Warning: Quarterly debt figures are based on an accounting data source less exhaustive than the annual accounts. Results may therefore be updated during several quarters.
Quarterly debt variations alone are not sufficient to forecast the deficit for the current year. To obtain the deficit from the change in Maastricht gross public debt, net acquisitions of financial assets and other accounts receivable and payable must also be taken into consideration.
At the end of Q3 2013, the Maastricht debt reached €1,900.8bn, a €11.4bn decrease in comparison to Q2 2013. It accounted for 92.7 % of GDP, 0.8 point lower than Q2 2013’s peak. Conversely, the net public debt grew by €15.0bn.
The State’s contribution to the debt dropped by €9.3bn in the third quarter. The decrease was driven by long-term negotiable debt (-€15.2bn) whereas the outstanding of short-term bills grew by €5.6bn. The State also recorded a €0.8bn long-term debt related to loans granted by the EFSF to Eurozone countries (see box below). Besides, the Trésor deposit liabilities slightly decreased (-€0.4bn).
The contribution to debt of central agencies (central government units other than the State) went down by €1.3bn due to the redemption by the CDP (Caisse de la dette publique) of €1.1bn debt related to the debt assumption from the SAAD (Service annexe d’amortissement de la dette).
Social security funds contribution to debt diminished by €1.0bn : Cades’ debt decreased by €5.4bn thanks to the €6.2bn redemption of long-term securities. The General social security system got into debt for €3.4bn, including €3.0bn of new debt for Acoss. Besides, Unedic issued €0.9bn of securites.
Local government units contribution to debt remained steady (+€0.2bn).
General government debt under the Maastricht treaty (% of GDP) (*)
|(*) Explanations in the box "For more details"|
|Source : National Accounts 2005 basis - Insee, DGFiP, Banque de France|
|% of GDP||89.7%||90.2%||91.8%||93.5%||92.7%|
|of which, by sub-sector:|
|Social security funds||224.9||210.3||212.7||213.6||212.6|
|of which, by category|
|Currency and deposits||32.3||37.7||37.0||35.9||35.6|
|Securities other than shares||1,556.5||1,546.1||1,587.4||1,627.6||1,615.2|
At the end of Q3 2013, the net public debt reached €1,730.2bn (equivalent to 84.3 % of GDP as opposed to 83.8 % in the previous quarter), a €15.0bn increase compared to the previous quarter. The €26.4bn gap between changes in net and gross debt is explained by the strong decline of the State treasury (-€28.6bn). The gap also reflects the impact of €1.1bn in new loans granted by the State including €0.8bn to Eurozone countries (see box below), and the purchase by the FRR and the RSI of securities respectively worth €0.6bn and €0.3bn.
|Social security funds||163.0||166.1||168.4||166.8||164.8|
Maastricht gross debt and net debt
At the end of Q3 2013, the value of quoted shares and mutual fund shares held by general government units reached €202.3 bn, a €20.3bn rise compared to Q2 2013. The value of quoted shares went up by €17.8bn due to the appreciation of shares held by State (+€15.1bn). The value of mutual fund shares increased more moderately by €2.5bn also due to the rise of the stock market.
|Social security funds||99.0||95.5||97.6||97.7||99.9|
General government holdings of quoted shares and mutual fund shares
Remark: The European Financial Stability Facility (EFSF), settled on June 7th 2010, borrow on financial market to lend to Eurozone countries in turmoil (Greece, Portugal, Ireland). Its bonds issuances are guaranteed by the other Member States, including France. Following Eurostat’s decision of January 27th 2011, all the operations of the EFSF are reincorporated into the public accounts of the guarantor States, proportionally to their commitments. This treatment leaves their net debts unchanged. During Q3 2013, France thus got into €0.8bn of debt in order to lend €0.6bn to Greece and €0.2bn to Ireland through the EFSF.
n° 300 - December 24, 2013
Debt of the general government according to the Maastricht definition - 3rd quarter 2013
Next issue March 31, 2014 08:45 - 4th Quarter 2013
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