Informations rapides
25 September 2020
2020 - n° 243
At the end of Q2 2020, the Maastricht debt accounted for €2,638.3 billionDebt of the general government according to the Maastricht definition - second quarter 2020

At the end of Q2 2020, Maastricht’s debt reached €2,638.3 billion, a €199.9 billion increase in comparison to Q1 2020. It accounted for 114.1% of gross domestic product (GDP), 12.7 points higher than last quarter, the highest quartely increase since the beginning of the series in Q4 1995. Part of the increase in public debt in the second quarter fed the general government’s cash position, which increased sharply (€93.9 billion) ;It corresponds in part to future financing needs related to the health crisis. Net public debt increased more moderately (€105.8 billion) and stood at 100.3% of GDP.

Informations rapides
No 243
Paru le : Paru le 25/09/2020
Prochaine parution le : 17/12/2021 at 08:45 - third quarter 2021
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 contributions to the Maastricht debt computed for sub-sectors or for entities of general government exclude debts held by other general government entities. The Maastricht debt is consolidated.

The Maastricht debt increased by €199.9 billion compared to the previous quarter

At the end of Q2 2020, Maastricht’s debt reached €2,638.3 billion, a €199.9 billion increase in comparison to Q1 2020. It accounted for 114.1% of gross domestic product (GDP), 12.7 points higher than last quarter, the highest quartely increase since the beginning of the series in Q4 1995. Part of the increase in public debt in the second quarter fed the general government’s cash position, which increased sharply (€93.9 billion) ;It corresponds in part to future financing needs related to the health crisis. Net public debt increased more moderately (€105.8 billion) and stood at 100.3% of GDP.

State and social security funds debts went up sharply

In the second quarter of 2020, the State’s contribution to debt increased by €113.4 billion. This indebtness results from the increase in intervention expenditure (particularly furlough scheme), as well as tax deferrals and the contraction of tax revenues due to the decline in economic activity. This increase in state debt was accompanied by an unprecedented €69.9 billion increase in currency and deposits. The State's debt increased mainly in the form of negotiable short- and long-term debt (up €65.4 billion and €45.1 billion respectively). Deposits at the French Treasury also increased (+€3.0 billion).

The contribution of social security funds to debt increased strongly too (€+84.9 billion) due to ACOSS (€+59.0 billion), Unédic (€+15.4 billion) and CADES (€+7.6 billion). ACOSS, CADES and Unédic increased their short-term negociable debts by €78.4 billion. The deferrals and cancellations of contributions and part of the furlough scheme had to be financed by ACOSS and Unédic. In addition, part of the increase in debt feeds ACOSS’s currency and deposits (+€22.1 billion). Cades' indebtedness anticipates the takeover of Acoss' debt.

Local government debt increases less sharply

The contribution of local government to the debt increased to a lesser extent (€+2.7 billion) mainly due to Société du Grand Paris (€+2.3 billion after €+2.5 billion in Q1). Departments and municipalities paid off their long-term debt respectively by €0.8 billion and by €0.3 billion, but increased their debt in deposits by respectively €0.6 billion and €0.3 billion. Regions paid off short-term loans (€0.2 billion) but increased long-term loans (€0.3 billion).

Central agencies debt declined in second quarter

The contribution of central agencies to the debt diminished (€−1.1 billion), after a €0.1 billion decrease in Q1. France compétences and la Caisse de la dette publique reduced their debts respectively by €0.4 billion and €0.5 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 57.2
1996-Q2 58.2
1996-Q3 59.2
1996-Q4 60.0
1997-Q1 60.3
1997-Q2 62.4
1997-Q3 62.4
1997-Q4 61.4
1998-Q1 60.6
1998-Q2 60.7
1998-Q3 61.9
1998-Q4 61.3
1999-Q1 61.5
1999-Q2 60.9
1999-Q3 61.2
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 66.3
2004-Q3 66.0
2004-Q4 65.9
2005-Q1 66.8
2005-Q2 67.3
2005-Q3 67.1
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 81.5
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 94.9
2014-Q2 95.5
2014-Q3 95.4
2014-Q4 94.9
2015-Q1 96.7
2015-Q2 97.0
2015-Q3 96.3
2015-Q4 95.6
2016-Q1 98.5
2016-Q2 99.6
2016-Q3 99.0
2016-Q4 98.0
2017-Q1 100.5
2017-Q2 100.8
2017-Q3 99.7
2017-Q4 98.3
2018-Q1 98.7
2018-Q2 98.6
2018-Q3 98.9
2018-Q4 98.1
2019-Q1 99.1
2019-Q2 99.1
2019-Q3 100.0
2019-Q4 98.1
2020-Q1 101.4
2020-Q2 114.1

