At the end of Q3 2016, the Maastricht debt accounted for 97.6% of GDPDebt of the general government according to the Maastricht definition - third quarter 2016

At the end of Q3 2016, the Maastricht debt amounted to €2,160.4 billion, a €10.3 billion decrease in comparison to Q2 2016. It accounted for 97.6% of GDP, 0.9 points lower than the Q2 2016's level. By contrast, the net public debt increased moderately (€ +3.6 billion).

Informations rapides
No 343
Paru le : 23/12/2016
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 the Maastricht gross public debt, net acquisitions of financial assets and of liabilities excluded from the Maastricht debt definition must also be taken into consideration, as well as the fact that the Maastricht debt is in nominal value. Moreover, the quarterly deficit published by INSEE is seasonally and trading-day adjusted, which is not the case of the quarterly debt.

Following a decision taken by Eurostat, the Fonds de garantie des dépôts et de résolution (FGDR) is reclassified as part of the general government. Furthermore, FGDR liabilities are now excluded from the Maastricht debt definition, thus there are no effects on Maastricht debt for years 2015-2016 (as FGDR was out of general government). The effect in 2014 is a reduction of €2.0 billion of debt.

The Maastricht debt decreased by €10.3 billion compared to the previous quarter

At the end of Q3 2016, the Maastricht debt amounted to €2,160.4 billion, a €10.3 billion decrease in comparison to Q2 2016. It accounted for 97.6% of GDP, 0.9 points lower than the Q2 2016's level. By contrast, the net public debt increased moderately (€ +3.6 billion).

All sub-sector debts went down

In the third quarter of 2016, the contribution of Social security funds contribution to the debt decreased (€ −4.8 billion), above all because of ACOSS (€ −6.8 billion). Conversely, CADES borrowed €1.1 billion from units outside general government. To a lesser extent, UNEDIC (€ +0.6 billion), CNAF (€ +0.2 billion) and Pôle Emploi (€ +0.1 billion) increased their contribution to the debt.

The State contribution to the debt decreased by €2.3 billion. This diminution stemmed mainly from short-term negotiable debt (€ −10.2 billion). This sharp decrease was partially offset by a rise in long-term negotiable debt rising (€ +7.0 billion). Furthermore, deposits at the French Treasury increased (€ +0.8 billion).

The contribution of local government also went down (€ −1.7 billion). Both departments and regions paid back €0.8 billion. To a lesser extent, municipalities and intercommunal syndicates reduced their debt by €0.4 billion and €0.1 billion. On the other hand, local agencies borrowed €0.5 billion long-term loans.

Central agencies' contribution diminished too (€ −1.5 billion) mainly thanks to the Caisse nationale des autoroutes (CNA) which reduced its long-term debt by €0.9 billion. Moreover, the Commissariat à l'énergie atomique and the Banque publique d'investissement respectively paid back €0.4 billion and €0.3 billion of long-term loans.

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
2015Q3 2015Q4 2016Q1 2016Q2 2016Q3
General Government 2,103.7 2,097.4 2,138.9 2,170.6 2,160.4
%of GDP 97.0% 96.2% 97.5% 98.4% 97.6%
of which, by sub-sector, consolidated* :
State 1,672.7 1,661.7 1,695.1 1,724.8 1,722.6
Central Agencies 20.0 18.9 18.8 18.0 16.5
Local Government 185.9 196.5 194.1 194.5 192.9
Social security funds 225.0 220.3 230.9 233.3 228.5
of which, by category
Currency and deposits 39.6 39.2 36.8 37.4 38.2
Securities other than shares 1,774.8 1,760.9 1,812.8 1,844.2 1,836.9
short-term 189.7 177.4 187.5 193.8 179.5
long-term 1,585.1 1,583.5 1,625.2 1,650.4 1,657.4
Loans 289.3 297.3 289.4 289.1 285.3
short-term 14.0 14.6 13.9 15.1 12.7
long-term 275.2 282.8 275.4 273.9 272.6
  • (*) Explanations in the box "For more details"
  • Source: National Accounts 2010 basis - INSEE, DGFiP, Banque de France

In Q3 2016, the net public debt increased by €3.6 billion

At the end of Q3 2016, the net public debt reached €1,952.5 billion (equivalent to 88.2% of GDP versus to 88.4% in Q2 2016), a €3.6 billion rise compared to the previous quarter. The €13.9 billion gap between changes in net and gross debt is mainly explained by a sharp decrease in the State's cash position (€ −11.3 billion). The Cash position of social security funds decreased as well (€ −1.4 billion). Central agencies got reimbursed €1.0 billion of loans.

TableauB – General government net debt by sub-sector

(billion euros)
General government net debt by sub-sector
2015Q3 2015Q4 2016Q1 2016Q2 2016Q3
General government 1,892.5 1,905.7 1,924.0 1,948.9 1,952.5
of which :
The State 1,553.8 1,556.4 1,572.3 1,592.7 1,601.8
Central Agencies 3.5 3.0 2.9 3.7 3.3
Local government 173.6 184.0 181.4 181.8 180.2
Social security funds 161.6 162.3 167.5 170.6 167.2

Graph_dette_nette – Maastricht gross debt and net debt

The overall value of quoted shares and mutual fund shares held by general government increased

In Q3 2016, the overall value of quoted shares and mutual fund shares held by general government units went up to €210.8 billion, a €4.6 billion increase compared to Q2 2016. The Fonds de réserve pour les retraites (FRR) bought €0.5 billion of quoted shares. The quoted shares held by the State gained €1.3 billion of value. Concurrently, social security funds' shares gained €0.2 billion of value.

The value of mutual fund shares held went up by €2.7 billion, mainly due to FRR (€ +0.6 billion), CNAVPL (Caisse nationale d'assurance vieillesse des professions libérales) (€ +0.3 billion) and RSI (régime spécial des indépendants) (€ +0.3 billion). Finally, the value of various mutual fund shares held by the general government increased by €1.0 billion.

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

(billion euros)
General government holdings of quoted shares and mutual fund shares
2015Q3 2015Q4 2016Q1 2016Q2 2016Q3
General government 215.2 220.7 213.0 206.2 210.8
of which :
The State 64.1 64.9 58.7 54.7 56.0
Central Agencies 31.2 31.6 30.3 29.3 29.4
Local government 0.2 0.2 0.2 0.2 0.2
Social security funds 119.7 124.1 123.8 122.0 125.2

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

Documentation

Methodology (pdf, 131 Ko)