Informations Rapides · 26 June 2025 · n° 163

At the end of Q1 2025, the Maastricht debt accounted for €3,345.8 billion Debt of the general government according to the Maastricht definition - first quarter 2025

At the end of the first quarter 2025, the Maastricht debt accounted for €3,345.8 billion ; it increased by €40.5 billion, after +€3.8 billion in the previous quarter. Expressed as percentage of Gross Domestic Product (GDP), it stood at 114.0 %, after 113.2 % in Q4 2024. As in the previous quarter, the rise in public debt came with a decrease in the general government cash position (-€11.4 billion) and, in a lesser extent, in other assets, so that net debt increased more than gross debt (+€52.6 billion) and accounted for 106.1 % of GDP.

In Q1 2025, the contribution of the State to the public debt increased by €36.7 billion, after a negative contribution of €3.7 billion in the previous quarter. The outstanding amount of public long term debt securities increased (+€42.6 billion). Short term securities decreased (-€3.0 billion), as did deposits received (excluding general government deposits, -€2.9 billion respectively). In parallel, the State decreased its cash position (-€5.8 billion) and its long term loans detention (- €0.6 billion), so that its net debt increased more than its gross debt (+€43.2 billion).

The contribution of other central government to the debt slightly decreased (-€0.1 billion after + €1.1 billion in the previous quarter).

The social security funds contribution to the debt increased (+€3.3 billion, after -€5.5 billion in the previous quarter), due to the Urssaf Caisse Nationale (+€1.5 billion), the Unedic (+€1.5 billion), and the Cades (+€0.7 billion after -€8.1 billion in the last quarter), while the Cnaf debt decreased (-€0.7 billion). This increase in social security funds debt mainly reflected a rise in short term securities (+€2.2 billion) and long term securities (+€1.4 billion).

The increase in social security funds debt came with a decrease in their assets of €5.6 billion in the first quarter, mainly due to a decrease in their cash flow positions of €5.7 billion, so that their net debt increased more than their gross debt (+€8.9 billion). The main part of the decrease in social security funds cash positions is due to the Urssaf Caisse Nationale (-€7.1 billion after +€14.1 billion on the whole 2024 year).

In the first quarter of 2025, local government debt increased by €0.6 billion, after +€11.9 billion in the previous quarter. It included an increase in long term securities (+€2.6 billion) and in short term loans (+€0.9 billion) softened by a decrease in long term loans (-€2.8 billion).

Regions increased their debt (+€2.0 billion), and so did local government bodies (+€0.8 billion, including +€1.0 billion for Île-de-France Mobilités). On the opposite, cities debt decreased (-€1.6 billion) and so did department debt (-€0.6 billion). Local unions debt remained stable.

The general government net debt accounted for €3,115.5 billion at the end of the first quarter of 2025, and stood at 106.1 % of GDP, after 104.9 % in Q4 2024. It increased by €52.6 billion, after +€16.1 billion in the previous quarter. The gap of €12.1 billion with the increase in gross debt is mainly due to the decrease in cash flow positions of the State (-€5.8 billion) and of social security funds (-€5.7 billion).

Assessing the financial position of general government also involves taking into account assets that are not included in the definition of net debt. Therefore, in Q1 2025, the total value of holdings in listed equities and mutual funds detained by general government increased by €16.8 billion (after +€5.5 billion in the previous quarter) and stood at €290.8 billion. This increase is mainly due to the State (+€9.1 billion), other central governments (+€3.9 billion) and social security funds (+€3.8 billion).