accounting data source less exhaustive than the annual accounts. Results may therefore be updated during several quarters.

Quarterly debt variations alone are not sufficient to forecast the deficit for the current quarter. To obtain the deficit from the change in Maastricht gross public debt, net acquisitions of financial assets and other accounts receivable and payable must also be taken into consideration.

The Maastricht debt decreased by €2.2 billion compared to the previous quarter

At the end of Q3 2015, the Maastricht debt reached €2,103.2 billion, a €2.2 billion decrease in comparison to Q2 2015. It accounted for 96.9 % of GDP, 0.7 points lower than Q2 2015's level. The net public debt declined more slightly (–€1.4 billion).

Local government debt and the State debt went down

In the third quarter of 2015, the contribution of local government diminished (–€1.6 billion). Municipalities, departments and regions respectively paid off €0.3 billion, €0.7 billion and €0.7 billion of loans. Other local government units (intercommunal syndicates and local agencies) contributed for +€0.1 billion.

The State contribution to the debt decreased by €1.1 billion. Short-term negotiable debt went down (–€2.0 billion). On the other hand, deposits to the Treasury by its correspondents increased slightly (+€0.7 billion). Long-term negotiable debt and short and long term loans outstanding remained stable. During Q3 2015, no loan was granted through the European Financial Stability Facility (EFSF, see “For more details” box). Moreover, the contribution of central agencies (central government units other than the State) remained stable.

Social security funds debt increased marginally

Social security funds contribution to debt went up slightly (+€0.5 billion), above all because of UNEDIC (+€1.1 billion), CNAF (+€0.9 billion) and ACOSS (+€0.8 billion). Conversely, CADES paid off €1.3 billion of short-term negotiable debt and €0.8 billion of guarantee deposits.

GraphIR – General government debt under the Maastricht treaty (% of GDP) (*)

TableauA – General government debt under the Maastricht treaty by sub-sector and by category

(billion euros)
General government debt under the Maastricht treaty by sub-sector and by category
2014Q3 2014Q4 2015Q1 2015Q2 2015Q3
General Government 2,035.4 2,037.8 2,089.4 2,105.4 2,103.2
% of GDP 95.6% 95.6% 97.4% 97.6% 96.9%
of which, by sub-sector :
State 1,609.6 1,610.2 1,647.3 1,672.7 1,671.6
Central agencies 21.3 22.6 22.1 22.0 22.0
Local government 180.2 188.2 187.4 186.2 184.6
Social security funds 224.4 216.8 232.6 224.5 225.0
of which, by category
Currency and deposits 40.5 40.0 38.3 40.9 41.6
Securities other than shares 1,714.2 1,703.6 1,761.0 1,776.7 1,773.4
short-term 218.7 193.2 210.1 188.2 186.2
long-term 1,495.5 1,510.4 1,550.9 1,588.4 1,587.1
Loans 280.7 294.1 290.1 287.8 288.2
short-term 10.3 11.8 17.6 15.2 14.0
long-term 270.4 282.4 272.5 272.6 274.2
  • (*) Explanations in the box “For more details”
  • Source: National Accounts 2010 basis - Insee, DGFiP, Banque de France

In Q3 2015, the net public debt decreased slightly less than the gross public debt

At the end of Q3 2015, the net public debt reached €1,894.3 billion (equivalent to 87.3 % of GDP versus to 87.9 % in Q2 2015), a €1.4 billion decrease compared to the previous quarter. The + €0.8 billion gap between changes in net and gross debt is mainly explained by a decrease of the State's cash position (–€3.1 billion) partially offset by the rise of the cash position of both social security funds (+ €2.0 billion) and central agencies (+ €0.2 billion). Furthermore, FRR (Fonds de réserve pour les retraites) bought €0.3 billion of debt securities to entities outside the scope of general government.

TableauB – General government net debt by sub-sector

(billion euros)
General government net debt by sub-sector
2014Q3 2014Q4 2015Q1 2015Q2 2015Q3
General government 1,828.2 1,850.4 1,867.4 1,895.7 1,894.3
of which :
The State 1,491.3 1,506.3 1,514.1 1,547.8 1,549.8
Central agencies 2.9 6.3 6.1 5.8 5.5
Local government 167.3 175.5 174.6 173.3 171.8
Social security funds 166.6 162.3 172.6 168.8 167.1

    Graph_dette_nette – Maastricht gross debt and net debt

    The overall value of quoted shares and mutual fund shares decreased

    In Q3 2015, the value of quoted shares and mutual fund shares held by general government units came down to €220.8 billion, a €12.5 billion decrease compared to Q2 2015. The value of quoted shares went down by €10.7 billion, notably those held by the State (–€9.2 billion) and by social security funds (–€1.5 billion). Mutual fund shares diminished by €1.8 billion due to falling stock prices.

    TableauC – General government holdings of quoted shares and mutual fund shares

    (billion euros)
    General government holdings of quoted shares and mutual fund shares
    2014Q3 2014Q4 2015Q1 2015Q2 2015Q3
    General government 229.1 226.3 242.2 233.3 220.8
    of which :
    The State 74.4 74.5 74.5 70.9 61.7
    Central agencies 31.8 30.6 35.2 34.1 34.1
    Local government 0.2 0.2 0.2 0.1 0.1
    Social security funds 122.6 121.0 132.3 128.2 124.9

      Graph_F5 – General government holdings of quoted shares and mutual fund shares

      Documentation

      Methodology (pdf, 131 Ko)