Informations Rapides ·
20 December 2024 · n° 324
At the end of Q3 2024, the Maastricht debt accounted for €3,303.0 billion Debt of the general government according to the Maastricht definition - third quarter
2024
At the end of Q3 2024, Maastricht debt reached €3,303.0 billion; it increased by €71.7 billion, after +€69.0 billion in the previous quarter. Expressed as a percentage of gross domestic product (GDP), it stood at 113.7% after 112.2% in Q2 2024. As in the previous quarter, the increase in public debt came with an increase in the general government cash position (+€6.4 billion), and, to a lesser extent, other assets, so that net debt increased slightly less than gross debt (+€64.0 billion) and stood at 104.9% of GDP.
Warning
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.
Eurostat correction related to the European Financial Stability Facility
For this publication, French general government debt in the Maastricht sense has been updated since 2013, following the revision by the European Commission (Eurostat) of its calculation of the debt recorded in the French accounts under the European Financial Stability Facility. As a result, loans recorded as government debt in the Maastricht sense have been increased since 2013. By the end of 2023, this revision have an impact of €2.7 billion, or 0.1 points of GDP. This revision is neutral on general government net debt. See the “For further information” section for more details.
- In the third quarter of 2024, the public debt increased by €71.7 billion and accounted for 113.7% of GDP
- The increase in general government gross debt was mainly due to the State, while the debt of other central government bodies remained stable
- The debt of the social security funds kept increasing
- The debt of local government increased slightly
- In Q3 2024, net public debt increased by €64.0 billion
- The overall value of quoted shares and collective investment shares held by general government rose in the third quarter of 2024
- For further information
In the third quarter of 2024, the public debt increased by €71.7 billion and accounted for 113.7% of GDP
At the end of Q3 2024, Maastricht debt reached €3,303.0 billion; it increased by €71.7 billion, after +€69.0 billion in the previous quarter. Expressed as a percentage of gross domestic product (GDP), it stood at 113.7% after 112.2% in Q2 2024. As in the previous quarter, the increase in public debt came with an increase in the general government cash position (+€6.4 billion), and, to a lesser extent, other assets, so that net debt increased slightly less than gross debt (+€64.0 billion) and stood at 104.9% of GDP.
The increase in general government gross debt was mainly due to the State, while the debt of other central government bodies remained stable
At the end of Q3 2024, the contribution of the State to the public debt increased by €59.8 billion, after +€70.0 billion in the previous quarter. The outstanding amount of the State negotiable securities increased (+€58.3 billion), mainly due to long-term securities (+€58.9 billion). Deposits received (excluding general government deposits) increased by +€1.5 billion. The State’s cash position decreased (-€3.8 billion), so its net debt increased more than its gross debt (+€63.6 billion).
The public debt of other central government bodies (OCGB) is stable (+€0.2 billion after - €4.7 billion in the previous quarter).
The debt of the social security funds kept increasing
The contribution of the social security funds (SSF) to the public debt also increased (+€10.4 billion, after +€4.0 billion in the previous quarter), due to the debt of the Urssaf Caisse nationale (+€10.2 billion, after +€1.7 billion in the previous quarter), while the Cades debt is almost stable (-€0.5 billion after +€3.3 billion in the previous quarter). This rise in social security funds’ debt was mainly due to short-term marketable securities (+€13.4 billion), whereas long term securities decreased by €3.9 billion.
SSF’s assets increased by €11.1 billion in the third quarter, with the cash position registering the main rise (+€10.1 billion); therefore, SSF’s net debt decreased by €0.7 billion.
The debt of local government increased slightly
The public debt of local government increased by €1.3 billion, after -€0.3 billion in the previous quarter, due to a rise in long-term securities (+€1.6 billion) and in long-term loans (+€0.6 billion), softened by a decrease of short-term securities (-€0.7 billion) and of short-term loans (-€0.2 billion).
Departments (+€0.5 billion) and unions (+€0.3 billion) increased their debt, whereas regions decreased theirs (-€0.6 billion). Local government bodies increased their debt (+€1.0 billion), mainly due to the rise in the debt of the Société de Grands Projets (+€1.0 billion).
