25 March 2020
N° 2020-72

At the end of Q4 2019, the Maastricht debt accounted for €2,380.1 billionDebt of the general government according to the Maastricht definition - fourth quarter 2019

At the end of Q4 2019, Maastricht’s debt reached €2,380.1 billion, a €34.6 billion decrease in comparison to Q3 2019. It accounted for 98.1% of gross domestic product (GDP), 2.3 points lower than last quarter. Net public debt decreased more moderately (€−2.6 billion) and accounted for 89.5 % of GDP.

Informations rapides
No 72
Paru le : Paru le 25/03/2020
Prochaine parution le : 19/06/2020 at 08:45 - first quarter 2020
Informations rapides  No 72 - March 2020
Warnings:

Quarterly debt figures are based on an accounting data source less complete than annual accounts. Results may therefore be updated during several quarters.

For a given quarter, the change in debt does not allow the government deficit to be deducted. To move from the change in gross debt within the meaning of Maastricht to the deficit, net acquisitions of financial assets and of liabilities excluded from the Maastricht debt must also be taken into consideration (for example issuances above/below nominal value). Moreover, the quarterly deficit published by INSEE is seasonally and trading-day adjusted, which is not the case for quarterly debt.

The Maastricht debt decreased by €34.6 billion compared to the previous quarter

At the end of Q4 2019, Maastricht’s debt reached €2,380.1 billion, a €34.6 billion decrease in comparison to Q3 2019. It accounted for 98.1% of gross domestic product (GDP), 2.3 points lower than last quarter. Net public debt decreased more moderately (€−2.6 billion) and accounted for 89.5 % of GDP.

State, central agencies and social security funds debts went down

In the fourth quarter of 2019, the State’s contribution to debt decreased by €35.1 billion. This diminution stemmed mainly from long-term negotiable debt (€−24.1 billion) and to a lesser extent from short-term negotiable debt (€−6.6 billion). Deposits at the French Treasury decreased too (€−2.2 billion). Credits on the liability side decreased too by €2.2 billion due to the debt repayment to EDF under the Contribution au service public de l’électricité (€−1.6 billion). Furthermore, Portugal paid back a loan under the European Financial Stability Facility (EFSF) for €0.4 billion.

The contribution of central agencies to the debt decreased to a lesser extent (€−0.9 billion) due to SNCF Réseau (€−1.2 billion). Conversely, Commissariat à l’énergie atomique et aux énergies alternatives (CEA) increased its debt by €0.3 billion.

In Q4 2019, the contribution of social security funds decreased by €3.0 billion due to CADES (€−6.6 billion). Conversely, ACOSS, CNAF and UNEDIC increased their debt (respectively +€1.8 billion, +€1.1 billion and +€0.6 billion).

Local government debt went up

The contribution of local government to the debt went up to €4.4 billion, reflecting the increase in the debt of the municipalities (€+2.7 billion), regions (€+0.8 billion), departments (€+0.6 billion) and local communities syndicates (€+0.4 billion).

General government debt under the Maastricht treaty (% of GDP) (*)

