Informations Rapides ·
28 March 2023 · n° 76
At the end of Q4 2022, the Maastricht debt accounted for €2,950.0 billion Debt of the general government according to the Maastricht definition - fourth quarter
2022
At the end of Q4 2022, Maastricht’s debt reached €2,950.0 billion. The increase of GDP in 2022, combined with the reduction in debt this quarter (-€8.5 billion), leads to a reduction in public debt expressed as a percentage of GDP: 111.6% of GDP at the end of 2022, after 113.4 % in the previous quarter. General government drew on its cash position, which fell sharply this quarter (-€37.6 billion). Thus, the net debt increased by €22.2 billion to €2,670.9 billion, or 101.0% of GDP.
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.
- In the fourth quarter 2022, the public debt decreased by €8.5 billion and accounted for 111.6% of GDP
- The decrease in the general government gross debt is mainly due to the decrease in the social securities funds debt
- In contrast, the debt of State increased again
- The debt of local administrations and other central government agencies increased more moderately
- In Q4 2022, net debt increased by €22.2 billion
- The overall value of quoted shares and collective investment shares held by general government increased strongly in the fourth quarter 2022
- For more details
In the fourth quarter 2022, the public debt decreased by €8.5 billion and accounted for 111.6% of GDP
At the end of Q4 2022, Maastricht’s debt reached €2,950.0 billion. The increase of GDP in 2022, combined with the reduction in debt this quarter (-€8.5 billion), leads to a reduction in public debt expressed as a percentage of GDP: 111.6% of GDP at the end of 2022, after 113.4 % in the previous quarter. General government drew on its cash position, which fell sharply this quarter (-€37.6 billion). Thus, the net debt increased by €22.2 billion to €2,670.9 billion, or 101.0% of GDP.
The decrease in the general government gross debt is mainly due to the decrease in the social securities funds debt
In the fourth quarter of 2022, the contribution of the social security funds (Asso) to the public debt decreased by €28.9bn. The Asso massively reduced their outstanding short-term debt securities (-€24.8 billion). This reduction in debt was mainly driven by Acoss (-€21.9 billion), after the transfers of Cades in the previous quarters. These repayments of short-term securities were accompanied by a significant drop in their cash position (-€15.7 billion).
In contrast, the debt of State increased again
The State's contribution to the public debt increased in the fourth quarter 2022 (+€14.6 billion). The State increased its outstanding short-term and long-term securities (respectively +€5.3 billion and +€14.8 billion). On the contrary, the deposit of correspondents at the Treasury decreased (-€6.8 billion). Moreover, the State drew on its cash position (-€22.4 billion), so that the increase in net debt (+€34.6 billion) is greater than that of gross debt.
The debt of local administrations and other central government agencies increased more moderately
The contribution of local authorities (Apul) increased in the fourth quarter 2022 (+€3.5 billion). This increase is due to the indebtedness of municipalities (+€2.8 billion) and of Île-de-France Mobilité (+€0.8 billion).
The contribution to Maastricht debt of central government agencies (Odac) increased by €2.2 billion this quarter, mainly due to the increase in debt of Action Logement Services (+€2.0 billion).
