Informations Rapides ·
27 March 2025 · n° 82
At the end of Q4 2024, the Maastricht debt accounted for 3,305.3 billion Debt of the general government according to the Maastricht definition - fourth quarter
2024
At the end of the fourth quarter 2024, the Maastricht debt accounted for €3,305.3 billion; it increased by €3.8 billion, after +€71.7 billion in the previous quarter. Expressed as percentage of Gross Domestic Product (GDP), it stood at 113.0 %, after 113.6 % in Q3 2024. In contrast to the previous quarter, the increase in public debt was accompanied by a decrease in the general government cash position (-€11.3 billion) and, in a lesser extent, in other assets, so that net debt increased slightly more than gross debt (+€16.1 billion) and stood at 104.7 % 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 alone 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 workind-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.
For the annual publication of the general government account, improvements have been made to the processing of source data, leading to a revision of general government debt in the Maastricht sense. Improvements in the treatment of debt related to capitalized rents for the City of Paris have led to a downward revision of local government debt since 2016, while improvements in the treatment of hospital group debt have led to an upward revision of social security government debt since 2017. At the end of 2024, these modifications had an effect of respectively -€1.8 billion and +€1.2 billion on the general government Maastricht debt.
- In the fourth quarter of 2024, the public debt increased by €3.8 billion and accounted for 113.0 % of GDP
- The State and other central government debt remained stable
- The debt of social security funds decreased
- Local government debt rises
- In Q4 2024, the general government net debt increased by €16.1 billion
- Total value of holdings in listed equities and mutual funds increased in Q4 2024
- For further information
In the fourth quarter of 2024, the public debt increased by €3.8 billion and accounted for 113.0 % of GDP
At the end of the fourth quarter 2024, the Maastricht debt accounted for €3,305.3 billion; it increased by €3.8 billion, after +€71.7 billion in the previous quarter. Expressed as percentage of Gross Domestic Product (GDP), it stood at 113.0 %, after 113.6 % in Q3 2024. In contrast to the previous quarter, the increase in public debt was accompanied by a decrease in the general government cash position (-€11.3 billion) and, in a lesser extent, in other assets, so that net debt increased slightly more than gross debt (+€16.1 billion) and stood at 104.7 % of GDP.
The State and other central government debt remained stable
In Q4 2024, the contribution of the State to the public debt decreased by €3.7 billion, after a positive contribution of €59.8 billion in the previous quarter. The outstanding amount of public debt securities slightly decreased (-€0.8 billion). Deposits received (excluding general government deposits) decreased by €1.6 billion. The State decreased in parallel its cash position (-€10.4 billion) and its credit detention (-€0.6 billion), so that in contrast to its gross debt, its net debt increased (+€7.2 billion).
The other central government contribution to the debt slightly increased (+€1.1 billion after + €0.2 billion in the last quarter).
The debt of social security funds decreased
The social security funds contribution to the debt decreased (-€5.5 billion, after +€10.4 billion in the previous quarter), due to that of the Cades (-€8.1 billion, after -€0.5 billion in the previous quarter), while the Urssaf Caisse nationale debt is nearly stable (+€0.8 billion after +€10.2 billion in the previous quarter). This decreased in social security funds debt mainly reflects a decrease in short-term securities (-€3.2 billion) and long-terme securities (-€2.5 billion).
The decline in social security funds debt was accompanied by a decrease in their assets of €2.0 billion in Q4 2024, in particular a €1.8 billion decline in cash flow, so that their net debt diminished less than their gross debt (-€3.5 billion).
Local government debt rises
In the fourth quarter of 2024, local government debt increased by €11.9 billion, after +€1.3 billion in the previous quarter. It included an increase in long-term loans (+€10.9 billion) and in long-term securities (+€1.0 billion).
