Informations Rapides ·
28 June 2024 · n° 159
At the end of Q1 2024, the Maastricht debt accounted for €3,159.7 billion Debt of the general government according to the Maastricht definition - first quarter
2024
At the end of Q1 2024, Maastricht’s debt reached €3,159.7 billion; it increased by €58.3 billion, after +€6.4 billion in previous quarter. Expressed as a percentage of gross domestic product (GDP), it stood at 110.7%, after 109.9 % in Q4 2023. Conversely to the previous quarter, the increase in public debt came with a slight growth of the general government cash position (+€5.3 billion), so that the net debt increased slightly less than the gross debt (+€52.4 billion) and stood at 102.4% 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, due in particular to the existence of financial assets and liabilities excluded from the scope of the Maastricht debt. Moreover, the quarterly deficit published by INSEE is seasonally and trading-day adjusted, which is not the case for quarterly debt.
Public debt as defined by Maastricht is consolidated: the contributions to the public debt, computed for sub-sectors or for entities of general government, exclude debts held by other general government entities.
- In the first quarter of 2024, the public debt increased by €58.3 billion and accounted for 110.7% of GDP
- The increase in the general government gross debt is mainly due to the State
- The debt of the social security funds also increased
- The debt of the other central government bodies and local government was stable
- In Q1 2024, net public debt increased by €52.4 billion
- The overall value of quoted shares and collective investment shares held by general government increased in the first quarter of 2024
- For more details
In the first quarter of 2024, the public debt increased by €58.3 billion and accounted for 110.7% of GDP
At the end of Q1 2024, Maastricht’s debt reached €3,159.7 billion; it increased by €58.3 billion, after +€6.4 billion in previous quarter. Expressed as a percentage of gross domestic product (GDP), it stood at 110.7%, after 109.9 % in Q4 2023. Conversely to the previous quarter, the increase in public debt came with a slight growth of the general government cash position (+€5.3 billion), so that the net debt increased slightly less than the gross debt (+€52.4 billion) and stood at 102.4% of GDP.
The increase in the general government gross debt is mainly due to the State
At the end of Q1 2024, the contribution of the State to the public debt increased by +€44.4 billion, after -€0.6 billion in previous quarter. Outstanding marketable securities increased (+€48.1 billion), mainly long term securities (+€35.2 billion). The State’s cash position was almost stable (+€0.7 billion), so its net debt followed the same trend as its gross debt (+€44.7 billion).
The debt of the social security funds also increased
To a lesser extent, the contribution of the social security funds (SSF) to the public debt also increased (+€12.9 billion, after -€1.1 billion in previous quarter), as a result of the Urssaf Caisse nationale contribution (+€12.9 billion). This growth of the social security funds’ debt was essentially due to outstanding short term marketable securities (+€8.1 billion), whereas the outstanding long term marketable securities increased by +€4.3 billion.
The debt of the other central government bodies and local government was stable
The public debt of local government increased by €0.8 billion, after +€7.4 billion in previous quarter. This increase was borne by other local government bodies (+€1.7 billion), especially Île-de-France Mobilités (+€0.8 billion) and la Société des Grands Projets (former Société du Grand Paris, +€1.0 billion). This was due to a rise in marketable securities, both in long term (+€2.7 billion) and in short term (+€0.4 billion), and short term loans (+€1.0 billion). On the opposite, long term loans decreased (-€3.4 billion), particularly for the local authorities.
The public debt of other central government bodies (OCGB) was almost stable (+€0.2 billion, after +€0.7 billion in previous quarter).
