At the end of Q4 2015, the Maastricht debt accounted for 95.7 % of GDPDebt of the general government according to the Maastricht definition - 4th quarter 2015

At the end of Q4 2015, the Maastricht debt amounted to € 2,096.9 billion, a € 8.8 billion decrease in comparison to Q3 2015. It accounted for 95.7 % of GDP, 1.3 points lower than the Q3 2015's level. On the contrary, the net public debt increased (€ +9.6 billion).

Informations rapides
No 82
Paru le : 25/03/2016
Prochaine parution le : 29/09/2017 at 08:45 - second 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 €8.8 billion compared to the previous quarter

At the end of Q4 2015, the Maastricht debt amounted to € 2,096.9 billion, a € 8.8 billion decrease in comparison to Q3 2015. It accounted for 95.7 % of GDP, 1.3 points lower than the Q3 2015's level. On the contrary, the net public debt increased (€ +9.6 billion).

State, Social security funds and central agencies debts went down

In the fourth quarter of 2015, the State contribution to the debt decreased by € 11.6 billion. Short-term and long-term negotiable debt both went down (€ −7.2 billion and € −5.1 billion). At the same time, the total amounts of long term loans increased by € 1.2 billion.

Central agencies contribution diminished by € −3.1 billion of which € −2.1 billion from the Fonds de garantie des dépôts et de résolution exiting the general government perimeter in 2015. The Caisse Nationale des Autoroutes paid off € 1.1 billion of its debt. CSPE contribution to debt went down (€ −0.8 billion). In the same time, both Bpifrance and the Commissariat à l'énergie atomique added € 0.4 billion to their debts.

Local government debt went up sharply

The contribution of local government jumped (€ +10.6 billion). Municipalities, departments and regions respectively borrowed € 3.8 billion, € 2.3 billion and € 3.6 billion. Other local government units (intercommunal syndicates and local agencies) contributed for € +0.9 billion.

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
2014Q4 2015Q1 2015Q2 2015Q3 2015Q4
General Government 2,040.3 2,091.9 2,107.9 2,105.7 2,096.9
% of GDP 95.3% 97.6% 97.8% 97.1% 95.7%
of which, by sub-sector consolidated*:
State 1,611.3 1,648.5 1,673.9 1,672.7 1,661.2
Central Agencies 22.7 22.1 22.1 22.1 18.9
Local Government 189.5 188.7 187.5 185.9 196.5
Social security funds 216.7 232.5 224.4 225.0 220.3
of which, by category
Currency and deposits 40.1 38.3 41.0 41.7 39.3
Securities other than shares 1,705.0 1,762.5 1,778.1 1,774.8 1,760.7
short-term 196.6 213.6 191.7 189.7 177.2
long-term 1,508.4 1,548.9 1,586.4 1,585.1 1,583.5
Loans 295.1 291.1 288.8 289.2 296.9
short-term 11.8 17.6 15.2 14.0 14.6
long-term 283.4 273.5 273.6 275.2 282.3
  • (*) Explanations in the box "For more details"
  • Source: National Accounts 2010 basis − INSEE, DGFiP, Banque de France

In Q4 2015, the net public debt increased by 9.6 billion

At the end of Q4 2015, the net public debt reached € 1,904.1 billion (equivalent to 86.9 % of GDP versus to 87.4 % in Q3 2015), a € 9.6 billion rise compared to the previous quarter. The € +18.4 billion gap between changes in net and gross debt is mainly explained by a significant fall of the State's cash position (€ −16.0 billion) and a more moderate decline of the cash position of social security funds (€ −1.8 billion). On the contrary, local government cash position grew by € 1.1 billion. Loans for € 1.1 billion are paid off to the Caisse nationale des autoroutes. Furthermore, FRR (Fonds de réserve pour les retraites) sold € 1.0 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
2014Q4 2015Q1 2015Q2 2015Q3 2015Q4
General government 1,850.6 1,867.6 1,895.9 1,894.5 1,904.1
The State 1,510.3 1,518.1 1,551.8 1,553.8 1,556.7
Central Agencies 6.3 6.2 5.8 5.6 2.9
Local government 177.3 176.3 175.1 173.6 184.0
Social security funds 156.7 167.1 163.2 161.6 160.5

    Graph_dette_nette – Maastricht gross debt and net debt

    The overall value of quoted shares and mutual fund shares rose slightly

    In Q4 2015, the value of quoted shares and mutual fund shares held by general government units went up to € 215.7 billion, a € 1.1 billion increase compared to Q3 2015. The State sold € 0.8 billion of SAFRAN shares. EDF shares depreciation is offset by the rise in both Renault and Engie shares' prices. FRR bought € 0.7 billion of quoted shares. The value of mutual fund shares held increased by € 0.7 billion, mainly due to movements in securities holdings by social securities funds

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

    (billion euros)
    General government holdings of quoted shares and mutual fund shares
    2014Q4 2015Q1 2015Q2 2015Q3 2015Q4
    General government 223.3 239.1 230.3 214.6 215.7
    The State 75.5 75.5 71.9 63.6 63.1
    Central Agencies 30.4 35.0 33.9 31.2 28.3
    Local government 0.2 0.2 0.2 0.2 0.2
    Social security funds 117.2 128.4 124.3 119.6 124.2

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

      Documentation

      Methodology (pdf, 131 Ko)