Insee
Informations Rapides · 24 September 2021 · n° 246
Informations rapidesAt the end of Q2 2021, the Maastricht debt accounted for €2,762.0 billionDebt of the general government according to the Maastricht definition - second quarter 2021

At the end of Q2 2021, Maastricht’s debt reached €2,762.0 billion, it accounted for 114.9% of gross domestic product (118.1% at the end of the previous quarter, the fall being mainly due to the rebound in GDP following the economic recovery). Public debt increased by €23.7 billion, after an €89.0 billion increase during first quarter. During this second quarter, general goverment drew on the cash accumulated since the outbreak of the health crisis (down by €44.3 billion) to meet their financing needs. Therefore, net debt strongly increased (+€68.1 billion) and stood at 103.0% of GDP.

Informations rapides
No 246
Paru le : Paru le 24/09/2021
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.

During the second quarter, the public debt increased by €23.7 billion and accounted for 114.9 % of GDP

At the end of Q2 2021, Maastricht’s debt reached €2,762.0 billion, it accounted for 114.9% of gross domestic product (118.1% at the end of the previous quarter, the fall being mainly due to the rebound in GDP following the economic recovery). Public debt increased by €23.7 billion, after an €89.0 billion increase during first quarter. During this second quarter, general goverment drew on the cash accumulated since the outbreak of the health crisis (down by €44.3 billion) to meet their financing needs. Therefore, net debt strongly increased (+€68.1 billion) and stood at 103.0% of GDP.

The increase in the general government gross debt is mainly due to the increase of the State debt

In the second quarter of 2021, the State’s contribution to debt increased by €20.0 billion. The State mainly issues long-term negotiable securities (+€24.8 billion) but reimburses short-term securities (-€4.0 billion). The increase in State's contribution to net debt is greater (+€58.9bn) due to the decrease in cash (-€39.5bn) while outstanding loans increased slightly (+€0.6bn).

The debt of local governments and social securities funds increased moderately

The contribution to Maastricht debt by local authorities increased in the second quarter (+€2.6 billion), mainly driven by Société du Grand Paris, Île-de-France mobilités and the regions (+€2.0 billion ,+€0.2 billion and +€1.0 billion respectively). Municipalities reduced their debt (-€0.7 billion) by repaying long term loans (-€0.9 billion). In addition, deposits at the Treasury of local authorities increased sharply (+€6.4bn), in particular for communes (+€2.4bn), départements (+€0.9bn), regions (+€1.0bn) and the SGP (+€1.0bn).

The contribution to debt by the social securities funds increased in the second quarter (+€3.7 billion). Unédic and Cades issued debt securities (+€4.3 billion and +€3.9 billion respectively). Cades' debt enables it to finance payments to Acoss in respect of Cnam and FSV debt takeovers, amounting to €5.0 billion in the second quarter. Acoss and Cnaf reduced their debt by €3.0 billion and €1.4 billion respectively.

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) (*)
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 98.1
2018-Q1 98.5
2018-Q2 98.5
2018-Q3 98.6
2018-Q4 97.8
2019-Q1 98.8
2019-Q2 98.8
2019-Q3 99.8
2019-Q4 97.5
2020-Q1 100.7
2020-Q2 113.0
2020-Q3 115.4
2020-Q4 115.0
2021-Q1 118.1
2021-Q2 114.9

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))
2020Q2 2020Q3 2020Q4 2021Q1 2021Q2
General Government 2,633.8 2,670.0 2,649.3 2,738.3 2,762.0
%of GDP 113.0% 115.4% 115.0% 118.1% 114.9%
of which. by sub-sector:
State 2,067.0 2,102.7 2,084.8 2,146.1 2,166.1
Central agencies 63.7 63.6 63.6 64.2 61.5
Local Government 216.4 216.6 229.8 230.7 233.3
Social security funds 286.7 287.1 271.1 297.3 301.1
of which. by category
Currency and deposits 45.2 45.4 45.9 44.5 43.7
Securities other than shares 2,306.1 2,343.1 2,320.4 2,412.1 2,439.4
Short-term 293.7 285.9 261.7 273.2 270.4
Long-term 2,012.4 2,057.3 2,058.7 2,138.9 2,169.1
Loans 282.5 281.5 282.9 281.8 278.9
Short-term 11.0 9.9 11.9 13.8 12.1
Long-term 271.6 271.6 271.1 268.0 266.8
  • (*) Explanations in the box "For more details"
  • Source: National Accounts 2014 basis - Insee, DGFiP, Banque de France

