Informations Rapides · 25 June 2026 · n° 158

At the end of Q1 2026, the Maastricht debt accounted for 117.5% of GDP Debt of the general government according to the Maastricht definition - first quarter 2026

At the end of the first quarter of 2026, public debt as defined by the Maastricht criteria stood at €3,536.1 billion, an increase of €75.6 billion, following a decrease of €23.6 billion in the previous quarter. Expressed as a percentage of gross domestic product (GDP), it stood at 117.5%, after 115.7% in the fourth quarter of 2025. The rise in public debt was accompanied by an increase in general government cash position (+€21.3 billion, following a decrease of €31.1 billion), with the result that net debt rose by less than gross debt (+€55.6 billion) and stood at 109.7% of GDP, up from 108.5% in the fourth quarter of 2025.

In the first quarter of 2026, the State’s contribution to public debt rose by €66.3 billion, following a fall of €22.6 billion in the previous quarter. The outstanding amount of the State’s long-term marketable securities increased (+€58.4 billion), as did that of short-term marketable securities (+€7.9 billion). At the same time, the State’s cash position increased (+€28.1 billion), meaning that its net debt rose by less than its gross debt (+€39.3 billion).

The contribution of other central government bodies (Odac) to the debt increased (+€0.3 billion, following -€0.2 billion in the previous quarter). Their outstanding long-term bonds fell (-€0.2 billion), whilst short-term loans rose (+€0.5 billion). In particular, the debt of SNCF Réseau slightly increased (+€0.2 billion).

The social security funds (Asso) contribution to the debt rose (+€8.2 billion, following a decrease of €13.0 billion in the previous quarter), driven by Urfsaf Caisse Nationale (+€10.8 billion), Unedic (+€1.2 billion) and CNAM (+€0.5 billion). Conversely, the debt of the Cades fell (-€3.5 billion), as did that of the Cnaf (-€0.9 billion). This increase in the Asso’s debt reflects a rise in short-term marketable securities (+€4.2 billion), long-term marketable securities (+€2.3 billion) and short-term loans (+€2.0 billion), whilst the outstanding balance of long-term loans fell (-€0.3 billion).

The rise in the debt of the Asso is accompanied by a €7.2 billion decrease in their assets, notably a €6.7 billion fall in their cash holdings and a €0.4 billion decrease in their holdings of long-term bonds, with the result that the Asso’s net debt is rising more than their gross debt (+€15.4 billion).

In the first quarter of 2026, the public debt of local government (Apul) rose by €0.8 billion, following an increase of €12.2 billion in the previous quarter. The increase in their long-term securities (+€2.3 billion) and short-term loans (+€1.1 billion) was offset by a fall in outstanding long-term loans (-€2.3 billion) and short-term bonds (-€0.3 billion). At the same time, the Apul’s increased their loan holdings (+€0.2 billion), with the result that their net debt rose slightly less than their gross debt (+€0.6 billion).

Cities reduced their debt (-€0.6 billion), as did the departments (-€0.9 billion), whilst the regions increased their debt (+€1.8 billion), as did other local government bodies (+€0.4 billion, of which +€0.6 billion for Île-de-France Mobilité) and local unions (+€0.1 billion).

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 the assets held by general government in the same range of financial instruments from its gross debt. General government net debt stood at €3,301.1 billion in the first quarter of 2026, representing 109.7% of GDP, after 108.5% in the fourth quarter of 2025. It increased by €55.6 billion, following an increase of €8.1 billion in the previous quarter. The €20.0 billion difference compared with the rise in gross debt is mainly due to the increase in the central government’s cash holdings (+€28.1 billion), partially offset by the decrease in those of social security (-€6.7 billion).

Assessing the financial position of general government also involves taking into account assets that are not included in the definition of net debt. Thus, in the first quarter of 2026, the total value of holdings in listed equities and mutual funds held by public sector entities fell by €3.5 billion (following an increase of €8.8 billion in the previous quarter) to stand to €314.7 billion. This decline was driven by Asso (-€1.9 billion) and Odac (-€3.0 billion), whilst the value of holdings in listed equities and mutual funds held by the State increased (+€1.4 billion).