At the end of Q2 2015, the Maastricht debt accounted for 97.6 % of GDPDebt of the general government according to the Maastricht definition - 2nd 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 239
Paru le : 30/09/2015
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 increased by €16.0bn compared to the previous quarter

At the end of Q2 2015, the Maastricht debt reached €2,105.4bn, a €16.0bn increase in comparison to Q1 2015. It accounted for 97.6 % of GDP, 0.2 point higher than Q1 2015's level. The net public debt is more dynamic (+€26.7bn).

The State debt increased

The State contribution to the debt rose by €25.4bn in the second quarter of 2015. Long-term negotiable debt went up (+€38.7bn) as did deposits to the Treasury by its correspondents (+€2.7bn). In contrast, short-term negotiable debt went down (-€15,9bn). Finally, short and long terms loans outstanding remained stable. During Q2 2015 no loan was granted through EFSF (see “For more details” box).

Social security funds and local government debt went down

Social security funds contribution to debt fell back (-€8.1bn after +€15.8bn in Q1 2015), above all because of deleveraging from CADES (-€4.8bn), ACOSS (-€3.5bn) and CNAF (-€1.2bn). On the other hand, UNEDIC increased its short terms debt by €1.2bn.

The contribution of local government diminished slightly (-€1.2bn). Municipalities, departments and regions respectively paid off €0.6bn, €0.1bn and €0.2bn of loans. Other local government units (intercommunal syndicates and local agencies) contributed for €0.3bn to the decrease.

Central agencies debt was virtually stable

Central agencies (central government units other than the State) contribution remained virtually stable in the second quarter of 2015. A rise of €0.1bn of CEA (Commissariat à l'énergie atomique) short terms loans was compensated slightly more than by a decrease of ANR (Agence nationale de la recherche) short terms debt.

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
2014Q2 2014Q3 2014Q4 2015Q1 2015Q2
General Government 2,027.6 2,035.4 2,037.8 2,089.4 2,105.4
%of GDP 95.4% 95.6% 95.6% 97.4% 97.6%
of which, by sub-sector :
State 1,614.4 1,609.6 1,610.2 1,647.3 1,672.7
Central Agencies 21.2 21.3 22.6 22.1 22.0
Local Government 179.6 180.2 188.2 187.4 186.2
Social security funds 212.4 224.4 216.8 232.6 224.5
of which, by category
Currency and deposits 40.4 40.5 40.0 38.3 40.9
Securities other than shares 1,712.9 1,714.2 1,703.6 1,761.0 1,776.7
short-term 213.3 218.7 193.2 210.1 188.2
long-term 1,499.5 1,495.5 1,510.4 1,550.9 1,588.4
Loans 274.3 280.7 294.1 290.1 287.8
short-term 7.7 10.3 11.8 17.6 15.2
long-term 266.6 270.4 282.4 272.5 272.6
  • (*) Explanations in the box "For more details"
  • Source : National Accounts 2010 basis - Insee, DGFiP, Banque de France

This quarter, the net public debt increased significantly more than the gross public debt

At the end of Q2 2015, the net public debt reached €1,894.1bn (equivalent to 87.8 % of GDP versus to 87.1 % in Q1 2015), a €26.7bn increase compared to the previous quarter. The + €10.7bn gap between changes in net and gross debt is mainly explained by a decrease of both the State's treasury (-€7.9bn) and the social security funds' one (-€1.6bn). Furthermore, FRR (Fonds de réserve pour les retraites) sold €1.3bn of short terms negotiable debt.

TableauB – General government net debt by sub-sector

(billion euros)
General government net debt by sub-sector
2014Q2 2014Q3 2014Q4 2015Q1 2015Q2
General government 1,806.6 1,828.2 1,850.4 1,867.4 1,894.1
of which :
The State 1,478.9 1,491.3 1,506.3 1,514.1 1,547.8
Central Agencies 2.7 2.9 6.3 6.1 5.6
Local government 166.8 167.3 175.5 174.6 173.3
Social security funds 158.3 166.6 162.3 172.6 167.4

    Graph_dette_nette – Maastricht gross debt and net debt

    The overall value of quoted shares and mutual fund shares decreased

    In Q2 2015, the value of quoted shares and mutual fund shares held by general government units came down to €233.8bn, a €8.5bn decrease compared to Q1 2015. The value of quoted shares went down by €7.2bn due to depreciation of some quoted shares for both the State (-€4.7bn) and the social security funds (-€1.6bn). Moreover, FRR (Fonds de réserve pour les retraites) sold €1.0bn of quoted shares. Mutual fund shares also diminished albeit to a lesser extent,(–€1.4bn) due to lowering stock markets.

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

    (billion euros)
    General government holdings of quoted shares and mutual fund shares
    2014Q2 2014Q3 2014Q4 2015Q1 2015Q2
    General government 224.9 229.1 226.5 242.3 233.8
    of which :
    The State 71.2 74.4 74.5 74.5 69.8
    Central Agencies 32.0 31.8 30.8 35.5 35.4
    Local government 0.2 0.2 0.2 0.2 0.2
    Social security funds 121.5 122.6 121.0 132.2 128.4

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

      Documentation

      Methodology (pdf, 131 Ko)