tableauGeneral government debt under the Maastricht treaty (% of GDP) (*)
| General government debt under the Maastricht treaty (% of GDP) (*) | |
|---|---|
| 2024-Q3 | 113.7 |
| 2024-Q2 | 112.2 |
| 2024-Q1 | 110.6 |
| 2023-Q4 | 110.0 |
| 2023-Q3 | 111.2 |
| 2023-Q2 | 111.3 |
| 2023-Q1 | 112.1 |
| 2022-Q4 | 111.3 |
| 2022-Q3 | 113.1 |
| 2022-Q2 | 113.0 |
| 2022-Q1 | 114.4 |
| 2021-Q4 | 112.8 |
| 2021-Q3 | 115.6 |
| 2021-Q2 | 114.6 |
| 2021-Q1 | 117.8 |
| 2020-Q4 | 114.9 |
| 2020-Q3 | 115.2 |
| 2020-Q2 | 113.0 |
| 2020-Q1 | 101.2 |
| 2019-Q4 | 98.2 |
| 2019-Q3 | 99.9 |
| 2019-Q2 | 99.1 |
| 2019-Q1 | 99.4 |
| 2018-Q4 | 98.6 |
| 2018-Q3 | 99.4 |
| 2018-Q2 | 99.2 |
| 2018-Q1 | 99.1 |
| 2017-Q4 | 98.8 |
| 2017-Q3 | 100.2 |
| 2017-Q2 | 101.2 |
| 2017-Q1 | 100.8 |
| 2016-Q4 | 98.2 |
| 2016-Q3 | 99.2 |
| 2016-Q2 | 99.9 |
| 2016-Q1 | 98.9 |
| 2015-Q4 | 97.0 |
| 2015-Q3 | 97.7 |
| 2015-Q2 | 98.2 |
| 2015-Q1 | 98.0 |
| 2014-Q4 | 96.2 |
| 2014-Q3 | 96.5 |
| 2014-Q2 | 96.7 |
| 2014-Q1 | 96.1 |
| 2013-Q4 | 94.6 |
| 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
| 2023Q3 | 2023Q4 | 2024Q1 | 2024Q2 | 2024Q3 | |
|---|---|---|---|---|---|
| General Government | 3,097.3 | 3,104.1 | 3,162.3 | 3,231.3 | 3,303.0 |
| % of GDP (*) | 111.2% | 110.0% | 110.6% | 112.2% | 113.7% |
| of which, by sub-sector, consolidated (*): | |||||
| State | 2,517.1 | 2,516.4 | 2,560.7 | 2,630.8 | 2,690.5 |
| Central agencies | 72.0 | 73.7 | 73.9 | 69.2 | 69.4 |
| Local Government | 243.3 | 250.4 | 251.2 | 250.9 | 252.2 |
| Social security funds | 265.0 | 263.7 | 276.5 | 280.5 | 290.8 |
| of which, by category | |||||
| Currency and deposits | 44.2 | 42.1 | 38.8 | 42.1 | 43.7 |
| Securities other than shares | 2,755.1 | 2,759.7 | 2,819.2 | 2,889.6 | 2,958.2 |
| Short-term | 205.2 | 207.4 | 228.8 | 248.7 | 260.8 |
| Long-term | 2,549.9 | 2,552.3 | 2,590.4 | 2,640.9 | 2,697.4 |
| Loans | 298.1 | 302.3 | 304.2 | 299.5 | 301.1 |
| Short-term | 13.7 | 10.9 | 15.6 | 12.4 | 13.9 |
| Long-term | 284.4 | 291.4 | 288.6 | 287.1 | 287.2 |
- (*) Explanations in the box "For more details".
- Source: National Accounts - INSEE, DGFiP, Banque de France.
In Q3 2024, net public debt increased by €64.0 billion
General government net debt amounted to €3,045.5 billion in the third quarter of 2024, at 104.9% of GDP, after 103.5% in the second quarter of 2024. It increased by €64.0 billion, after +€58.1 billion in the previous quarter. The €7.7 billion difference with the increase in gross debt in the third quarter is explained by the rise in Social security funds’ assets (+€11.1 billion), partly offset by the decrease in the State's cash position (-€3.8 billion).
tableauGeneral government net debt by sub-sector
| 2023Q3 | 2023Q4 | 2024Q1 | 2024Q2 | 2024Q3 | |
|---|---|---|---|---|---|
| General government | 2,861.2 | 2,871.1 | 2,923.4 | 2,981.5 | 3,045.5 |
| of which: | |||||
| The State | 2,396.0 | 2,406.3 | 2,450.9 | 2,504.0 | 2,567.5 |
| Central agencies | 37.6 | 36.9 | 35.4 | 33.8 | 33.7 |
| Local government | 229.8 | 236.8 | 237.4 | 237.0 | 238.2 |
| Social security funds | 197.8 | 191.1 | 199.7 | 206.8 | 206.0 |
- Source: National Accounts - INSEE, DGFiP, Banque de France.
