24 March 2017
2017- n° 84At the end of Q4 2016, the Maastricht debt accounted for 96.0% of GDP Debt of the general government according to the Maastricht definition - fourth quarter
2016
At the end of Q4 2016, the Maastricht debt amounted to €2,147.2 billion, a €13.7 billion decrease in comparison to Q3 2016. It accounted for 96.0% of gross domestic product (GDP), 1.5 points lower than Q3's level. By contrast, the net public debt increased moderately (€ +4.0 billion).
- The Maastricht debt decreased by €13.7 billion compared to the previous quarter
- State, central agencies and social security funds debts went down
- Local government debt increased
- In Q4 2016, the net public debt increased by €4.0 billion
- The overall value of quoted shares and mutual fund shares held by general government increased
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.
The Maastricht debt decreased by €13.7 billion compared to the previous quarter
At the end of Q4 2016, the Maastricht debt amounted to €2,147.2 billion, a €13.7 billion decrease in comparison to Q3 2016. It accounted for 96.0% of gross domestic product (GDP), 1.5 points lower than Q3's level. By contrast, the net public debt increased moderately (€ +4.0 billion).
State, central agencies and social security funds debts went down
In the fourth quarter of 2016, the State contribution to the debt decreased by €12.3 billion. This diminution stemmed mainly from both short-term (€ −8.8 billion) and long-term (€ −5.8 billion) negotiable debt. Furthermore, deposits at the French Treasury decreased (€ −1.6 billion). Conversely, credits on the liability side rose (€ +4.3 billion). This increase came mainly from the reclassification of contribution au service public de l'électricité (CSPE) from central agencies to the State.
Central agencies' contribution diminished too (€ −4.5 billion) mainly thanks to the reclassification of CSPE's debt and to the Caisse nationale des autoroutes (CNA) which reduced its debt by €0.3 billion. Conversely, the Société anonyme de gestion des stocks de sécurité and the Commissariat à l'énergie atomique both contracted € 0.3 billion of debt.
The contribution of social security funds to the debt decreased (€ −3.5 billion), above all because of CADES (€ −2.9 billion), ACOSS (€ −1.8 billion) and to a lesser extent CANSSM (€ −0.5 billion). Conversely, UNEDIC borrowed (€1.1 billion) as well as CNAF (€ +0.4 billion) and hospitals (€ +0.4 billion).
Local government debt increased
In Q4 2016, the contribution of local government went up by € +6.5 billion: Municipalities borrowed € 3.1 billion, departments € 1.8 billion and and regions € 1.2 billion. Other units in local government contributed for € +0.4 billion to the debt rise.
graphiqueGraphIR – General government debt under the Maastricht treaty (% of GDP) (*)
tableauTableauA – General government debt under the Maastricht treaty by sub-sector and by category
2015Q4 | 2016Q1 | 2016Q2 | 2016Q3 | 2016Q4 | |
---|---|---|---|---|---|
General Government | 2,098.0 | 2,139.5 | 2,171.2 | 2,161.0 | 2,147.2 |
% of GDP | 95.6% | 97.6% | 98.4% | 97.5% | 96.0% |
of which, by sub-sector : | |||||
State | 1,661.3 | 1,694.7 | 1,724.5 | 1,722.2 | 1,709.9 |
Central agencies | 19.6 | 19.5 | 18.7 | 17.2 | 12.7 |
Local government | 196.7 | 194.3 | 194.7 | 193.1 | 199.6 |
Social security funds | 220.4 | 231.0 | 233.3 | 228.5 | 225.0 |
of which, by category | |||||
Currency and deposits | 39.1 | 36.7 | 37.3 | 38.1 | 36.5 |
Securities other than shares | 1,760.6 | 1,812.5 | 1,843.9 | 1,836.6 | 1,817.3 |
short-term | 178.4 | 188.5 | 194.5 | 180.3 | 168.0 |
long-term | 1,582.2 | 1,623.9 | 1,649.3 | 1,656.3 | 1,649.4 |
Loans | 298.4 | 290.4 | 290.1 | 286.3 | 293.5 |
short-term | 14.4 | 13.8 | 15.0 | 12.6 | 13.3 |
long-term | 283.9 | 276.6 | 275.1 | 273.8 | 280.2 |
- (*) Explanations in the box "For more details"
- Source: National Accounts 2010 basis - INSEE, DGFiP, Banque de France
In Q4 2016, the net public debt increased by €4.0 billion
At the end of Q4 2016, the net public debt reached €1,957.3 billion (equivalent to 87.5% of GDP versus to 88.2% in Q3 2016), a €4.0 billion rise compared to the previous quarter. The €17.7 billion gap between changes in net and gross debt is mainly explained by a sharp decrease in the State's cash position (€ −17.1 billion). The cash position of social security funds decreased as well (€ −4.5 billion). Furthermore the State got reimbursed €1.8 billion of loans. However, social security funds increased their detention in negotiable debt by € 5.8 billion.
tableauTableauB – General government net debt by sub-sector
2015Q4 | 2016Q1 | 2016Q2 | 2016Q3 | 2016Q4 | |
---|---|---|---|---|---|
General government | 1,906.6 | 1,924.9 | 1,949.8 | 1,953.3 | 1,957.3 |
of which : | |||||
State | 1,556.0 | 1,571.8 | 1,592.2 | 1,601.4 | 1,607.9 |
Central agencies | 2.7 | 2.5 | 3.4 | 3.0 | –1.4 |
Local government | 184.7 | 182.1 | 182.5 | 180.8 | 187.4 |
Social security funds | 163.2 | 168.5 | 171.6 | 168.1 | 163.4 |
graphiqueGraph_dette_nette – Maastricht gross debt and net debt
The overall value of quoted shares and mutual fund shares held by general government increased
In Q4 2016, the overall value of quoted shares and mutual fund shares held by general government units went up to €223.0 billion, a €8.3 billion increase compared to Q3 2016. The quoted shares held by the State gained €2.8 billion of value. and those held by social security funds gained €1.1 billion of value. Moreover, the State received € 0.9 billion of quoted shares from EDF as dividend. The Association pour le régime de retraite complémentaire des salariés (Arrco) and the Régime social des indépendants (RSI) bought €0.7 billion and €0.4 billion of quoted shares.
The value of mutual fund shares held went up by €2.4 billion, mainly due to the valuation gain (€+2.4 bn) and acquisitions from central agencies (€+0.9 bn). Conversely, social security funds got rid off €0.9 bn of mutual fund shares.
tableauTableauC – General government holdings of quoted shares and mutual fund shares
2015Q4 | 2016Q1 | 2016Q2 | 2016Q3 | 2016Q4 | |
---|---|---|---|---|---|
General government | 217.2 | 210.1 | 203.3 | 214.7 | 223.0 |
of which : | |||||
State | 62.9 | 56.8 | 52.8 | 57.5 | 61.2 |
Central agencies | 29.8 | 28.7 | 27.7 | 29.3 | 30.3 |
Local government | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
Social security funds | 124.3 | 124.5 | 122.7 | 127.7 | 131.4 |