Informations Rapides · 25 September 2025 · n° 244

At the end of Q2 2025, the Maastricht debt accounted for 115.6% of GDP Debt of the general government according to the Maastricht definition - second quarter 2025

At the end of the second quarter 2025, the Maastricht debt accounted for €3,416.3 billion; it increased by €70.9 billion, after +€40.2 billion in the previous quarter. Expressed as percentage of Gross Domestic Product (GDP), it stood at 115.6 %, after 113.9 % in Q1 2025. Unlike the previous quarter, the rise in public debt came with an increase in the general government cash position (+€16.2 billion after -€11,4 billion), so that net debt increased a little less than gross debt (+€55.5 billion) and accounted for 107.3% of GDP after 106.1 % in the previous quarter.

In Q2 2025, the contribution of the State to the public debt increased by €64.3 billion, after a positive contribution of €36.4 billion in the previous quarter. The outstanding amount of long term debt securities increased (+€52.8 billion), as did short term securities (+€8.1 billion) and deposits (excluding general government deposits, +€3.2 billion). In parallel, the State increased its cash position (+€10.4 billion) and decreased its short term loans detention (-€0.3 billion), so that its net debt increased less than its gross debt (+€54.2 billion).

The contribution of other central government to the debt decreased (-€1.0 billion after -€0.1 billion in the previous quarter). Their outstanding amount of short term loans decreased (-€0.8 billion), as did their long term loans (-€0.3 billion).

The contribution of social security funds to the debt increased (+€7.8 billion, after +€3.3 billion in the previous quarter), due to the Urssaf Caisse Nationale (+€11.7 billion) and to public hospitals (+€0.4 billion), while the Cades decreased its debt (-€2.9 billion), as did the Unedic (-€1.4 billion). This increase in the debt of social security funds mainly reflected a rise in short term securities (+€4.1 billion), in long term securities (+€1.5 billion) and in short term loans (+€2.2 billion).

The increase in the debt of social security funds came with an increase in their assets of €4.8 billion, in particular in their cash flow positions of €5.5 billion, so that their net debt increased less than their gross debt (+€2.9 billion).

In the second quarter of 2025, local governments’ debt decreased by €0.1 billion, after +€0.6 billion in the previous quarter. The decrease in long term securities (-€0.4 billion) and in long term loan (-0.6 billion) was softened by an increase in short term loans (+€1.0 billion). In parallel, local government increased their loans detention (+€0.2 billion), so that their net debt decreased more than their gross debt (-€0.3 billion).

Cities increased their debt (+€0.4 billion), so did local unions (+€0.2 billion). On the opposite, regions’ debt decreased (-€0.6 billion) and so did departments’ debt (-€0.1 billion).

The analysis of general government debt can be supplemented by the financial assets held by general government. Net debt is calculated by subtracting the assets held by general government in the same range of financial instruments from its gross debt (deposits, negotiable debt securities, loans). The general government net debt accounted for €3,171.5 billion at the end of the second quarter of 2025, and stood at 107.3 % of GDP, after 106.1 % in Q1 2025. It increased by €55.5 billion, after +€52.5 billion in the previous quarter. The gap of €15.4 billion with the increase in gross debt was mainly due to the increase in cash flow positions of the State (+ €10.4 billion) and of social security funds (+€5.5 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 Q2 2025, the total value of holdings in listed equities and mutual funds detained by general government increased by €4.9 billion (after +€16.9 billion in the previous quarter) and stood at €298.4 billion. This increase was mainly due to the State (+€5.0 billion) and other central governments (+€0.5 billion), while the value of social security funds holdings decreased (+€-0.6 billion).