tableauMaastricht gross debt and net debt
| Maastricht debt | Net debt | |
|---|---|---|
| 2024-Q3 | 3303.0 | 3045.5 |
| 2024-Q2 | 3231.3 | 2981.5 |
| 2024-Q1 | 3162.3 | 2923.4 |
| 2023-Q4 | 3104.1 | 2871.1 |
| 2023-Q3 | 3097.3 | 2861.2 |
| 2023-Q2 | 3055.7 | 2799.2 |
| 2023-Q1 | 3021.8 | 2743.3 |
| 2022-Q4 | 2956.0 | 2682.5 |
| 2022-Q3 | 2963.6 | 2655.2 |
| 2022-Q2 | 2922.5 | 2601.8 |
| 2022-Q1 | 2915.6 | 2550.7 |
| 2021-Q4 | 2828.9 | 2521.7 |
| 2021-Q3 | 2846.8 | 2512.6 |
| 2021-Q2 | 2775.4 | 2471.5 |
| 2021-Q1 | 2752.7 | 2403.5 |
| 2020-Q4 | 2664.1 | 2355.7 |
| 2020-Q3 | 2679.9 | 2316.7 |
| 2020-Q2 | 2645.2 | 2298.3 |
| 2020-Q1 | 2446.2 | 2196.9 |
| 2019-Q4 | 2387.9 | 2164.9 |
| 2019-Q3 | 2420.8 | 2173.6 |
| 2019-Q2 | 2379.6 | 2154.4 |
| 2019-Q1 | 2362.7 | 2125.1 |
| 2018-Q4 | 2321.3 | 2106.7 |
| 2018-Q3 | 2326.3 | 2086.7 |
| 2018-Q2 | 2306.0 | 2080.8 |
| 2018-Q1 | 2292.0 | 2057.9 |
| 2017-Q4 | 2263.7 | 2050.5 |
| 2017-Q3 | 2279.3 | 2057.2 |
| 2017-Q2 | 2281.8 | 2056.1 |
| 2017-Q1 | 2256.5 | 2034.0 |
| 2016-Q4 | 2191.0 | 2006.3 |
| 2016-Q3 | 2206.9 | 2002.7 |
| 2016-Q2 | 2218.1 | 2001.6 |
| 2016-Q1 | 2188.3 | 1979.7 |
| 2015-Q4 | 2134.9 | 1950.9 |
| 2015-Q3 | 2140.2 | 1933.6 |
| 2015-Q2 | 2141.1 | 1933.0 |
| 2015-Q1 | 2123.9 | 1907.4 |
| 2014-Q4 | 2071.1 | 1888.1 |
| 2014-Q3 | 2073.9 | 1876.4 |
| 2014-Q2 | 2067.8 | 1854.1 |
| 2014-Q1 | 2048.6 | 1828.5 |
| 2013-Q4 | 2005.0 | 1802.6 |
| 2013-Q3 | 1985.6 | 1770.3 |
| 2013-Q2 | 1996.3 | 1754.7 |
| 2013-Q1 | 1953.6 | 1735.5 |
| 2012-Q4 | 1915.8 | 1712.7 |
| 2012-Q3 | 1902.1 | 1678.7 |
| 2012-Q2 | 1922.6 | 1655.4 |
| 2012-Q1 | 1886.8 | 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 rose in the third quarter of 2024
In the third quarter of 2024, the total value of listed shares and mutual funds held by general government rose by €6.4 billion (after -€9.8 billion in the previous quarter) and amounted to €262.6 billion. This increase was borne by the SSF (+€4.0 billion), the State (+€1.3 billion) and the other central government bodies (+€1.1 billion).