General government debt under the Maastricht treaty (% of GDP) (*) ()
General government debt under the Maastricht treaty (% of GDP) (*)
1996-Q1 57.3
1996-Q2 58.2
1996-Q3 59.2
1996-Q4 60.0
1997-Q1 60.3
1997-Q2 62.3
1997-Q3 62.4
1997-Q4 61.4
1998-Q1 60.6
1998-Q2 60.8
1998-Q3 61.9
1998-Q4 61.3
1999-Q1 61.5
1999-Q2 60.9
1999-Q3 61.1
1999-Q4 60.5
2000-Q1 59.6
2000-Q2 59.6
2000-Q3 59.0
2000-Q4 58.9
2001-Q1 57.8
2001-Q2 58.7
2001-Q3 58.8
2001-Q4 58.3
2002-Q1 58.6
2002-Q2 59.9
2002-Q3 59.7
2002-Q4 60.3
2003-Q1 61.8
2003-Q2 63.9
2003-Q3 64.5
2003-Q4 64.4
2004-Q1 65.0
2004-Q2 66.4
2004-Q3 66.0
2004-Q4 65.9
2005-Q1 66.8
2005-Q2 67.3
2005-Q3 67.0
2005-Q4 67.4
2006-Q1 67.3
2006-Q2 66.3
2006-Q3 66.1
2006-Q4 64.6
2007-Q1 65.7
2007-Q2 66.6
2007-Q3 65.9
2007-Q4 64.5
2008-Q1 65.9
2008-Q2 66.3
2008-Q3 66.8
2008-Q4 68.8
2009-Q1 73.6
2009-Q2 78.7
2009-Q3 81.4
2009-Q4 83.0
2010-Q1 85.0
2010-Q2 87.4
2010-Q3 85.5
2010-Q4 85.3
2011-Q1 86.7
2011-Q2 88.2
2011-Q3 87.3
2011-Q4 87.8
2012-Q1 90.2
2012-Q2 91.6
2012-Q3 90.2
2012-Q4 90.6
2013-Q1 92.1
2013-Q2 93.7
2013-Q3 92.9
2013-Q4 93.4
2014-Q1 95.0
2014-Q2 95.5
2014-Q3 95.4
2014-Q4 94.9
2015-Q1 96.7
2015-Q2 97.0
2015-Q3 96.4
2015-Q4 95.6
2016-Q1 98.5
2016-Q2 99.6
2016-Q3 98.9
2016-Q4 98.0
2017-Q1 100.5
2017-Q2 100.8
2017-Q3 99.8
2017-Q4 98.3
2018-Q1 98.9
2018-Q2 98.9
2018-Q3 99.1
2018-Q4 98.1
2019-Q1 99.5
2019-Q2 99.5
2019-Q3 100.4
2019-Q4 98.1

General government debt under the Maastricht treaty (% of GDP) (*)

  • Source: National Accounts 2014 basis - Insee, DGFiP, Banque de France.

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 ((billion euros))
2018Q4 2019Q1 2019Q2 2019Q3 2019Q4
General Government 2,314.9 2,358.5 2,375.0 2,414.7 2,380.1
%of GDP 98.1% 99.5% 99.5% 100.4% 98.1%
of which. by sub-sector:
State 1,841.8 1,883.9 1,905.3 1,946.9 1,911.8
Central agencies 63.3 64.9 65.4 65.8 64.9
Local Government 205.7 206.9 206.6 205.9 210.3
Social security funds 204.1 202.8 197.8 196.1 193.1
of which. by category
Currency and deposits 40.8 41.0 46.2 47.9 45.7
Securities other than shares 1,992.7 2,038.9 2,052.4 2,089.8 2,054.0
Short-term 147.6 143.9 147.2 150.7 145.8
Long-term 1,845.2 1,895.0 1,905.2 1,939.1 1,908.2
Loans 281.4 278.6 276.4 276.9 280.4
Short-term 8.2 8.3 8.2 9.2 9.9
Long-term 273.2 270.3 268.2 267.7 270.5
  • (*) Explanations in the box "For more details"
  • Source: National Accounts 2014 basis - Insee, DGFiP, Banque de France

In Q4 2019, the net public debt decreased

At the end of Q4 2019, the net public debt reached €2,170.7 billion, down €2.6 billion (equivalent to 89.5% of GDP versus 90.4 % the previous quarter). The €32.0 billion gap between changes in net and gross debt mainly reflects a decrease in the cash position of the State (€−24.5 billion), social security funds (€−6.7 billion) and central agencies (€−0.9 billion).

General government net debt by sub-sector

(billion euros)
General government net debt by sub-sector ((billion euros))
2018Q4 2019Q1 2019Q2 2019Q3 2019Q4
General government 2,108.9 2,131.8 2,158.3 2,173.4 2,170.7
of which:
The State 1,732.6 1,757.1 1,789.6 1,808.6 1,797.4
Central agencies 50.5 51.5 51.5 51.2 51.4
Local government 193.2 194.3 193.9 193.2 197.6
Social security funds 132.7 128.9 123.4 120.3 124.3
  • Source: National Accounts 2014 basis - Insee, DGFiP, Banque de France

