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At the end of Q1 2015, the Maastricht debt accounted for 97.5 % of GDP

The general government Maastricht debt – 1st quarter of 2015

Warnings: 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 quarter. 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.

The Maastricht debt increased by €51.6bn compared to the previous quarter

At the end of Q1 2015, the Maastricht debt reached €2,089.4bn, a €51.6bn increase in comparison to Q4 2014. It accounted for 97.5 % of GDP, 1.9 point higher than Q4 2014’s level. The net public debt is less dynamic (+€17.6bn).

The State and social security funds debt increased

The State contribution to the debt rose by €37.1bn in the first quarterof 2015. Long-term negotiable debt went up (+€38.9bn) as did short-term negotiable debt (+€2.6bn). Deposits to the Treasury went down (-€1,8bn). Finally, the State paid off €2.4bn of long-term loans through the European Financial Stability Facility (EFSF, see the remark below).

Social security funds contribution to debt jumped (+€15.8bn). The main raises came from ACOSS (+€9.5bn), CADES (+€4.7bn), MSA (+€2.0bn) and UNEDIC (+€1.0bn). On the other hand, CNAF lowered its debt by €1.5bn. The rise in ACOSS Maastricht debt is fully due to a deconsolidation effect: ACOSS transferred €9.5bn of its debt from public to private creditors thereby increasing its contribution to Maastricht debt (see methological note in “For more details” box).

Central agencies and local government debt went down slightly

Central agencies (central government units other than the State) contribution decreased by €0.6bn because the (Caisse nationle des autoroutes) paid off €0.6bn of long term loans.

The contribution of local government slightly diminished (-€0.8bn). Municipalities paid off €1.1bn of long terms loans and departments paid off €0.6bn whereas regions increased their debt by €0.7bn.

General government debt under the Maastricht treaty (% of GDP) (*)

General government debt under the Maastricht treaty (% of GDP) (*)
General government debt under the Maastricht treaty by sub-sector and by category
(billion euros)
(*) Explanations in the box "For more details"
Source : National Accounts 2010 basis - Insee, DGFiP, Banque de France
2014Q1 2014Q2 2014Q3 2014Q4 2015Q1
General Government 1,998.9 2,027.6 2,035.4 2,037.8 2,089.4
%of GDP 94.0% 95.2% 95.3% 95.6% 97.5%
of which, by sub-sector :
State 1,579.2 1,614.4 1,609.6 1,610.2 1,647.3
Central Agencies 22.4 21.2 21.3 22.6 22.1
Local Government 181.2 179.6 180.2 188.2 187.4
Social security funds 216.3 212.4 224.4 216.8 232.6
of which, by category
Currency and deposits 40.0 40.4 40.5 40.0 38.3
Securities other than shares 1,682.9 1,712.9 1,714.2 1,703.6 1,761.0
short-term 213.8 213.3 218.7 193.2 210.1
long-term 1,469.1 1,499.5 1,495.5 1,510.4 1,550.9
Loans 276.0 274.3 280.7 294.1 290.1
short-term 10.1 7.7 10.3 11.8 17.6
long-term 265.9 266.6 270.4 282.4 272.5

The net public debt increased significantly less than the gross public debt

At the end of Q1 2015, the net public debt reached €1,868.0bn (equivalent to 87.1 % of GDP versus to 86.8 % in Q4 2014), a €17.6bn increase compared to the previous quarter. The - €34.0bn gap between changes in net and gross debt is explained by a jump of both the State’s treasury (+€31.9bn) and the social security funds’ one (+€5.0bn). Furthermore, loans from the State were paid back for €2.8bn (of which €2.4bn linked to the EFSF), while €0.5bn of loans, were paid back to central agencies.

General government net debt by sub-sector
(billion euros)
2014Q1 2014Q2 2014Q3 2014Q4 2015Q1
General government 1,785.1 1,806.6 1,828.2 1,850.4 1,868.0
of which :
The State 1,449.6 1,478.9 1,491.3 1,506.3 1,514.1
Central Agencies 4.1 2.7 2.9 6.3 6.1
Local government 168.4 166.8 167.3 175.5 174.6
Social security funds 163.0 158.3 166.6 162.3 173.2

The overall value of quoted shares and mutual fund shares increased

At the end of Q1 2015, the value of quoted shares and mutual fund shares held by general government units came up to €232.8bn, a €6.3bn increase compared to Q4 2014. The value of mutual fund shares rose by €7.3bn this quarter due to rising stock markets. Conversely, the value of quoted shares went down by €0.9bn. The State sold €1.1bn of Safran shares. Besides, appreciation of some quoted shares (Safran, Renault) is balanced by deppreciation of others (EDF).

General government holdings of quoted shares and mutual fund shares
(billion euros)
2014Q1 2014Q2 2014Q3 2014Q4 2015Q1
General government 231.8 224.9 229.1 226.5 232.8
of which :
The State 81.1 71.2 74.4 74.5 74.2
Central Agencies 31.5 32.0 31.8 30.8 31.3
Local government 0.2 0.2 0.2 0.2 0.2
Social security funds 119.0 121.5 122.6 121.0 127.1

Remark: The European Financial Stability Facility (EFSF), settled on June 7th 2010, borrows on financial market to lend to Eurozone countries in turmoil (Greece, Portugal, and 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 Q1 2015 Greece paid off €2.4bn to France through EFSF.

Informations Rapides

n° 161 - December 30, 1899

Debt of the general government according to the Maastricht definition - 1st Quarter 2015

Next issue September 30, 2015 08:45 - 2nd Quarter 2015

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