tableauGeneral government holdings of quoted shares and mutual fund shares
| 2023Q3 | 2023Q4 | 2024Q1 | 2024Q2 | 2024Q3 | |
|---|---|---|---|---|---|
| General government holdings of quoted shares and mutual fund shares | 236.7 | 252.2 | 266.1 | 256.2 | 262.6 |
| of which: | |||||
| The State | 45.8 | 47.8 | 51.6 | 47.2 | 48.5 |
| Central agencies | 54.0 | 56.7 | 60.4 | 57.5 | 58.5 |
| Local government | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 |
| Social security funds | 136.8 | 147.6 | 154.0 | 151.4 | 155.4 |
- 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-Q3 | 262.6 |
| 2024-Q2 | 256.2 |
| 2024-Q1 | 266.1 |
| 2023-Q4 | 252.2 |
| 2023-Q3 | 236.7 |
| 2023-Q2 | 237.7 |
| 2023-Q1 | 280.7 |
| 2022-Q4 | 256.9 |
| 2022-Q3 | 237.9 |
| 2022-Q2 | 234.2 |
| 2022-Q1 | 247.8 |
| 2021-Q4 | 259.7 |
| 2021-Q3 | 246.5 |
| 2021-Q2 | 248.4 |
| 2021-Q1 | 235.6 |
| 2020-Q4 | 230.7 |
| 2020-Q3 | 214.9 |
| 2020-Q2 | 215.7 |
| 2020-Q1 | 196.1 |
| 2019-Q4 | 243.1 |
| 2019-Q3 | 237.6 |
| 2019-Q2 | 234.2 |
| 2019-Q1 | 235.8 |
| 2018-Q4 | 219.7 |
| 2018-Q3 | 249.7 |
| 2018-Q2 | 242.9 |
| 2018-Q1 | 224.4 |
| 2017-Q4 | 220.5 |
| 2017-Q3 | 217.1 |
| 2017-Q2 | 214.3 |
| 2017-Q1 | 206.4 |
| 2016-Q4 | 205.9 |
| 2016-Q3 | 202.7 |
| 2016-Q2 | 194.1 |
| 2016-Q1 | 197.1 |
| 2015-Q4 | 203.6 |
| 2015-Q3 | 201.9 |
| 2015-Q2 | 218.6 |
| 2015-Q1 | 225.0 |
| 2014-Q4 | 210.0 |
| 2014-Q3 | 218.9 |
| 2014-Q2 | 215.6 |
| 2014-Q1 | 223.4 |
| 2013-Q4 | 213.5 |
| 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 further information
- 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.
- Eurostat correction related to the European Financial Stability Facility -
French general government Maastricht debt has been updated since 2013, following the revision by the European Commission (Eurostat) of its calculation of the debt recorded under the European Financial Stability Facility (EFSF).The EFSF was created in 2010 by the member states of the eurozone with the aim of providing financing to member states requesting it. The EFSF has issued bonds guaranteed by the member states of the eurozone, and has granted a series of loans to Ireland, Portugal and Greece.
In national accounts, the EFSF is not recognised as an institutional unit insofar as it has no decision-making autonomy over the operations it undertakes vis-à-vis the guarantor states, which de facto control it. Thus, the loans granted by the EFSF are recorded in the accounts of the guarantor states in proportion to the guarantees provided by each of them. For the guarantor states, this accounting treatment results in an increase in their gross debt, but leaves their net debt unchanged.
In Ouvrir dans un nouvel ongletan analysis published in September 2024, Eurostat has revised the valuation of loans to be recorded in member states' accounts, by including the deferred interest on EFSF loans granted to Greece in 2012. Initially excluded from the face value of the loan because it was considered as accrued interest not yet due, this interest is now taken into account because it is capitalised and bears interest.
This new analysis leads to an upward revision of Greece's Maastricht debt since 2013 and, in turn, of the debt of the guarantor states.
At the end of 2023, deferred interest on EFSF loans to Greece will total €12.5 billion, of which €2.7 billion is recorded in French public debt (0.1 point of GDP). In total, the EFSF debt recorded in the accounts of the guarantor countries amounts to €185.3 billion, including €40.5 billion in the French general government account.
- Next release: 27 March 2025 at 7:30 am
Pour en savoir plus
- 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.
- Eurostat correction related to the European Financial Stability Facility -
French general government Maastricht debt has been updated since 2013, following the revision by the European Commission (Eurostat) of its calculation of the debt recorded under the European Financial Stability Facility (EFSF).The EFSF was created in 2010 by the member states of the eurozone with the aim of providing financing to member states requesting it. The EFSF has issued bonds guaranteed by the member states of the eurozone, and has granted a series of loans to Ireland, Portugal and Greece.
In national accounts, the EFSF is not recognised as an institutional unit insofar as it has no decision-making autonomy over the operations it undertakes vis-à-vis the guarantor states, which de facto control it. Thus, the loans granted by the EFSF are recorded in the accounts of the guarantor states in proportion to the guarantees provided by each of them. For the guarantor states, this accounting treatment results in an increase in their gross debt, but leaves their net debt unchanged.
In Ouvrir dans un nouvel ongletan analysis published in September 2024, Eurostat has revised the valuation of loans to be recorded in member states' accounts, by including the deferred interest on EFSF loans granted to Greece in 2012. Initially excluded from the face value of the loan because it was considered as accrued interest not yet due, this interest is now taken into account because it is capitalised and bears interest.
This new analysis leads to an upward revision of Greece's Maastricht debt since 2013 and, in turn, of the debt of the guarantor states.
At the end of 2023, deferred interest on EFSF loans to Greece will total €12.5 billion, of which €2.7 billion is recorded in French public debt (0.1 point of GDP). In total, the EFSF debt recorded in the accounts of the guarantor countries amounts to €185.3 billion, including €40.5 billion in the French general government account.
- Next release: 27 March 2025 at 7:30 am