Maastricht gross debt and net debt

Maastricht gross debt and net debt ()
Maastricht debt Net debt
1996-Q1 702.9 585.5
1996-Q2 719.6 605.0
1996-Q3 736.4 620.8
1996-Q4 751.3 617.8
1997-Q1 758.3 623.1
1997-Q2 790.6 651.7
1997-Q3 798.0 654.3
1997-Q4 794.1 649.9
1998-Q1 793.9 664.1
1998-Q2 805.2 675.9
1998-Q3 829.7 699.3
1998-Q4 829.4 683.7
1999-Q1 838.4 697.4
1999-Q2 835.9 700.5
1999-Q3 846.9 701.7
1999-Q4 847.6 707.3
2000-Q1 845.5 711.6
2000-Q2 857.5 712.8
2000-Q3 861.2 727.4
2000-Q4 870.6 734.5
2001-Q1 866.0 748.6
2001-Q2 888.9 744.5
2001-Q3 898.6 758.2
2001-Q4 897.4 761.8
2002-Q1 909.6 770.8
2002-Q2 936.6 782.9
2002-Q3 940.3 812.1
2002-Q4 956.8 813.6
2003-Q1 988.5 830.8
2003-Q2 1028.2 850.9
2003-Q3 1044.0 877.2
2003-Q4 1050.4 897.3
2004-Q1 1071.9 914.7
2004-Q2 1106.2 931.2
2004-Q3 1111.3 952.2
2004-Q4 1123.6 965.9
2005-Q1 1146.7 992.4
2005-Q2 1165.8 1009.8
2005-Q3 1171.7 1027.8
2005-Q4 1189.9 1039.8
2006-Q1 1199.2 1037.4
2006-Q2 1196.0 1047.1
2006-Q3 1207.7 1072.6
2006-Q4 1194.1 1072.1
2007-Q1 1230.6 1091.6
2007-Q2 1263.0 1099.1
2007-Q3 1265.2 1123.0
2007-Q4 1252.9 1126.9
2008-Q1 1294.3 1142.5
2008-Q2 1313.4 1155.3
2008-Q3 1330.4 1174.7
2008-Q4 1370.3 1191.7
2009-Q1 1453.8 1228.2
2009-Q2 1542.6 1270.0
2009-Q3 1582.2 1326.5
2009-Q4 1608.0 1350.7
2010-Q1 1653.0 1379.6
2010-Q2 1710.8 1417.1
2010-Q3 1689.5 1432.5
2010-Q4 1701.1 1469.0
2011-Q1 1745.5 1496.3
2011-Q2 1790.1 1517.9
2011-Q3 1784.9 1548.0
2011-Q4 1808.0 1573.2
2012-Q1 1864.4 1592.5
2012-Q2 1899.8 1616.3
2012-Q3 1879.1 1639.1
2012-Q4 1892.5 1670.5
2013-Q1 1929.3 1692.5
2013-Q2 1971.0 1711.6
2013-Q3 1959.4 1726.5
2013-Q4 1977.7 1757.1
2014-Q1 2020.3 1781.4
2014-Q2 2038.6 1805.4
2014-Q3 2043.7 1826.8
2014-Q4 2039.9 1837.3
2015-Q1 2092.1 1856.4
2015-Q2 2108.7 1881.8
2015-Q3 2107.1 1882.1
2015-Q4 2101.3 1898.3
2016-Q1 2176.3 1957.7
2016-Q2 2209.5 1982.5
2016-Q3 2201.2 1986.5
2016-Q4 2188.5 1992.5
2017-Q1 2252.3 2018.6
2017-Q2 2275.8 2039.9
2017-Q3 2271.6 2039.2
2017-Q4 2258.6 2053.2
2018-Q1 2286.7 2060.4
2018-Q2 2300.5 2083.6
2018-Q3 2320.6 2089.4
2018-Q4 2314.9 2108.9
2019-Q1 2358.5 2131.8
2019-Q2 2375.0 2158.3
2019-Q3 2414.7 2173.4
2019-Q4 2380.1 2170.7

Maastricht gross debt and net debt

  • Source: National Accounts 2014 basis - Insee, DGFiP, Banque de France.

The overall value of quoted shares and collective investment shares held by general government decreased

In Q4 2019, the overall value of quoted shares and undertaking for collective investment schemes (UCIs) held by general government units went down to €237.8 billion, a €1.4 billion decrease compared to Q3 2019.

The quoted shares held by the State decreased to €3.6 billion because of the decrease in the stock market price of EDF, Orange and Renault. Moreover, the State sold €1.9 billion of Française des Jeux shares.

The quoted shares and UCI shares of social security funds went up (€+2.2 billion) due to purchases of the Caisse nationale d’assurance vieillesse des professions libérales (€+0.7 billion), Sécurité sociale pour les indépendants (€+0.4 billion), Retraite complémentaire publique (€+0.5 billion) and UNEDIC (€+0.5 billion).

