Informations Rapides · 19 December 2025 · n° 322

At the end of Q3 2025, the Maastricht debt accounted for 117.4% of GDP Debt of the general government according to the Maastricht definition - third quarter 2025

At the end of the third quarter 2025, the Maastricht debt accounted for €3,482.2 billion; it increased by €65.9 billion, after +€70.9 billion in the previous quarter. Expressed as percentage of Gross Domestic Product (GDP), it stood at 117.4 %, after 115.7 % in Q2 2025. As in the previous quarter, the rise in public debt came with an increase in the general government cash position (+€6.4 billion after +€16.2 billion), so that net debt increased less than gross debt (+€60.7 billion) and accounted for 109.0% of GDP after 107.4 % in the previous quarter.

In Q3 2025, the contribution of the State to the public debt increased by €58.1 billion, after a positive contribution of €64.3 billion in the previous quarter. The outstanding amount of public long term debt securities increased (+€60.6 billion), as did deposits (excluding general governments deposits, +€3.0 billion) while short term securities stocks decreased (-€5.6 billion). In parallel, the State increased its cash position (+€5.6 billion) and its long-term loans detention (+ €0.2 billion), so that its net debt increased less than its gross debt (+€52.3 billion).

The contribution of other central government to the debt slightly decreased (-€0.3 billion after - €1.0 billion in the previous quarter). Their outstanding long-term securities decreased (-€0.9 billion), while their outstanding short term loans increased (+0.6 billion). This debt decrease is due to the Caisse Nationale des Autoroutes (-€0.9 billion), while Frances Competences increased its debt (+€0.3 billion), as did SNCF Réseau (+€0.2 billion).

The social security funds contribution to the debt increased (+€7.6 billion, after +€7.8 billion in the previous quarter), due to the Urssaf Caisse Nationale (+€7.1 billion), to the CNAM (+€0.5 billion), to public hospitals (+€0.3 billion), and to the Cades (+€0.3 billion), while the Unedic decreased its debt (-€0.6 billion). This increase in social security funds debt mainly reflected a rise in short term securities (+€5.0 billion), in short term loans (+€3.4 billion), while the outstanding long term securities decreased (-€0.8 billion).

The increase in social security funds debt came with an increase in their assets of €0.1 billion, particularly in their cash flow positions of €0.7 billion, partially offset by a decrease in their long-term loans detention (-€0.4 billion) and in their short-term securities detention (-€0.3 billion), so that their net debt increased only slightly less than their gross debt (+€7.5 billion).

In the third quarter of 2025, local government debt increased by €0.5 billion, after -€0.1 billion in the previous quarter. The increase in long-term loans (+€1.0 billion) and in long term securities (+€0.6 billion) was partially offset by a decrease in short term loans (-€0.6 billion) and in short term securities (-€0.5 billion). In parallel, local governments increased their loans detention (+€0.1 billion), so that their net debt increased less than their gross debt (+€0.3 billion).

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

The analysis of general government (GG) debt can be supplemented by the financial assets it holds. The calculation of net debt takes these into account by subtracting the assets held by GG entities in the same field of financial instruments from their gross debt. The general government net debt accounted for €3,232.3 billion in the third quarter of 2025, and stood at 109.0 % of GDP, after 107.4 % in Q2 2025. It increased by €60.7 billion, after +€55.5 billion in the previous quarter. The gap of €5.1 billion with the increase in gross debt is mainly due to the increase in cash flow positions of the State (+ €5.6 billion), partially offset by the decrease in the loans detention of other central government bodies (-€0.9 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 Q3 2025, the total value of holdings in listed equities and mutual funds detained by general government increased by €8.5 billion (after +€5.3 billion in the previous quarter) and stood at €307.3 billion. This increase is mainly due to the social security funds (+€4.5 billion), other central governments (+€2.3 billion) and the State (+€1.7 billion).