tableauGeneral government debt under the Maastricht treaty (% of GDP) (*)
| General government debt under the Maastricht treaty (% of GDP) (*) | |
|---|---|
| 2024-Q1 | 110.7 |
| 2023-Q4 | 109.9 |
| 2023-Q3 | 111.0 |
| 2023-Q2 | 111.2 |
| 2023-Q1 | 111.9 |
| 2022-Q4 | 111.2 |
| 2022-Q3 | 113.0 |
| 2022-Q2 | 112.8 |
| 2022-Q1 | 114.2 |
| 2021-Q4 | 112.7 |
| 2021-Q3 | 115.5 |
| 2021-Q2 | 114.5 |
| 2021-Q1 | 117.7 |
| 2020-Q4 | 114.8 |
| 2020-Q3 | 115.2 |
| 2020-Q2 | 113.0 |
| 2020-Q1 | 101.2 |
| 2019-Q4 | 98.1 |
| 2019-Q3 | 99.9 |
| 2019-Q2 | 99.0 |
| 2019-Q1 | 99.3 |
| 2018-Q4 | 98.5 |
| 2018-Q3 | 99.3 |
| 2018-Q2 | 99.1 |
| 2018-Q1 | 99.1 |
| 2017-Q4 | 98.7 |
| 2017-Q3 | 100.2 |
| 2017-Q2 | 101.2 |
| 2017-Q1 | 100.8 |
| 2016-Q4 | 98.1 |
| 2016-Q3 | 99.1 |
| 2016-Q2 | 99.9 |
| 2016-Q1 | 98.8 |
| 2015-Q4 | 96.9 |
| 2015-Q3 | 97.7 |
| 2015-Q2 | 98.2 |
| 2015-Q1 | 98.0 |
| 2014-Q4 | 96.1 |
| 2014-Q3 | 96.5 |
| 2014-Q2 | 96.7 |
| 2014-Q1 | 96.1 |
| 2013-Q4 | 94.5 |
| 2013-Q3 | 94.0 |
| 2013-Q2 | 94.8 |
| 2013-Q1 | 93.3 |
| 2012-Q4 | 91.7 |
| 2012-Q3 | 91.3 |
| 2012-Q2 | 92.6 |
| 2012-Q1 | 91.2 |
| 2011-Q4 | 88.7 |
| 2011-Q3 | 88.4 |
| 2011-Q2 | 89.2 |
| 2011-Q1 | 87.7 |
| 2010-Q4 | 86.3 |
| 2010-Q3 | 86.4 |
| 2010-Q2 | 88.3 |
| 2010-Q1 | 85.9 |
| 2009-Q4 | 84.1 |
| 2009-Q3 | 82.5 |
| 2009-Q2 | 79.8 |
| 2009-Q1 | 74.7 |
| 2008-Q4 | 69.8 |
| 2008-Q3 | 67.8 |
| 2008-Q2 | 67.3 |
| 2008-Q1 | 66.8 |
| 2007-Q4 | 65.5 |
| 2007-Q3 | 66.8 |
| 2007-Q2 | 67.4 |
| 2007-Q1 | 66.5 |
| 2006-Q4 | 65.4 |
| 2006-Q3 | 66.9 |
| 2006-Q2 | 67.0 |
| 2006-Q1 | 68.1 |
| 2005-Q4 | 68.2 |
| 2005-Q3 | 67.9 |
| 2005-Q2 | 68.2 |
| 2005-Q1 | 67.8 |
| 2004-Q4 | 66.9 |
| 2004-Q3 | 67.0 |
| 2004-Q2 | 67.3 |
| 2004-Q1 | 65.9 |
| 2003-Q4 | 65.4 |
| 2003-Q3 | 65.4 |
| 2003-Q2 | 64.9 |
| 2003-Q1 | 62.7 |
| 2002-Q4 | 61.3 |
| 2002-Q3 | 60.7 |
| 2002-Q2 | 60.9 |
| 2002-Q1 | 59.6 |
| 2001-Q4 | 59.3 |
| 2001-Q3 | 59.7 |
| 2001-Q2 | 59.6 |
| 2001-Q1 | 58.7 |
| 2000-Q4 | 59.7 |
| 2000-Q3 | 59.8 |
| 2000-Q2 | 60.4 |
| 2000-Q1 | 60.5 |
graphiqueGeneral government debt under the Maastricht treaty (% of GDP) (*)
- Source: National Accounts - INSEE, DGFiP, Banque de France
tableauGeneral government debt under the Maastricht treaty by sub-sector and by category
| 2023Q1 | 2023Q2 | 2023Q3 | 2023Q4 | 2024Q1 | |
|---|---|---|---|---|---|
| General Government | 3,018.7 | 3,052.6 | 3,095.0 | 3,101.4 | 3,159.7 |
| % of GDP (*) | 111.9% | 111.2% | 111.0% | 109.9% | 110.7% |
| of which, by sub-sector, consolidated (*): | |||||
| State | 2,412.0 | 2,469.0 | 2,514.3 | 2,513.7 | 2,558.1 |
| Central agencies | 74.1 | 73.1 | 72.9 | 73.7 | 73.9 |
| Local Government | 244.6 | 244.0 | 243.0 | 250.4 | 251.2 |
| Social security funds | 288.0 | 266.4 | 264.8 | 263.7 | 276.6 |
| of which, by category | |||||
| Currency and deposits | 40.4 | 42.3 | 44.2 | 42.1 | 38.8 |
| Securities other than shares | 2,678.8 | 2,713.1 | 2,756.1 | 2,759.7 | 2,819.3 |
| Short-term | 196.5 | 201.2 | 205.1 | 209.0 | 230.5 |
| Long-term | 2,482.3 | 2,511.9 | 2,551.0 | 2,550.7 | 2,588.9 |
| Loans | 299.5 | 297.1 | 294.8 | 299.7 | 301.6 |
| Short-term | 13.6 | 13.5 | 13.7 | 11.0 | 15.7 |
| Long-term | 285.9 | 283.6 | 281.1 | 288.7 | 285.8 |
- (*) Explanations in the box "For more details"
- Source: National Accounts - INSEE, DGFiP, Banque de France
In Q1 2024, net public debt increased by €52.4 billion
General government net debt amounted to €2,922.3 billion in the first quarter of 2024, at 102.4% of GDP, after 101.7% in the fourth quarter of 2023. It increased by €52.4 billion, after +€8.1 billion in the previous quarter. The main counterpart to the €5.9 billion difference with increase in gross debt is the increase of the SSF cash position (+€4.4 billion).