General government holdings of quoted shares and mutual fund shares

(billion euros)
General government holdings of quoted shares and mutual fund shares ((billion euros))
2018Q4 2019Q1 2019Q2 2019Q3 2019Q4
General government holdings of quoted shares and mutual fund shares 240.7 244.7 238.2 239.3 237.8
of which:
The State 68.6 70.6 67.4 67.3 63.7
Central agencies 36.6 37.5 37.4 37.6 37.5
Local government .1 .1 .1 .1 .1
Social security funds 135.5 136.5 133.3 134.3 136.5
  • Source: National Accounts 2014 basis - Insee, DGFiP, Banque de France

General government holdings of quoted shares and mutual fund shares

General government holdings of quoted shares and mutual fund shares ()
General government holdings of quoted shares and mutual fund shares
1996-Q1 37.5
1996-Q2 36.3
1996-Q3 36.0
1996-Q4 34.9
1997-Q1 36.4
1997-Q2 36.7
1997-Q3 37.4
1997-Q4 62.9
1998-Q1 81.3
1998-Q2 94.3
1998-Q3 77.4
1998-Q4 91.1
1999-Q1 100.1
1999-Q2 107.5
1999-Q3 114.0
1999-Q4 151.0
2000-Q1 186.2
2000-Q2 167.8
2000-Q3 151.3
2000-Q4 134.5
2001-Q1 114.2
2001-Q2 107.1
2001-Q3 84.3
2001-Q4 95.4
2002-Q1 99.6
2002-Q2 76.8
2002-Q3 70.1
2002-Q4 78.4
2003-Q1 78.1
2003-Q2 99.9
2003-Q3 101.4
2003-Q4 109.0
2004-Q1 111.2
2004-Q2 115.3
2004-Q3 119.8
2004-Q4 130.3
2005-Q1 140.3
2005-Q2 153.5
2005-Q3 178.3
2005-Q4 229.9
2006-Q1 256.2
2006-Q2 247.3
2006-Q3 258.0
2006-Q4 285.9
2007-Q1 301.4
2007-Q2 343.6
2007-Q3 323.6
2007-Q4 334.0
2008-Q1 274.7
2008-Q2 284.7
2008-Q3 257.5
2008-Q4 220.6
2009-Q1 182.6
2009-Q2 203.6
2009-Q3 240.1
2009-Q4 244.3
2010-Q1 245.9
2010-Q2 219.2
2010-Q3 226.6
2010-Q4 224.6
2011-Q1 222.7
2011-Q2 214.5
2011-Q3 182.3
2011-Q4 187.4
2012-Q1 191.6
2012-Q2 189.8
2012-Q3 197.0
2012-Q4 186.8
2013-Q1 190.6
2013-Q2 195.4
2013-Q3 213.6
2013-Q4 213.7
2014-Q1 221.4
2014-Q2 212.2
2014-Q3 216.8
2014-Q4 211.5
2015-Q1 226.9
2015-Q2 218.5
2015-Q3 203.7
2015-Q4 208.3
2016-Q1 201.6
2016-Q2 195.4
2016-Q3 207.5
2016-Q4 212.8
2017-Q1 214.9
2017-Q2 218.4
2017-Q3 226.6
2017-Q4 232.1
2018-Q1 235.7
2018-Q2 250.2
2018-Q3 261.4
2018-Q4 240.7
2019-Q1 244.7
2019-Q2 238.2
2019-Q3 239.3
2019-Q4 237.8

General government holdings of quoted shares and mutual fund shares

  • Source: National Accounts 2014 basis - Insee, DGFiP, Banque de France.

For more details

For the fourth quarter release, the measure of GDP used in debt-to-GDP ratios is the annual GDP based on gross data. This figure has no proper equivalent during the year; it is approximated by the sum of the last four quarters of quarterly GDP based on data adjusted for seasonal variations and working days.

Data by institutional sub-sectors of general government presented in this issue of Informations Rapides are consolidated: liabilities held by the same sub-sector as well as those held by other sub-sectors of general government are excluded from the calculations.

The methodological note is available on the tab « Documentation » of this page.

Next release: 19 June 2020 at 8:45 am

Documentation

Methodology (pdf, 131 Ko)


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