tableauGeneral government debt under the Maastricht treaty (% of GDP) (*)
| General government debt under the Maastricht treaty (% of GDP) (*) | |
|---|---|
| 2022-Q4 | 111.6 |
| 2022-Q3 | 113.4 |
| 2022-Q2 | 113.2 |
| 2022-Q1 | 114.7 |
| 2021-Q4 | 112.9 |
| 2021-Q3 | 115.6 |
| 2021-Q2 | 114.4 |
| 2021-Q1 | 117.8 |
| 2020-Q4 | 114.6 |
| 2020-Q3 | 115.1 |
| 2020-Q2 | 112.8 |
| 2020-Q1 | 100.6 |
| 2019-Q4 | 97.4 |
| 2019-Q3 | 99.8 |
| 2019-Q2 | 98.8 |
| 2019-Q1 | 98.8 |
| 2018-Q4 | 97.8 |
| 2018-Q3 | 98.6 |
| 2018-Q2 | 98.4 |
| 2018-Q1 | 98.5 |
| 2017-Q4 | 98.1 |
| 2017-Q3 | 99.7 |
| 2017-Q2 | 100.8 |
| 2017-Q1 | 100.5 |
| 2016-Q4 | 98.0 |
| 2016-Q3 | 99.0 |
| 2016-Q2 | 99.6 |
| 2016-Q1 | 98.5 |
| 2015-Q4 | 95.6 |
| 2015-Q3 | 96.3 |
| 2015-Q2 | 97.0 |
| 2015-Q1 | 96.7 |
| 2014-Q4 | 94.9 |
| 2014-Q3 | 95.4 |
| 2014-Q2 | 95.5 |
| 2014-Q1 | 94.9 |
| 2013-Q4 | 93.4 |
| 2013-Q3 | 92.9 |
| 2013-Q2 | 93.7 |
| 2013-Q1 | 92.1 |
| 2012-Q4 | 90.6 |
| 2012-Q3 | 90.2 |
| 2012-Q2 | 91.6 |
| 2012-Q1 | 90.2 |
| 2011-Q4 | 87.8 |
| 2011-Q3 | 87.3 |
| 2011-Q2 | 88.2 |
| 2011-Q1 | 86.7 |
| 2010-Q4 | 85.3 |
| 2010-Q3 | 85.5 |
| 2010-Q2 | 87.4 |
| 2010-Q1 | 85.0 |
| 2009-Q4 | 83.0 |
| 2009-Q3 | 81.5 |
| 2009-Q2 | 78.7 |
| 2009-Q1 | 73.6 |
| 2008-Q4 | 68.8 |
| 2008-Q3 | 66.8 |
| 2008-Q2 | 66.3 |
| 2008-Q1 | 65.9 |
| 2007-Q4 | 64.5 |
| 2007-Q3 | 65.9 |
| 2007-Q2 | 66.6 |
| 2007-Q1 | 65.7 |
| 2006-Q4 | 64.6 |
| 2006-Q3 | 66.1 |
| 2006-Q2 | 66.3 |
| 2006-Q1 | 67.3 |
| 2005-Q4 | 67.4 |
| 2005-Q3 | 67.1 |
| 2005-Q2 | 67.3 |
| 2005-Q1 | 66.8 |
| 2004-Q4 | 65.9 |
| 2004-Q3 | 66.0 |
| 2004-Q2 | 66.3 |
| 2004-Q1 | 65.0 |
| 2003-Q4 | 64.4 |
| 2003-Q3 | 64.5 |
| 2003-Q2 | 63.9 |
| 2003-Q1 | 61.8 |
| 2002-Q4 | 60.3 |
| 2002-Q3 | 59.7 |
| 2002-Q2 | 59.9 |
| 2002-Q1 | 58.6 |
| 2001-Q4 | 58.3 |
| 2001-Q3 | 58.8 |
| 2001-Q2 | 58.7 |
| 2001-Q1 | 57.8 |
| 2000-Q4 | 58.9 |
| 2000-Q3 | 59.0 |
| 2000-Q2 | 59.6 |
| 2000-Q1 | 59.6 |
graphiqueGeneral government debt under the Maastricht treaty (% of GDP) (*)
- Source: National Accounts 2014 basis - INSEE, DGFiP, Banque de France
tableauGeneral government debt under the Maastricht treaty by sub-sector and by category
| 2021Q4 | 2022Q1 | 2022Q2 | 2022Q3 | 2022Q4 | |
|---|---|---|---|---|---|
| General Government | 2,823.7 | 2,912.5 | 2,918.6 | 2,958.6 | 2,950.0 |
| % of GDP (*) | 112.9% | 114.7% | 113.2% | 113.4% | 111.6% |
| of which, by sub-sector, consolidated (*): | |||||
| State | 2,227.6 | 2,292.4 | 2,308.7 | 2,345.1 | 2,359.7 |
| Central agencies | 76.3 | 75.0 | 71.4 | 72.4 | 74.6 |
| Local Government | 245.3 | 244.8 | 247.5 | 241.4 | 244.9 |
| Social security funds | 274.6 | 300.2 | 291.0 | 299.8 | 270.9 |
| of which, by category | |||||
| Currency and deposits | 44.8 | 45.4 | 51.2 | 49.2 | 42.9 |
| Securities other than shares | 2,480.2 | 2,571.0 | 2,572.0 | 2,610.5 | 2,607.4 |
| Short-term | 234.0 | 249.1 | 222.8 | 211.8 | 191.6 |
| Long-term | 2,246.3 | 2,322.0 | 2,349.2 | 2,398.7 | 2,415.8 |
| Loans | 298.7 | 296.0 | 295.4 | 298.8 | 299.7 |
| Short-term | 12.2 | 12.0 | 13.3 | 15.3 | 11.5 |
| Long-term | 286.5 | 284.0 | 282.1 | 283.6 | 288.3 |
- (*) Explanations in the box "For more details"
- Source: National Accounts 2014 basis - INSEE, DGFiP, Banque de France
In Q4 2022, net debt increased by €22.2 billion
General government net debt amounted to €2,670.9 billion in the fourth quarter 2022, at 101.0% of GDP. It increased by €22.2 billion, despite the reduction in gross debt (-€8.5 billion). In fact, the general government’s cash position decreased in Q4 (-€37.6 billion). This decline is partially compensated by obligation acquisitions (+€6.9 billion).
