Informations Rapides · 23 September 2022 · n° 248

At the end of Q2 2022, the Maastricht debt accounted for €2,916.8 billion Debt of the general government according to the Maastricht definition - second quarter 2022

At the end of Q2 2022, Maastricht’s debt reached €2,916.8 billion, after €2,910.7 billion in the first quarter, a €6.2 billion increase after a +€88.8 billion increase during the previous quarter. Due to the increase of gross domestic product (GDP), it reduced at 113.3% of GDP, after 114.7% in last quarter. Contrary to the first quarter, public administrations draw on their cash resources (–€48.0 billion, after +€51.1 billion) to meet their financing needs, so that net public debt increased strongly (+€57.7 billion, after +€39.7 billion).

In the second quarter of 2022, the contribution of the State to the public debt increased by €16.3 billion. The outstanding amount of long-term negotiable securities increased (+€18.0 billion), mainly due to the indexation of a portion of the securities to French or European inflation (+€10.0 billion). Deposit in the French Treasury increased (+€5.8 billion), while outstanding amount of short-term securities decreased (–€7.5 billion).

The State net debt increased by €52.7 billion. The State used its treasury this quarter (–€34.9 billion) and Air France-KLM repaid a part of the State aid (–€1.6 billion).

The contribution to the public debt of public administrations increased in the second quarter (+€2.7 billion). This increase is due to Société du Grand Paris and Ile-de-France Mobilité (respectively +€1.6 billion and +€1.0 billion) in conjugaison with long-term negotiable securities emission (respectively +€1.8 billion and +€1.5 billion).

The contribution of the social securities funds (Asso) to the public debt decreased by €9.3 billion in Q2 2022. In particular, the Urssaf Caisse nationale (ex-Acoss) and the Unédic repaid negotiable securities (respectively –€14.6 billion and –€0.7 billion), while the Caisse d’amortissement de la dette sociale (Cades) issued for +€5.6 billion. These movements partly reflect the continued payments (+€5.0 billion in the second quarter) from Cades to the Urssaf Caisse Nationale for the assumption of debts from social securities funds.

The contribution to Maastricht debt of central government agencies (Odac) decreased by €3.5 billion this quarter, due to the reduction in debt of SNCF Réseau, France Compétence and Bpifrance Participations (respectively –€2.8 billion, –€0.4 billion and –€0.3 billion).

General government net debt amounted to €2,610.3 billion in the second quarter, at 101.4% of GDP, after 100.6 % in previous quarter. It increased by €57.8 billion. The difference with the increase in gross debt this quarter result from the diminution of cash position (–€48.0 billion), the sale of securities by the Fonds de réserve pour les retraites (–€2.0 billion) and the repayment of State aid by Air France-KLM (–€1.6 billion).

In the second quarter of 2022, the total value of listed shares and mutual funds held by general government decreased by €18.8 billion to €286.2 billion. Within general government, this decrease concerns Odac (–€7.9 billion), Asso (–€7.6 billion) and the State (–€3.3 billion). This decrease was due to nominal holding losses (–€22.7 billion) while purchases (net of sales) amounted €4.6 billion.