tableauGeneral government net debt by sub-sector
| 2023Q1 | 2023Q2 | 2023Q3 | 2023Q4 | 2024Q1 | |
|---|---|---|---|---|---|
| General government | 2,742.9 | 2,798.9 | 2,861.7 | 2,869.9 | 2,922.3 |
| of which: | |||||
| The State | 2,258.7 | 2,330.2 | 2,395.9 | 2,406.3 | 2,451.0 |
| Central agencies | 39.6 | 38.6 | 38.6 | 36.9 | 35.4 |
| Local government | 231.3 | 230.6 | 229.5 | 236.8 | 237.4 |
| Social security funds | 213.3 | 199.4 | 197.8 | 189.8 | 198.5 |
- Source: National Accounts - INSEE, DGFiP, Banque de France
tableauMaastricht gross debt and net debt
| Maastricht debt | Net debt | |
|---|---|---|
| 2024-Q1 | 3159.7 | 2922.3 |
| 2023-Q4 | 3101.4 | 2869.9 |
| 2023-Q3 | 3095.0 | 2861.7 |
| 2023-Q2 | 3052.6 | 2798.9 |
| 2023-Q1 | 3018.7 | 2742.9 |
| 2022-Q4 | 2953.6 | 2682.7 |
| 2022-Q3 | 2960.6 | 2654.7 |
| 2022-Q2 | 2919.5 | 2601.3 |
| 2022-Q1 | 2912.7 | 2550.2 |
| 2021-Q4 | 2826.7 | 2521.8 |
| 2021-Q3 | 2844.4 | 2512.5 |
| 2021-Q2 | 2773.2 | 2471.5 |
| 2021-Q1 | 2750.6 | 2403.6 |
| 2020-Q4 | 2662.1 | 2355.8 |
| 2020-Q3 | 2678.0 | 2316.9 |
| 2020-Q2 | 2643.4 | 2298.5 |
| 2020-Q1 | 2444.4 | 2197.0 |
| 2019-Q4 | 2386.1 | 2165.1 |
| 2019-Q3 | 2419.3 | 2173.9 |
| 2019-Q2 | 2378.1 | 2154.7 |
| 2019-Q1 | 2361.2 | 2125.4 |
| 2018-Q4 | 2319.8 | 2106.9 |
| 2018-Q3 | 2324.8 | 2086.8 |
| 2018-Q2 | 2304.6 | 2081.0 |
| 2018-Q1 | 2290.7 | 2058.0 |
| 2017-Q4 | 2262.4 | 2050.7 |
| 2017-Q3 | 2278.1 | 2057.4 |
| 2017-Q2 | 2280.6 | 2056.3 |
| 2017-Q1 | 2255.4 | 2034.2 |
| 2016-Q4 | 2190.0 | 2006.5 |
| 2016-Q3 | 2205.9 | 2002.9 |
| 2016-Q2 | 2217.1 | 2001.8 |
| 2016-Q1 | 2187.4 | 1979.8 |
| 2015-Q4 | 2134.1 | 1951.0 |
| 2015-Q3 | 2139.4 | 1933.6 |
| 2015-Q2 | 2140.4 | 1933.1 |
| 2015-Q1 | 2123.3 | 1907.4 |
| 2014-Q4 | 2070.6 | 1888.2 |
| 2014-Q3 | 2073.5 | 1876.4 |
| 2014-Q2 | 2067.4 | 1854.2 |
| 2014-Q1 | 2048.2 | 1828.6 |
| 2013-Q4 | 2004.7 | 1802.7 |
| 2013-Q3 | 1985.4 | 1770.4 |
| 2013-Q2 | 1996.2 | 1754.8 |
| 2013-Q1 | 1953.5 | 1735.5 |
| 2012-Q4 | 1915.8 | 1712.7 |
| 2012-Q3 | 1902.1 | 1678.7 |