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))
2019Q2 2019Q3 2019Q4 2020Q1 2020Q2
General Government 2,375.0 2,414.7 2,380.0 2,438.4 2,638.3
%of GDP 99.1% 100.0% 98.1% 101.4% 114.1%
of which. by sub-sector:
State 1,905.3 1,946.9 1,911.8 1,958.2 2,071.6
Central agencies 65.4 65.8 64.9 64.8 63.7
Local Government 206.6 205.9 210.3 213.6 216.3
Social security funds 197.8 196.1 193.1 201.8 286.7
of which. by category
Currency and deposits 46.2 47.9 45.7 42.1 45.1
Securities other than shares 2,052.4 2,089.8 2,054.0 2,115.2 2,311.2
Short-term 147.2 150.7 146.4 150.5 294.8
Long-term 1,905.2 1,939.1 1,907.6 1,964.7 2,016.4
Loans 276.4 276.9 280.3 281.1 282.0
Short-term 8.2 9.2 9.9 12.9 11.2
Long-term 268.2 267.7 270.4 268.2 270.8
  • (*) Explanations in the box "For more details"
  • Source: National Accounts 2014 basis - Insee, DGFiP, Banque de France

In Q2 2020, the net public debt increased by €105.8 billion

At the end of Q2 2020, the net public debt reached €2,319.8 billion, a €105.8 billion increase (equivalent to 100.3% of GDP versus 91.9 % the previous quarter). The €94.1 billion gap between changes in net and gross debt mainly reflects an increase in the cash position of the State and social security funds (respectively €+69.9 billion and +€23.6 billion).

General government net debt by sub-sector

(billion euros)
General government net debt by sub-sector ((billion euros))
2019Q2 2019Q3 2019Q4 2020Q1 2020Q2
General government 2,156.3 2,170.7 2,168.3 2,214.0 2,319.8
of which:
The State 1,789.6 1,808.6 1,797.4 1,829.0 1,871.9
Central agencies 51.5 51.2 51.4 53.2 51.7
Local government 193.9 193.2 197.6 200.7 203.1
Social security funds 121.4 117.6 121.9 131.0 193.1
  • 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 2130.5
2019-Q2 2375.0 2156.3
2019-Q3 2414.7 2170.7
2019-Q4 2380.0 2168.3
2020-Q1 2438.4 2214.0
2020-Q2 2638.3 2319.8

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 increased after a sharp decrease in first quarter

In Q2 2020, the overall value of quoted shares and undertaking for collective investment schemes (UCIs) held by general government units went up by €19.0 billion to €235.1 billion after a €52.7 billion decrease in Q1.

The quoted shares held by the State increased by €3.9 billion because of the rise in the stock market price of EDF, Engie, FDJ, Renault and Safran. Moreover, the quoted shares held by central agencies (+€5.1 billion) and social security (+€9.9 billion) funds went up due to the increase in the stock market price and an €4.8 billion increase in Unédic units in a money market fund.

General government holdings of quoted shares and mutual fund shares

(billion euros)
General government holdings of quoted shares and mutual fund shares ((billion euros))
2019Q2 2019Q3 2019Q4 2020Q1 2020Q2
General government holdings of quoted shares and mutual fund shares 255.8 260.7 268.8 216.2 235.1
of which:
The State 67.4 67.3 66.8 47.2 51.2
Central agencies 43.0 44.2 46.4 35.4 40.4
Local government .1 .1 .1 .1 .1
Social security funds 145.4 149.1 155.5 133.5 143.4
  • 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 257.8
2019-Q2 255.8
2019-Q3 260.7
2019-Q4 268.8
2020-Q1 216.2
2020-Q2 235.1

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: 22 December 2020 at 8:45 am

Documentation

Methodology (pdf, 131 Ko)

Pour en savoir plus

: bureau-de-presse@insee.fr
: