The national accounts in 2015National accounts - Base 2010

Detailed figures
Insee Résultats
Paru le : 22/11/2016
Consulter

Debt and public deficit within the meaning of Maastricht in 2015National accounts - Base 2010

Detailed figures
Insee Résultats
Paru le : 27/03/2017

In the framework of European union treaty (Maastricht treaty), debt and central government deficit are particularly monitored. The debt corresponds to the outstanding of liabilities valuated at the end of a given period, whereas deficit corresponds to the borrowing need observed on the same period. They are calculated with national accounting results and are quarterly notified (regarding the debt) and annually notified (debt and deficit) to the European Commission.

Warning : Aggregates of provisional tables 3.101prov, 3.102prov, 3.103prov and 3.106prov come from general government accounts notified to the European Commission on 2017-03-24. Compared with the GDP series included in the other tables of “ The national accounts in 2015 ”, GDPs of year 2015 and 2016 have been updated by anticipation of the national accounts publication that will occur on 2017-05-30. GDP of year 2016  is assessed using the 2016/2015 growth rate stemming from the detailed results of the 2016 Q4 of quarterly national accounts. This GDP and the 2016 ratios may be revised when the publication of the new national accounts campaign occurs on 2017-05-30.

3.101prov – General government and sub-sectors debt according to the Maastricht definition (Billions of Euros and %)
(xls, 22 Ko)
3.102prov – General government and sub-sectors debt according to the Maastricht definition by financial instrument (Billions of Euros)
(xls, 27 Ko)
3.103prov – General government net debt and other liquid assets detained by the general government (Billions of Euros and %)
(xls, 21 Ko)
3.104 – From general government total liabilities (S13) to the debt according to the Maastricht definition (Billions of Euros)
(xls, 36 Ko)
3.105 – From the general government deficit to the variation of the general government debt according to the Maastricht definition (Billions of Euros)
(xls, 17 Ko)
3.106prov – General government deficit according to the Maastricht definition (Billions of Euros and %)
(xls, 25 Ko)
3.107 – From the Finance Act budget balance to the deficit of the State (S13111) according to the Maastricht definition Billions of euros)
(xls, 35 Ko)
3.108 – From the accounting balance of social security basic schemes to the deficit of Social security funds according to the Maastricht definition (Billions of euros)
(xls, 31 Ko)

Pour comprendre

In the framework of European union treaty (Maastricht treaty), debt and central government deficit are particularly monitored. The debt corresponds to the outstanding of liabilities valuated at the end of a given period, whereas deficit corresponds to the borrowing need observed on the same period. They are calculated with national accounting results and are quarterly notified (regarding the debt) and annually notified (debt and deficit) to the European Commission.

General government debt according to the Maastricht definition

Debt according to the Maastricht definition covers the whole general government as defined in national accounting. Are taken into account the liabilities of central government, miscellaneous central administration bodies, local governments and social securiy funds.

Debt according to the Maastricht definition is a "gross" debt: the financial assets owned by central government are not subtracted.

It is consolidated: are excluded from the debt value any liability of an administration owned by another administration.

It is valuated at nominal value, i.e. at reimbursement value. This nominal value takes into account the valuation related to a change in exchange rates if the debt is libelled in a foreign currency. On the contrary, fluctuation of securities price and accrued interest not due are not included in the valuation. On the other hand, revaluation of the reimbursement value of inflation-indexed bonds (OATi and CADESi) is taken into account every quarter.

Finally, debt according to the Maastricht definition does not include all the financial liabilities. Are excluded derived financial products, accrued interests not due, as well as short term and long term commercial loans and any accounting differences.

A loan or a security is considered as "long term" if its maturity at the time of issue (and not the time remaining until the reimbursement date) exceeds one year.

Net general government debt and other liquid assets owned by general government

The (gross) debt according to the Maastricht definition, reflects only partly the general government financial situation. To provide a clearer insight into this situation and into the sustainability of public finances, the public notified debt, which represents liabilities, can be set against some financial assets held by general government.

Among these assets, of course figure cash and short term investments, the management of which is intrisically linked to that of the debt. To ensure symmetry with the scope of gross notified debt, are also considered payable assets as loans and negotiable debt securities owned by private economic agents. These financial instruments are valued at their nominal value, like debt according to the Maastricht definition.

Thus, from debt according to the Maastricht definition, a "net public debt" is constructed by subtracting the deposits (cash), credits and negotiable debt securities (at their market value) held by central government entities on other economic agents.

For general government sub-sectors, net debt is constructed in the same way, by subtracting from their contribution to gross public debt the same categories of assets (except assets held on other general government sub-sectors).

Otherwise, general government also owns other liquid financial assets, which are not subtracted from the gross notified debt and thus do not enter the "net public debt" perimeter. They correspond to shares of quoted corporations and to shares of collective investment organizations (OPC). The value of these assets is naturally more volatile, because it depends a lot on stock markets evolution.

Public deficit public according to the Maastricht definition

Public deficit according to the Maastricht definition corresponds to the net borrowing need (B9NF) of general government. It is the balance of general government capital account. It measures the difference between all the current expenditure, non-financial investment expenditure and capital transfers on the one hand, and all the non-financial resources on the other hand.

Public deficit is often presented in points of GDP (ratio, expressed as a percentage, between borrowing need and gross domestic product).