| 2012-Q2 | 1922.6 | 1655.4 |
| 2012-Q1 | 1886.6 | 1631.5 |
| 2011-Q4 | 1830.1 | 1611.5 |
| 2011-Q3 | 1806.8 | 1584.1 |
| 2011-Q2 | 1811.7 | 1553.9 |
| 2011-Q1 | 1766.8 | 1531.9 |
| 2010-Q4 | 1722.2 | 1504.1 |
| 2010-Q3 | 1710.1 | 1466.6 |
| 2010-Q2 | 1730.9 | 1450.7 |
| 2010-Q1 | 1672.7 | 1413.0 |
| 2009-Q4 | 1627.2 | 1383.8 |
| 2009-Q3 | 1601.4 | 1358.2 |
| 2009-Q2 | 1561.7 | 1302.0 |
| 2009-Q1 | 1472.9 | 1260.4 |
| 2008-Q4 | 1389.4 | 1224.0 |
| 2008-Q3 | 1348.7 | 1193.8 |
| 2008-Q2 | 1331.0 | 1174.0 |
| 2008-Q1 | 1311.1 | 1160.3 |
| 2007-Q4 | 1268.9 | 1144.4 |
| 2007-Q3 | 1280.5 | 1139.8 |
| 2007-Q2 | 1277.6 | 1115.5 |
| 2007-Q1 | 1244.5 | 1107.4 |
| 2006-Q4 | 1207.3 | 1087.3 |
| 2006-Q3 | 1220.5 | 1087.7 |
| 2006-Q2 | 1208.3 | 1061.9 |
| 2006-Q1 | 1211.1 | 1052.1 |
| 2005-Q4 | 1201.5 | 1054.2 |
| 2005-Q3 | 1183.0 | 1041.8 |
| 2005-Q2 | 1176.9 | 1023.6 |
| 2005-Q1 | 1157.6 | 1006.0 |
| 2004-Q4 | 1134.3 | 979.4 |
| 2004-Q3 | 1121.8 | 965.9 |
| 2004-Q2 | 1116.6 | 944.9 |
| 2004-Q1 | 1082.2 | 928.3 |
| 2003-Q4 | 1060.4 | 910.7 |
| 2003-Q3 | 1054.0 | 889.3 |
| 2003-Q2 | 1038.2 | 863.0 |
| 2003-Q1 | 998.5 | 842.8 |
| 2002-Q4 | 966.8 | 825.8 |
| 2002-Q3 | 950.3 | 823.9 |
| 2002-Q2 | 946.7 | 795.2 |
| 2002-Q1 | 919.8 | 783.5 |
| 2001-Q4 | 907.7 | 774.6 |
| 2001-Q3 | 908.6 | 769.9 |
| 2001-Q2 | 898.7 | 756.5 |
| 2001-Q1 | 875.5 | 760.4 |
| 2000-Q4 | 880.0 | 746.4 |
| 2000-Q3 | 870.6 | 739.7 |
| 2000-Q2 | 866.9 | 725.1 |
| 2000-Q1 | 854.8 | 724.0 |
graphiqueMaastricht gross debt and net debt
- Source: National Accounts - INSEE, DGFiP, Banque de France
The overall value of quoted shares and collective investment shares held by general government increased in the first quarter of 2024
In the first quarter of 2024, the total value of listed shares and mutual funds held by general government increased by €10.1 billion and amounted to €218.6 billion. This growth was due to quoted shares (+€5.0 billion) and collective investment shares (+€5.1 billion), and was driven by SSF (+€6.3 billion) and OCGB (+€3.7 billion).