Cities increased their debts (+€4.1 billion), as did departments (+€3.0 billion), regions (+€2.1 billion) and unions (+€0.5 billion). Local government bodies also increased their contribution to the debt (+€1.4 billion), mainly due to the increase in debt of Île-de-France Mobilité (+€0.7 billion).
tableauGeneral government debt under the Maastricht treaty (% of GDP) (*)
| General government debt under the Maastricht treaty (% of GDP) (*) | |
|---|---|
| 2024-Q4 | 113.0 |
| 2024-Q3 | 113.6 |
| 2024-Q2 | 112.2 |
| 2024-Q1 | 110.5 |
| 2023-Q4 | 109.8 |
| 2023-Q3 | 111.3 |
| 2023-Q2 | 111.4 |
| 2023-Q1 | 111.9 |
| 2022-Q4 | 111.4 |
| 2022-Q3 | 113.0 |
| 2022-Q2 | 112.8 |
| 2022-Q1 | 114.4 |
| 2021-Q4 | 112.8 |
| 2021-Q3 | 115.3 |
| 2021-Q2 | 114.3 |
| 2021-Q1 | 117.7 |
| 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 | 99.0 |
| 2019-Q1 | 99.3 |
| 2018-Q4 | 98.5 |
| 2018-Q3 | 99.4 |
| 2018-Q2 | 99.1 |
| 2018-Q1 | 99.1 |
| 2017-Q4 | 98.8 |
| 2017-Q3 | 100.2 |
| 2017-Q2 | 101.2 |
| 2017-Q1 | 100.8 |
| 2016-Q4 | 98.1 |
| 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
| 2023Q4 | 2024Q1 | 2024Q2 | 2024Q3 | 2024Q4 | |
|---|---|---|---|---|---|
| General Government | 3,102.5 | 3,160.8 | 3,229.7 | 3,301.4 | 3,305.3 |
| % of GDP (*) | 109.8% | 110.5% | 112.2% | 113.6% | 113.0% |
| of which, by sub-sector, consolidated (*): | |||||
| State | 2,516.5 | 2,560.9 | 2,630.9 | 2,690.7 | 2,687.0 |
| Central agencies | 73.0 | 73.3 | 68.5 | 68.7 | 69.8 |
| Local Government | 248.1 | 248.9 | 248.6 | 250.0 | 261.9 |
| Social security funds | 264.9 | 277.7 | 281.7 | 292.1 | 286.6 |
| of which, by category | |||||
| Currency and deposits | 41.8 | 38.6 | 41.9 | 43.4 | 41.8 |
| Securities other than shares | 2,760.2 | 2,819.8 | 2,890.2 | 2,958.7 | 2,954.1 |
| Short-term | 202.0 | 223.4 | 243.3 | 255.4 | 258.4 |
| Long-term | 2,558.2 | 2,596.4 | 2,646.8 | 2,703.3 | 2,695.7 |
| Loans | 300.5 | 302.4 | 297.7 | 299.3 | 309.4 |
| Short-term | 9.9 | 14.6 | 11.4 | 13.0 | 13.2 |
| Long-term | 290.5 | 287.8 | 286.3 | 286.4 | 296.1 |
- (*) Explanations in the box "For more details".
- Source: National Accounts - INSEE, DGFiP, Banque de France.
In Q4 2024, the general government net debt increased by €16.1 billion
General government net debt amounted to €3,062.9 billion in Q4 2024, and stood at 104.7 % of GDP, after 104.8 % in Q3 2024. It increased by €16.1 billion, after +€64.0 billion in the previous quarter. The gap of €12.3 billion with the rise in gross debt in Q4 2024 was mainly due to the decrease in cash flow of the State (-€10.4 billion), and of social security funds (-€1.8 billion).
tableauGeneral government net debt by sub-sector
| 2023Q4 | 2024Q1 | 2024Q2 | 2024Q3 | 2024Q4 | |
|---|---|---|---|---|---|
| General government | 2,872.4 | 2,924.7 | 2,982.8 | 3,046.8 | 3,062.9 |
| of which: | |||||
| The State | 2,406.9 | 2,451.5 | 2,504.6 | 2,568.2 | 2,575.4 |
| Central agencies | 38.2 | 36.8 | 35.1 | 35.0 | 35.4 |
| Local government | 235.2 | 235.8 | 235.4 | 236.6 | 248.5 |
| Social security funds | 192.1 | 200.7 | 207.8 | 207.0 | 203.6 |
- Source: National Accounts - INSEE, DGFiP, Banque de France.
