Informations Rapides · 24 June 2022 · n° 167

At the end of Q1 2022, the Maastricht debt accounted for €2,901.8 billion Debt of the general government according to the Maastricht definition - first quarter 2022

At the end of Q1 2022, Maastricht’s debt reached €2,901.8 billion, it accounted for 114.5% of gross domestic product (GDP). After an €19.8 billion decrease in the last quarter of 2021, the €88.8 billion increase of this quarter fuelled the cash of public administrations (+€52.1 billion), mainly those of the States and social securities funds (Asso). In consequence, net debt increased less strongly (+€37.6 billion) and stood at 101.1% of GDP.

In the first quarter of 2022, the contribution of the State to the public debt increased by €64.8 billion. The State mainly issued long-term negotiable securities (+€68.8 billion) but reimbursed short-term securities for the fourth quarter in a row (-€4.2 billion). In addition, deposit in the French Treasury increased by €0.7 billion while loans decreased by €0.2 billion. The State indebtedness partly fed its cash position (+€32.8 billion) so that its net debt progressed more modestly (+€32.5 billion).

The contribution of the Asso to the public debt increased by €25.6 billion. In the manner of the first quarter of 2021, the Urssaf Caisse nationale (ex-Acoss) massively issued short-term negotiable securities (+€14.7 billion) and this debt is reflected in its treasury (+€17.2 billion). The Cades also issued long-term and short-term negotiable securities (respectively +€8.1 billion and +€2.4 billion). In 2022, the Cades will continue its debt takeover of other social securities funds for a total of €35 billion. During the first quarter, it represented €10 billion.

The contribution to Maastricht debt of central government agencies decreased by €1.3 billion this quarter, due to the reduction in debt of SNCF Réseau (–€1.3 billion).

The contribution to the public debt of public administrations decreased in the first quarter (–€0.3 billion). In particular, municipalities and departments decreased their debt (respectively –€0.6 billion and –€0.3 billion) by the reimbursement of loans for €1.9 billion, partially compensated by issues of obligations for €1.0 billion. Moreover, regions increased their debt (+€0.7 billion) via short-term securities (+€0.9 billion).

General government net debt amounted to €2,562.6 billion in the first quarter, at 101.1% of GDP. It increased by €37.6 billion. The main counterpart to the bigger increase in gross debt was the augmentation in the general government cash position (+€52.1 billion), while assets in obligations and loans decreased (respectively –€0.4 billion and –€0.5 billion).

In the first quarter of 2022, the total value of listed shares and mutual funds held by general government decreased by €12.7 billion to €304.3 billion. Within general government, this decrease concerns Asso (–€4.7 billion), Odac (–€4.5 billion) and the State (–€3.6 billion). This decrease was due to nominal holding losses (–€12.6 billion) in the wake of the fall in financial markets. In addition, sales (net of purchases) amounted to €0.1 billion.