tableauGeneral government net debt by sub-sector
| 2021Q4 | 2022Q1 | 2022Q2 | 2022Q3 | 2022Q4 | |
|---|---|---|---|---|---|
| General government | 2,509.8 | 2,543.3 | 2,596.0 | 2,648.7 | 2,670.9 |
| of which: | |||||
| The State | 2,034.3 | 2,060.8 | 2,106.9 | 2,167.5 | 2,202.0 |
| Central agencies | 44.8 | 43.1 | 40.4 | 41.6 | 43.5 |
| Local government | 230.8 | 230.4 | 233.0 | 226.7 | 230.4 |
| Social security funds | 199.9 | 209.0 | 215.7 | 212.9 | 194.9 |
- Source: National Accounts 2014 basis - INSEE, DGFiP, Banque de France
tableauMaastricht gross debt and net debt
| Maastricht debt | Net debt | |
|---|---|---|
| 2022-Q4 | 2950.0 | 2670.9 |
| 2022-Q3 | 2958.6 | 2648.7 |
| 2022-Q2 | 2918.6 | 2596.0 |
| 2022-Q1 | 2912.5 | 2543.3 |
| 2021-Q4 | 2823.7 | 2509.8 |
| 2021-Q3 | 2840.9 | 2506.7 |
| 2021-Q2 | 2769.3 | 2464.6 |
| 2021-Q1 | 2746.2 | 2395.3 |
| 2020-Q4 | 2657.4 | 2346.5 |
| 2020-Q3 | 2671.6 | 2339.9 |
| 2020-Q2 | 2635.4 | 2320.0 |
| 2020-Q1 | 2434.8 | 2207.4 |
| 2019-Q4 | 2374.9 | 2166.6 |
| 2019-Q3 | 2408.7 | 2164.8 |
| 2019-Q2 | 2368.0 | 2151.1 |
| 2019-Q1 | 2351.8 | 2126.8 |
| 2018-Q4 | 2310.9 | 2109.0 |
| 2018-Q3 | 2316.1 | 2089.3 |
| 2018-Q2 | 2296.1 | 2083.4 |
| 2018-Q1 | 2282.4 | 2060.3 |
| 2017-Q4 | 2254.3 | 2053.2 |
| 2017-Q3 | 2271.6 | 2039.2 |
| 2017-Q2 | 2275.8 | 2039.9 |
| 2017-Q1 | 2252.3 | 2018.6 |
| 2016-Q4 | 2188.5 | 1992.5 |
| 2016-Q3 | 2201.2 | 1986.5 |
| 2016-Q2 | 2209.5 | 1982.5 |
| 2016-Q1 | 2176.3 | 1957.7 |
| 2015-Q4 | 2101.3 | 1898.3 |
| 2015-Q3 | 2107.1 | 1882.1 |
| 2015-Q2 | 2108.7 | 1881.8 |
| 2015-Q1 | 2092.1 | 1856.4 |
| 2014-Q4 | 2039.9 | 1837.3 |
| 2014-Q3 | 2043.7 | 1826.8 |
| 2014-Q2 | 2038.6 | 1805.4 |
| 2014-Q1 | 2020.3 | 1781.4 |
| 2013-Q4 | 1977.7 | 1757.1 |
| 2013-Q3 | 1959.4 | 1726.5 |
| 2013-Q2 | 1971.0 | 1711.6 |
| 2013-Q1 | 1929.3 | 1692.5 |
| 2012-Q4 | 1892.5 | 1670.5 |
| 2012-Q3 | 1879.1 | 1639.1 |
| 2012-Q2 | 1899.8 | 1616.3 |
| 2012-Q1 | 1864.4 | 1592.5 |
| 2011-Q4 | 1808.0 | 1573.2 |