The debt of other central government agencies decreased

The contibution to Maastricht debt of central government agencies decreased by €2.7 billion this quarter. France Compétence reduced its debt by €0.4 billion (long term loans), as well as SNCF Réseau by reducing its outstanding negotiable securities by €2.3 billion. The cash position of other central government agencies increased by €3.4 billion, including €2.8 billion in Treasury accounts. The main changes in cash came from BPI France Participation (+€1.3bn) and Anah (+€0.6bn).

During Q2 2021, net debt increased by €68.1 billion

The net public debt reached €2,477.6 billion, a €68.1 billion increase, and stood for 103.0 % of GDP. The difference with the change in gross debt (+€44.4bn) is almost entirely explained by the decrease in general government cash (-€44.3bn). The general government cash position remained high (€150.2bn) at the end of the second quarter, compared with the cash level at the end of 2019 (€77.4bn).

General government net debt by sub-sector

(billion euros)
General government net debt by sub-sector ((billion euros))
2020Q2 2020Q3 2020Q4 2021Q1 2021Q2
General government 2,318.7 2,336.7 2,361.2 2,409.6 2,477.6
of which:
The State 1,866.4 1,888.7 1,897.0 1,936.4 1,995.3
Central agencies 53.7 53.6 53.2 52.8 50.0
Local government 203.4 203.3 216.2 216.9 219.4
Social security funds 195.2 191.0 194.8 203.4 213.0
  • 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
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 2254.3 2053.2
2018-Q1 2282.4 2060.3
2018-Q2 2296.1 2083.4
2018-Q3 2316.1 2089.3
2018-Q4 2310.9 2109.0
2019-Q1 2352.0 2127.1
2019-Q2 2368.2 2151.4
2019-Q3 2409.1 2165.3
2019-Q4 2375.7 2166.6
2020-Q1 2434.1 2212.4
2020-Q2 2633.8 2318.7
2020-Q3 2670.0 2336.7
2020-Q4 2649.3 2361.2
2021-Q1 2738.3 2409.6
2021-Q2 2762.0 2477.6

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 during the second quarter

In the second quarter of 2021, the total value of listed equities and collective investment schemes held by general government increased by €16.0 billion, to €297.0 billion. Within public administrations, this increase concerns the State (+€5.6bn), the Odac (+€5.2bn) and the Asso (+€5.1bn). Gains in holdings amounted to €12.7 billion and purchases of securities were higher than sales (+€3.3 billion). These purchases, net of sales, were mainly made by BPI France Participations for €0.7bn in listed shares and €2.3bn in mutual fund shares.

General government holdings of quoted shares and mutual fund shares

(billion euros)
General government holdings of quoted shares and mutual fund shares ((billion euros))
2020Q2 2020Q3 2020Q4 2021Q1 2021Q2
General government holdings of quoted shares and mutual fund shares 244.8 240.4 269.5 281.0 297.0
of which:
The State 56.6 55.8 65.2 71.3 76.9
Central agencies 41.0 40.7 49.7 52.4 57.6
Local government .1 .1 .1 .1 .1
Social security funds 147.1 143.8 154.5 157.2 162.4
  • 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 257.9
2019-Q2 255.8
2019-Q3 260.7
2019-Q4 268.8
2020-Q1 220.3
2020-Q2 244.8
2020-Q3 240.4
2020-Q4 269.5
2021-Q1 281.0
2021-Q2 297.0

General government holdings of quoted shares and mutual fund shares

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

Documentation

Methodology (pdf, 131 Ko)

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