Informations Rapides · 27 September 2024 · n° 247

At the end of Q2 2024, the Maastricht debt accounted for €3,228.4 billion Debt of the general government according to the Maastricht definition - second quarter 2024

At the end of Q2 2024, Maastricht debt reached €3,228.4 billion; it increased by €68.9billion, after +€58.2 billion in the previous quarter. Expressed as a percentage of gross domestic product (GDP), it stood at 112.0%, after 110.5 % in Q1 2024. As in the previous quarter, the increase in public debt came with an increase in the general government cash position (+€16.4 billion), partially offset by asset transfers, so that the net debt increased slightly less (+€58.1 billion) than the gross debt and stood at 103.5% of GDP.

At the end of Q2 2024, the contribution of the State to the public debt increased by +€69.9 billion, after €44.3 billion in the previous quarter. The outstanding amount of the State negotiable securities increased (+€66.5 billion), mainly due to long-term securities (+€52.2 billion) while short-term securities contributed to a lesser extend (+€14.3 billion). Deposits received (excluding general government deposits) increased by +€3.3 billion. The State’s cash position increased too (+€17.1 billion), so its net debt increased less (+€53.0 billion) than its gross debt.

The public debt of other central government bodies (OCGB) decreased by €4.7 billion (after +€0.2 billion in the previous quarter), mainly due to a decrease of €4.5 billion in SNCF Réseau’s debt.

To a lesser extent, the contribution of the social security funds (SSF) to the public debt also increased (+€4.0 billion, after -€12.8 billion in the previous quarter), due to the debt of the Cades which increased +€3.3 billion. The indebtedness of Urssaf Caisse nationale’s continued, at a slower pace (+€1.7 billion after +€12.9 billion in the previous quarter). These rise in social security funds’ debt was mainly due to outstanding short term marketable securities (+€5.9 billion), whereas the outstanding long term marketable securities fell back by €2.5 billion. SSF’s cash position decreased slightly (-€0.6 billion), so did it’s debt (-€2.5 billion): therefore, its net debt increased more (+€7.1 billion) than its gross debt.

The public debt of local government decreased by €0.3 billion, after +€0.8 billion in the previous quarter. Long-term loans contributed most to lowering the debt (-€1.3 billion), their impact mitigated by an increase in long-term securities (+€0.8 billion). The overall decrease was borne by departments and municipalities (-€0.2 billion and-€0.9 billion respectively). Regarding short-term liabilities, securities decreased (-€0.2 billion) while loans increased (+€0.4 billion). Several local government bodies reduced their cash position while simultaneously stabilizing their debt (Île-de-France Mobilités with -€0.5 billion in cash position or Société des Grands Projets with -€1.3 billion).

General government net debt amounted to €2,981.5 billion in the second quarter of 2024, at 103.5% of GDP, after 102.2% in the first quarter of 2024. It increased by €58.1 billion, after +€52.3 billion in the previous quarter. The main counterpart to the €10.8 billion difference with increase in gross debt in the second quarter is the increase of the State cash position (+€17.1 billion) while the transfer of assets widened the gap (-€2.9 billion for central government bodies and -€2.5 billion for SSF).

In the second quarter of 2024, the total value of listed shares and mutual funds held by general government fell back by €9.9 billion (after an increase by €13.9 billion in the previous quarter) due to a considerable increase in the price of assets (-€10.8 billion). The overall value amounted to €256.2 billion. This decrease was largely due to quoted shares (-€9.2 billion) and borne by the State (-€4.4 billion), OCGB (-€2.9 billion) and SSF (-€2.6 billion).