Informations Rapides · 27 March 2026 · n° 79

At the end of the fourth quarter of 2025, the public debt ratio stood at 115.6% of GDP Debt of the general government according to the Maastricht definition - fourth quarter 2025

At the end of the fourth quarter of 2025, public debt as defined by the Maastricht criteria stood at €3,460.5 billion, a decrease of €23.6 billion, following an increase of €66.9 billion in the previous quarter. Expressed as a percentage of gross domestic product (GDP), it stood at 115.6% after 117.2% in the third quarter of 2025. Unlike the previous quarter, the reduction in public debt was accompanied by a fall in general government cash holdings (-€31.1 billion after +€6.4 billion), with the result that net debt increased (+€8.1 billion) and stood at 108.4% of GDP after 108.9% in the third quarter. The fall in the net debt ratio is the result of the rise in nominal GDP in the fourth quarter, which grew at a faster rate than net debt.

In the fourth quarter of 2025, the central government’s contribution to public debt fell by €22.6 billion, following an increase of €58.1 billion in the previous quarter. The stock of the government’s long-term negotiable securities fell (-€15.3 billion), as did short-term negotiable securities (-€4.8 billion), deposits (excluding deposits from general government, -€2.0 billion) and long-term loans (-€0.5 billion). At the same time, the government’s cash holdings fell (-€25.1 billion), so that, unlike its gross debt, its net debt increased (+€2.5 billion).

The contribution of various central government bodies (Odac) to the debt decreased (-€0.2 billion after €+0.7 billion in the previous quarter). Their outstanding long-term bonds decreased (-€1.5 billion), whilst short-term loans (+€0.7 billion) and long-term loans (+€0.6 billion) increased. SNCF Réseau reduced its debt (-€1.0 billion), whilst France Compétences increased its debt (+€0.8 billion).

The contribution of social security administrations (Asso) to public debt fell (-€13.0 billion, after +€7.6 billion in the previous quarter), due to Cades (-€12.7 billion), Urssaf Caisse nationale (-€2.2 billion) and CNAM (-€0.7 billion), whilst the debt of the Cnaf increased (+€1.8 billion). This fall in the Asso’s debt reflects a decline in long-term negotiable securities (-€11.3 billion), short-term loans (-€5.5 billion) and long-term loans (-€0.5 billion), whilst the outstanding amount of short-term bonds increased (+€4.3 billion).

The fall in the debt of the Asso is accompanied by a €6.2 billion reduction in their assets, notably in their cash holdings (-€5.9 billion) and their holdings of long-term bonds (-€0.4 billion). Thus, the net debt of the Asso fell by less than their gross debt (-€6.8 billion).

In the fourth quarter of 2025, the public debt of local government bodies (LGBs) increased by €12.2 billion, following an increase of €0.5 billion in the previous quarter. The increase in their long-term loans (+€12.5 billion) and their short- and long-term securities (+€0.3 billion each) was offset by a fall in outstanding short-term loans (-€0.9 billion). At the same time, local government bodies slightly increased their holdings of loans (+€0.1 billion), meaning that their net debt rose by just under the same amount as their gross debt (+€12.1 billion).

Local authorities were taking on more debt (+€5.5 billion), as did departments (+€2.7 billion), regions (+€1.4 billion), local authority associations (+€0.6 billion) and Île-de-France Mobilités (+€1.1 billion). The remainder of the increase in debt is spread across various local authorities.

An analysis of general government debt can be supplemented by the financial assets held by general government. The calculation of net debt takes these into account by subtracting from general government gross debt the assets held by general government in the same range of financial instruments. General government net debt stood at €3,245.5 billion in the fourth quarter of 2025, or 108.4% of GDP, after 108.9% in the third quarter of 2025. It increased by €8.1 billion, following an increase of €61.7 billion in the previous quarter. The €31.7 billion difference compared with the fall in gross debt is mainly due to the decrease in central government cash holdings (-€25.1 billion) and local government cash holdings (-€5.9 billion).

A more comprehensive assessment of the financial position of APUs requires an analysis of assets that do not fall within the definition of net debt. Thus, in the fourth quarter of 2025, the total value of listed shares and collective investment scheme securities held by APUs increased by €8.9 billion (following a rise of €10.3 billion in the previous quarter) to €318.3 billion. This increase was driven by Asso (+€6.4 billion), Odac (+€2.3 billion) and the State (+€0.2 billion).