At the end of Q4 2012, the public Maastricht debt, which is a gross debt, reached €1833.8bn, a €15.8bn rise in comparison to Q3 2012. As a percentage of GDP, it peaked at 90.2 %, 0.3 point higher compared to Q3 2012. Furthermore, the net public debt rose by €32.2bn.
Central Government contribution to debt went up by €18.7bn in the fourth quarter. The State paid back short-term treasury bills (-€10.7bn) but issued bonds for a net value of €16.4bn (of which €12.5bn of medium-term bonds). The Trésor deposit liabilities went up by €5.4bn and the State borrowed €7.7bn on behalf of the EFSF.
Local government contribution to debt increased by €11.7bn. In order to present a balanced budget, the local administrations subscribed long-term loans (+€12.6bn)
Social security funds contribution to debt declined by €14.6bn. Cades went out of €15.6bn debt, including €12.9bn short-term bills. Unedic and Acoss also reduced their debt for respectively €4.2bn and €0.9bn. On the other hand, Hospitals and MSA borrowed respectively for €2.4bn and €2.1bn whereas Acoss’ debt increased by €1.9bn.
Central government agencies (Odac) contribution to debt remained steady (+€0.1bn).
General government debt under the Maastricht criteria (% of GDP) (*)
|(*) Explanations in the box « For more details »|
|Source : National Accounts 2005 basis - Insee, DGFiP, Banque de France|
|% of GDP||85.4%||86.0%||89.3%||91.0%||89.9%|
|of which, by sub-sector :|
|Social security funds||204.6||234.2||226.0||224.9||210.3|
|of which, by category :|
|Currency and deposits||30.1||31.5||30.8||32.3||37.7|
|Securities other than shares||1471.5||1540.5||1571.6||1556.5||1546.1|
At the end of Q4 2012, the net public debt peaked at €1 675.1bn (amounting to 82.4 % of GDP vs. 81.3 % in the previous quarter), a €32.2bn increase compared to the previous quarter. The €16.4bn gap between changes in net and gross debt is explained by the strong decline of social security funds cash reserves (-€17.6bn of which -€13.8bn for Cades) and the State’s one (-€5.9bn). Conversely, loans held by public administrations have gone up by €7.4bn : the State granted €7.7bn in long-term loans to Greece and Portugal within the EFSF framework.
Debt under the Maastricht criteria and net debt
|of which :|
|Social security funds||149.0||154.7||155.5||163.0||166.1|
At the end of Q4 2012, the value of quoted shares and mutual fund shares held by general government reached €170.8bn, a €5.2bn drop from the end of Q3.
The amount of quoted shares held by the State fell by €3.9bn, linked to energy companies stock prices. The value of mutual fund shares held by social security funds decreased by €5.4bn. Nonetheless, this fall is counterbalanced by the rise of quoted shares held by central agencies (+€0.9bn) and social security administrations(+€3.3bn including +€1.6bn for FRR).
Listed shares and UCITS held by general government
|of which :|
|Social security funds||87.8||89.9||89.6||97.9||95.8|
n° 74 - March 29, 2013
Debt of the general government according to the Maastricht definition - 4th Quarter 2012
Next issue June 28, 2013 08:45 - 1st Quarter 2013
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