tableauGeneral government holdings of quoted shares and mutual fund shares
| 2023Q1 | 2023Q2 | 2023Q3 | 2023Q4 | 2024Q1 | |
|---|---|---|---|---|---|
| General government holdings of quoted shares and mutual fund shares | 251.0 | 197.3 | 197.8 | 208.5 | 218.6 |
| of which: | |||||
| The State | 53.5 | 2.1 | 5.4 | 5.0 | 5.0 |
| Central agencies | 55.8 | 56.1 | 54.1 | 56.7 | 60.4 |
| Local government | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 |
| Social security funds | 141.5 | 139.0 | 138.2 | 146.7 | 153.0 |
- Source: National Accounts - 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 | |
|---|---|
| 2024-Q1 | 218.6 |
| 2023-Q4 | 208.5 |
| 2023-Q3 | 197.8 |
| 2023-Q2 | 197.3 |
| 2023-Q1 | 251.0 |
| 2022-Q4 | 237.3 |
| 2022-Q3 | 228.3 |
| 2022-Q2 | 235.1 |
| 2022-Q1 | 248.7 |
| 2021-Q4 | 260.7 |
| 2021-Q3 | 247.5 |
| 2021-Q2 | 249.4 |
| 2021-Q1 | 236.5 |
| 2020-Q4 | 231.6 |
| 2020-Q3 | 215.8 |
| 2020-Q2 | 216.5 |
| 2020-Q1 | 196.9 |
| 2019-Q4 | 243.9 |
| 2019-Q3 | 238.4 |
| 2019-Q2 | 235.1 |
| 2019-Q1 | 236.6 |
| 2018-Q4 | 220.4 |
| 2018-Q3 | 250.5 |
| 2018-Q2 | 243.8 |
| 2018-Q1 | 225.2 |
| 2017-Q4 | 221.4 |
| 2017-Q3 | 218.1 |
| 2017-Q2 | 215.2 |
| 2017-Q1 | 207.3 |
| 2016-Q4 | 206.8 |
| 2016-Q3 | 203.5 |
| 2016-Q2 | 194.8 |
| 2016-Q1 | 197.7 |
| 2015-Q4 | 204.1 |
| 2015-Q3 | 202.3 |
| 2015-Q2 | 219.0 |
| 2015-Q1 | 225.4 |
| 2014-Q4 | 210.0 |
| 2014-Q3 | 218.9 |
| 2014-Q2 | 215.7 |
| 2014-Q1 | 223.5 |
| 2013-Q4 | 213.4 |
| 2013-Q3 | 213.1 |
| 2013-Q2 | 192.4 |
| 2013-Q1 | 187.5 |
| 2012-Q4 | 182.5 |
| 2012-Q3 | 188.5 |
| 2012-Q2 | 181.7 |
| 2012-Q1 | 183.3 |
| 2011-Q4 | 179.5 |
| 2011-Q3 | 178.8 |
| 2011-Q2 | 210.1 |
| 2011-Q1 | 218.3 |
| 2010-Q4 | 220.1 |
| 2010-Q3 | 220.3 |
| 2010-Q2 | 213.1 |
| 2010-Q1 | 239.4 |
| 2009-Q4 | 237.8 |
| 2009-Q3 | 231.4 |
| 2009-Q2 | 197.7 |
| 2009-Q1 | 177.9 |
| 2008-Q4 | 213.1 |
| 2008-Q3 | 266.0 |
| 2008-Q2 | 280.5 |
| 2008-Q1 | 283.1 |
| 2007-Q4 | 301.7 |
| 2007-Q3 | 310.9 |
| 2007-Q2 | 304.3 |
| 2007-Q1 | 282.6 |
| 2006-Q4 | 266.0 |
| 2006-Q3 | 248.6 |
| 2006-Q2 | 242.6 |
| 2006-Q1 | 234.1 |
| 2005-Q4 | 231.2 |
| 2005-Q3 | 179.5 |
| 2005-Q2 | 152.3 |
| 2005-Q1 | 140.5 |
| 2004-Q4 | 127.2 |
| 2004-Q3 | 118.6 |
| 2004-Q2 | 115.4 |
| 2004-Q1 | 113.7 |
| 2003-Q4 | 112.9 |
| 2003-Q3 | 108.9 |
| 2003-Q2 | 100.6 |
| 2003-Q1 | 77.1 |
| 2002-Q4 | 70.2 |
| 2002-Q3 | 63.2 |
| 2002-Q2 | 70.0 |
| 2002-Q1 | 78.8 |
| 2001-Q4 | 75.6 |
| 2001-Q3 | 78.8 |
| 2001-Q2 | 99.3 |
| 2001-Q1 | 106.5 |
| 2000-Q4 | 126.4 |
| 2000-Q3 | 143.1 |
| 2000-Q2 | 159.7 |
| 2000-Q1 | 178.1 |
graphiqueGeneral government holdings of quoted shares and mutual fund shares
- Source: National Accounts - 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.
The methodological note is available on the “Documentation” tab of this page.
Next release: 27 September 2024 at 8:45 am.
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