Informations Rapides · 29 September 2026 · n° 239

At the end of Q2 2026, the Maastricht debt accounted for 119.0% of GDP Debt of the general government according to the Maastricht definition - second quarter 2026

At the end of Q2 2026, general government debt as defined by the Maastricht criteria amounted to €3,595.5 billion, an increase of €59.6 billion (after +€75.8 billion in Q1 2026). Expressed as a percentage of gross domestic product (GDP), it stood at 119.0% (after 117.5% in Q1 2026). The rise in public debt was accompanied by a decrease in the cash holdings of general government (-€6.8 billion, after +€21.3 billion), so that net debt (+€68.2 billion) increased more than gross debt (+€59.6 billion) and stood at 111.4% of GDP (after 109.7% in Q1 2026).

In Q2 2026, the central government’s contribution to public debt increased by €53.0 billion (after a rise of +€66.3 billion in the previous quarter). The outstanding amount of long-term negotiable securities issued by the central government increased (+€36.9 billion, after +€58.4 billion), as did that of short-term negotiable securities (+€16.5 billion, after +€7.9 billion). At the same time, the central government reduced its cash holdings (-€10.8 billion) and its long-term loan holdings (-€1.2 billion), so that its net debt increased more than its gross debt (+€65.1 billion, after +€39.3 billion).

The contribution of other central government bodies (Odac) to debt was almost stable (-€0.1 billion, after +€0.3 billion in the previous quarter). Their outstanding long-term bonds increased (+€0.2 billion), while long-term loans decreased (-€0.3 billion). In particular, SNCF Réseau slightly increased its debt (+€0.3 billion), while Bpifrance Participations reduced its debt (-€0.2 billion), as did France Compétences (-€0.1 billion).

The social security funds (Asso) contribution to the debt increased (+€8.4 billion, as in Q1 2026), mainly due to Urssaf Caisse Nationale (+€4.8 billion) and Cades (+€4.0 billion), while Cnaf reduced its debt (-€0.9 billion). This increase in Asso debt covered a rise in the outstanding amount of long-term negotiable securities (+€12.8 billion) and short-term loans (+€3.1 billion), offset by a decrease in the outstanding amount of short-term negotiable securities (-€7.3 billion) and long-term loans (-€0.2 billion). The increase in Asso debt was accompanied by an increase in their cash holdings (+€3.9 billion) and a decrease in their long-term bond holdings (-€0.8 billion), so that the net debt of Asso increased less than their gross debt (+€5.2 billion, after +€15.6 billion).

In Q2 2026, the debt of local governments (Apul) decreased by €1.7 billion (after an increase of €0.8 billion in the previous quarter). The decrease in their long-term securities (-€0.7 billion), long-term loans (-€0.8 billion), and short-term securities (-€0.2 billion) was offset by an increase in short-term credit balances (+€0.1 billion). At the same time, Apul increased their credit holdings (+€0.1 billion) and deposits (+€0.1 billion), so that their net debt decreased more than their gross debt (-€1.8 billion).

Regions reduced their debt (-€1.1 billion), as did municipalities (-€0.6 billion) and departments (-€0.4 billion). Conversely, other local government bodies increased their debt (+€0.3 billion, including +€0.2 billion for Île-de-France Mobilités), as did local unions (+€0.1 billion).

An analysis of general government debt can be supplemented by the financial assets they hold. 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 amounted to €3,366.8 billion in Q2 2026, or 111.4% of GDP (after 109.7% in Q1 2026). It increased by €68.2 billion (after +€55.8 billion in the previous quarter). The €8.5 billion gap with the increase in gross debt was mainly explained by the decrease in the central government’s cash holdings (-€10.8 billion), partially offset by the increase in those of Asso (+€3.9 billion).

Assessing the financial position of general government also involves taking into account assets that are not included in the definition of net debt. Thus, in Q2 2026, the total value of quoted shares and mutual funds shares held by Apu increased by €15.5 billion (after -€3.5 billion in the previous quarter) and stood at €328.8 billion. This increase was driven by Asso (+€8.8 billion), Odac (+€4.4 billion), and the central government (+€2.3 billion).