tableauMaastricht gross debt and net debt
| Maastricht debt | Net debt | |
|---|---|---|
| 2024-Q4 | 3305.3 | 3062.9 |
| 2024-Q3 | 3301.4 | 3046.8 |
| 2024-Q2 | 3229.7 | 2982.8 |
| 2024-Q1 | 3160.8 | 2924.7 |
| 2023-Q4 | 3102.5 | 2872.4 |
| 2023-Q3 | 3095.6 | 2859.9 |
| 2023-Q2 | 3055.7 | 2799.1 |
| 2023-Q1 | 3020.8 | 2741.6 |
| 2022-Q4 | 2955.6 | 2682.6 |
| 2022-Q3 | 2960.7 | 2652.3 |
| 2022-Q2 | 2920.8 | 2600.1 |
| 2022-Q1 | 2915.7 | 2550.8 |
| 2021-Q4 | 2828.8 | 2521.5 |
| 2021-Q3 | 2846.6 | 2512.4 |
| 2021-Q2 | 2775.2 | 2471.4 |
| 2021-Q1 | 2752.5 | 2403.3 |
| 2020-Q4 | 2663.9 | 2355.5 |
| 2020-Q3 | 2679.6 | 2316.4 |
| 2020-Q2 | 2644.9 | 2298.0 |
| 2020-Q1 | 2445.8 | 2196.5 |
| 2019-Q4 | 2387.4 | 2164.4 |
| 2019-Q3 | 2420.3 | 2173.1 |
| 2019-Q2 | 2379.1 | 2153.9 |
| 2019-Q1 | 2362.2 | 2124.6 |
| 2018-Q4 | 2320.7 | 2106.2 |
| 2018-Q3 | 2325.7 | 2086.1 |
| 2018-Q2 | 2305.5 | 2080.4 |
| 2018-Q1 | 2291.6 | 2057.4 |
| 2017-Q4 | 2263.3 | 2050.1 |
| 2017-Q3 | 2278.8 | 2056.7 |
| 2017-Q2 | 2281.3 | 2055.7 |
| 2017-Q1 | 2256.0 | 2033.5 |
| 2016-Q4 | 2190.5 | 2005.8 |
| 2016-Q3 | 2206.5 | 2002.3 |
| 2016-Q2 | 2217.8 | 2001.4 |
| 2016-Q1 | 2188.2 | 1979.5 |
| 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.
Total value of holdings in listed equities and mutual funds increased in Q4 2024
In Q4 2024, the total value of holdings in listed equities and mutual funds detained by general government increased by €2.0 billion (after +€6.4 billion in the previous quarter) and stood at €262.3 billion. This rise was mainly due to social security funds (+€2.9 billion), and was partly offset by the drop in the total value of holdings in listed equities and mutual funds of the State (-€1.1 billion).
tableauGeneral government holdings of quoted shares and mutual fund shares
| 2023Q4 | 2024Q1 | 2024Q2 | 2024Q3 | 2024Q4 | |
|---|---|---|---|---|---|
| General government holdings of quoted shares and mutual fund shares | 250.5 | 260.1 | 253.9 | 260.3 | 262.3 |
| of which: | |||||
| The State | 45.8 | 45.2 | 44.6 | 45.9 | 44.7 |
| Central agencies | 56.9 | 60.6 | 57.7 | 58.8 | 59.1 |
| Local government | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 |
| Social security funds | 147.6 | 154.1 | 151.4 | 155.5 | 158.3 |
- 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-Q4 | 262.3 |
| 2024-Q3 | 260.3 |
| 2024-Q2 | 253.9 |
| 2024-Q1 | 260.1 |
| 2023-Q4 | 250.5 |
| 2023-Q3 | 239.9 |
| 2023-Q2 | 239.3 |
| 2023-Q1 | 281.2 |
| 2022-Q4 | 256.0 |
| 2022-Q3 | 238.6 |
| 2022-Q2 | 234.3 |
| 2022-Q1 | 247.9 |
| 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.
- Next release: 26 June 2025 at 8 :45 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.
- Next release: 26 June 2025 at 8 :45 am