Insee conjoncture

At the end of Q2 2017, the Maastricht debt accounted for 99.2% of GDPDebt of the general government according to the Maastricht definition - second quarter 2017

At the end of Q2 2017, the Maastricht debt amounted to €2,231.7 billion, a €22.0 billion increase in comparison to Q1 2017. It accounted for 99.2% of gross domestic product (GDP), 0.4 point higher than last quarter's level. The net public debt increased somewhat more moderately (€ +20.2 billion).

Informations rapides N° 258
No 258
Principaux indicateurs
Paru le : 29/09/2017
Prochaine parution le : 21/12/2018 at 08:45 - third quarter 2018

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 are not equal to the forecasted 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 increased by €22.0 billion compared to the previous quarter

At the end of Q2 2017, the Maastricht debt amounted to €2,231.7 billion, a €22.0 billion increase in comparison to Q1 2017. It accounted for 99.2% of gross domestic product (GDP), 0.4 point higher than last quarter's level. The net public debt increased somewhat more moderately (€ +20.2 billion).

State debt went up while the central agencies' one decreased a little

In the second quarter of 2017, the State contribution to the debt increased by €31.0 billion. This rise stemmed mainly from long-term negotiable debt (€ +23.9 billion) and to a lesser extent from deposits at the French Treasury (€ +4.1 billion) and from the short-term negotiable debt (€ +2.9 billion). The amounts of loans on the liabilities side of the State are steady.

Conversely, the contribution of central agencies decreased slightly (€ −0.2 billion) thanks to the Caisse nationale des autoroutes (CNA).

The debts of local government and social security funds debts decreased

In Q2 2017, the contribution of local government to the debt went down by € −0.9 billion: municipalities reduced their debt by €0.5 billion and departments by €0.4 billion.

The contribution of social security funds to the debt also decreased (€ −7.9 billion), above all because of CADES (€ −6.9 billion) that reimbursed espacially for € 3.8 billion Eurobonds and for € 1.4 billion negotiable debt securities.

To a lesser extent, ACOSS (€ –0.8 billion), UNEDIC (€ −0.2 billion) and Pôle Emploi (€ −0.2 billion) reduced their debt. Conversely, CNAF increased its debt (€ +0.2 billion) and hospitals too (€ +0.1 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
2016Q2 2016Q3 2016Q4 2017Q1 2017Q2
General Government 2 171.2 2 161.0 2 147.4 2 209.7 2 231.7
%of GDP 98.1% 97.4% 96.3% 98.8% 99.2%
of which, by sub-sector :
State 1 724.5 1 722.2 1 709.9 1 759.4 1 790.4
Central agencies 18.7 17.2 12.7 11.7 11.5
Local Government 194.7 193.1 199.6 198.4 197.5
Social security funds 233.3 228.5 225.2 240.2 232.4
of which, by category
Currency and deposits 37.3 38.1 36.5 32.8 37.0
Securities other than shares 1 843.9 1 836.6 1 817.3 1 887.7 1 909.1
short-term 194.5 180.3 168.0 195.8 198.3
long-term 1 649.3 1 656.3 1 649.3 1 691.8 1 710.8
Loans 290.1 286.3 293.6 289.2 285.6
short-term 15.0 12.6 13.3 12.2 10.3
long-term 275.1 273.8 280.3 277.0 275.3
  • (*) Explanations in the box "For more details"
  • Source : National Accounts 2010 basis - Insee, DGFiP, Banque de France

In Q2 2017, the net public debt increased by €20.2 billion

At the end of Q2 2017, the net public debt reached €2,002.0 billion (equivalent to 89.0% of GDP versus to 88.6% in Q1 2017), a €20.2 billion rise compared to the previous quarter. The €1.8 billion gap between changes in net and gross debt is mainly explained by an increase in the cash position of the State (€ +5.4 billion). Conversely, the cash position of social security funds (€ −2.5 billion) and central agencies (€ −0.7 billion) decreased. Furthermore the social security funds got €1.0 billion of short-term debt securities reimbursed and State lent € 0.7 billion to units outside of general government.

TableauB – General government net debt by sub-sector

(billion euros)
General government net debt by sub-sector
2016Q2 2016Q3 2016Q4 2017Q1 2017Q2
General government 1 947.0 1 950.6 1 954.3 1 981.8 2 002.0
of which :
The State 1 591.6 1 600.7 1 607.5 1 624.8 1 649.7
Central agencies 3.3 2.8 –1.7 –1.9 –1.5
Local government 161.2 160.9 172.0 186.1 185.1
Social security funds 191.0 186.1 176.5 172.8 168.6

Graph_dette_nette – Maastricht gross debt and net debt

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

In Q2 2017, the overall value of quoted shares and mutual fund shares held by general government units went up to €233.7 billion, a €5.5 billion increase compared to Q1 2017. The quoted shares held by the State, e.g EDF and Aéroports de Paris, gained €6.0 billion of value due to the rise in stock market prices. The non-quoted shares held by the central agencies went up by €1.9 billion.

The value of mutual fund shares decreased (€ −2.5 billion), mainly because of the sale of money market fund shares by UNEDIC (€ −1.9 billion).

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

(billion euros)
General government holdings of quoted shares and mutual fund shares
2016Q2 2016Q3 2016Q4 2017Q1 2017Q2
General government 203.3 214.6 220.3 228.3 233.7
of which :
The State 52.7 57.5 55.4 55.0 60.9
Central agencies 27.7 29.3 32.1 33.1 35.3
Local government 0.1 0.1 0.1 0.1 0.1
Social security funds 122.7 127.7 132.5 140.0 137.4

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

Documentation

Methodology (pdf, 131 Ko)