| 2011-Q3 | 1784.9 | 1548.0 |
| 2011-Q2 | 1790.1 | 1517.9 |
| 2011-Q1 | 1745.5 | 1496.3 |
| 2010-Q4 | 1701.1 | 1469.0 |
| 2010-Q3 | 1689.5 | 1432.5 |
| 2010-Q2 | 1710.8 | 1417.1 |
| 2010-Q1 | 1653.0 | 1379.6 |
| 2009-Q4 | 1608.0 | 1350.7 |
| 2009-Q3 | 1582.2 | 1326.5 |
| 2009-Q2 | 1542.6 | 1270.0 |
| 2009-Q1 | 1453.8 | 1228.2 |
| 2008-Q4 | 1370.3 | 1191.7 |
| 2008-Q3 | 1330.4 | 1174.7 |
| 2008-Q2 | 1313.4 | 1155.3 |
| 2008-Q1 | 1294.3 | 1142.5 |
| 2007-Q4 | 1252.9 | 1126.9 |
| 2007-Q3 | 1265.2 | 1123.0 |
| 2007-Q2 | 1263.0 | 1099.1 |
| 2007-Q1 | 1230.6 | 1091.6 |
| 2006-Q4 | 1194.1 | 1072.1 |
| 2006-Q3 | 1207.7 | 1072.6 |
| 2006-Q2 | 1196.0 | 1047.1 |
| 2006-Q1 | 1199.2 | 1037.4 |
| 2005-Q4 | 1189.9 | 1039.8 |
| 2005-Q3 | 1171.7 | 1027.8 |
| 2005-Q2 | 1165.8 | 1009.8 |
| 2005-Q1 | 1146.7 | 992.4 |
| 2004-Q4 | 1123.6 | 965.9 |
| 2004-Q3 | 1111.3 | 952.2 |
| 2004-Q2 | 1106.2 | 931.2 |
| 2004-Q1 | 1071.9 | 914.7 |
| 2003-Q4 | 1050.4 | 897.3 |
| 2003-Q3 | 1044.0 | 877.2 |
| 2003-Q2 | 1028.2 | 850.9 |
| 2003-Q1 | 988.5 | 830.8 |
| 2002-Q4 | 956.8 | 813.6 |
| 2002-Q3 | 940.3 | 812.1 |
| 2002-Q2 | 936.6 | 782.9 |
| 2002-Q1 | 909.6 | 770.8 |
| 2001-Q4 | 897.4 | 761.8 |
| 2001-Q3 | 898.6 | 758.2 |
| 2001-Q2 | 888.9 | 744.5 |
| 2001-Q1 | 866.0 | 748.6 |
| 2000-Q4 | 870.6 | 734.5 |
| 2000-Q3 | 861.2 | 727.4 |
| 2000-Q2 | 857.5 | 712.8 |
| 2000-Q1 | 845.5 | 711.6 |
graphiqueMaastricht 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 strongly in the fourth quarter 2022
In the fourth quarter of 2022, the total value of listed shares and mutual funds held by general government increased by €22.6 billion to €303.5 billion. Within general government, this increase mainly concerns Asso (+€12.0 billion), Odac (+€7.7 billion) and the State (+€2.9 billion). This increase was driven by the dynamism of securities prices (+€23.6 billion) in the wake of the rise in financial markets, while sales (net of purchases) amounted to €1.0 billion.
tableauGeneral government holdings of quoted shares and mutual fund shares
| 2021Q4 | 2022Q1 | 2022Q2 | 2022Q3 | 2022Q4 | |
|---|---|---|---|---|---|
| General government holdings of quoted shares and mutual fund shares | 311.6 | 299.4 | 277.7 | 280.9 | 303.5 |
| of which: | |||||
| The State | 83.4 | 77.4 | 71.1 | 71.8 | 74.7 |
| Central agencies | 57.7 | 54.8 | 51.4 | 53.7 | 61.4 |
| Local government | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Social security funds | 170.4 | 167.0 | 155.0 | 155.3 | 167.3 |
- Source: National Accounts 2014 basis - INSEE, DGFiP, Banque de France
tableauGeneral government holdings of quoted shares and mutual fund shares
| General government holdings of quoted shares and mutual fund shares | |
|---|---|
| 2022-Q4 | 303.5 |
| 2022-Q3 | 280.9 |
| 2022-Q2 | 277.7 |
| 2022-Q1 | 299.4 |
| 2021-Q4 | 311.6 |
| 2021-Q3 | 290.3 |
| 2021-Q2 | 289.9 |
| 2021-Q1 | 274.1 |
| 2020-Q4 | 264.9 |
| 2020-Q3 | 239.4 |
| 2020-Q2 | 244.0 |
| 2020-Q1 | 219.6 |
| 2019-Q4 | 268.8 |
| 2019-Q3 | 260.7 |
| 2019-Q2 | 255.8 |
| 2019-Q1 | 257.9 |
| 2018-Q4 | 240.7 |
| 2018-Q3 | 261.4 |
| 2018-Q2 | 250.2 |
| 2018-Q1 | 235.7 |
| 2017-Q4 | 232.1 |
| 2017-Q3 | 226.6 |
| 2017-Q2 | 218.4 |
| 2017-Q1 | 214.9 |
| 2016-Q4 | 212.8 |
| 2016-Q3 | 207.5 |
| 2016-Q2 | 195.4 |
| 2016-Q1 | 201.6 |
| 2015-Q4 | 208.3 |
| 2015-Q3 | 203.7 |
| 2015-Q2 | 218.5 |
| 2015-Q1 | 226.9 |
| 2014-Q4 | 211.5 |
| 2014-Q3 | 216.8 |
| 2014-Q2 | 212.2 |
| 2014-Q1 | 221.4 |
| 2013-Q4 | 213.7 |
| 2013-Q3 | 213.6 |
| 2013-Q2 | 195.4 |
| 2013-Q1 | 190.6 |
| 2012-Q4 | 186.8 |
| 2012-Q3 | 197.0 |
| 2012-Q2 | 189.8 |
| 2012-Q1 | 191.6 |
| 2011-Q4 | 187.4 |
| 2011-Q3 | 182.3 |
| 2011-Q2 | 214.5 |
| 2011-Q1 | 222.7 |
| 2010-Q4 | 224.6 |
| 2010-Q3 | 226.6 |
| 2010-Q2 | 219.2 |
| 2010-Q1 | 245.9 |
| 2009-Q4 | 244.3 |
| 2009-Q3 | 240.1 |
| 2009-Q2 | 203.6 |
| 2009-Q1 | 182.6 |
| 2008-Q4 | 220.6 |
| 2008-Q3 | 257.5 |
| 2008-Q2 | 284.7 |
| 2008-Q1 | 274.7 |
| 2007-Q4 | 334.0 |
| 2007-Q3 | 323.6 |
| 2007-Q2 | 343.6 |
| 2007-Q1 | 301.4 |
| 2006-Q4 | 285.9 |
| 2006-Q3 | 258.0 |
| 2006-Q2 | 247.3 |
| 2006-Q1 | 256.2 |
| 2005-Q4 | 229.9 |
| 2005-Q3 | 178.3 |
| 2005-Q2 | 153.5 |
| 2005-Q1 | 140.3 |
| 2004-Q4 | 130.3 |
| 2004-Q3 | 119.8 |
| 2004-Q2 | 115.3 |
| 2004-Q1 | 111.2 |
| 2003-Q4 | 109.0 |
| 2003-Q3 | 101.4 |
| 2003-Q2 | 99.9 |
| 2003-Q1 | 78.1 |
| 2002-Q4 | 78.4 |
| 2002-Q3 | 70.1 |
| 2002-Q2 | 76.8 |
| 2002-Q1 | 99.6 |
| 2001-Q4 | 95.4 |
| 2001-Q3 | 84.3 |
| 2001-Q2 | 107.1 |
| 2001-Q1 | 114.2 |
| 2000-Q4 | 134.5 |
| 2000-Q3 | 151.3 |
| 2000-Q2 | 167.8 |
| 2000-Q1 | 186.2 |
| 1999-Q4 | 151.0 |
| 1999-Q3 | 114.0 |
| 1999-Q2 | 107.5 |
| 1999-Q1 | 100.1 |
| 1998-Q4 | 91.1 |
| 1998-Q3 | 77.4 |
| 1998-Q2 | 94.3 |
| 1998-Q1 | 81.3 |
| 1997-Q4 | 62.9 |
| 1997-Q3 | 37.4 |
| 1997-Q2 | 36.7 |
| 1997-Q1 | 36.4 |
| 1996-Q4 | 34.9 |
| 1996-Q3 | 36.0 |
| 1996-Q2 | 36.3 |
| 1996-Q1 | 37.5 |
graphiqueGeneral 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: 23 June 2023 at 8:45 am
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