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At the end of Q3 2014, the Maastricht debt accounted for 95.2 % of GDP

The general government Maastricht debt – 3rd quarter of 2014

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 €7.8bn compared to the previous quarter

At the end of Q3 2014, the Maastricht debt reached €2,031.5bn, a €7.8bn increase in comparison to Q2 2014. It accounted for 95.2 % of GDP, 0.1 point higher than Q2 2014’s level. The net public debt growth is more dynamic (+€21.4bn).

The State debt decreased

The State contribution to the debt diminished by €4.8bn in the third quarter. This drop was driven by long-term negotiable debt (-€7.6bn). On the other hand, short term negotiable debt rose by €2.3bn. Moreover a €0.4bn long term loan granted to the euro zone countries by the EFSF adds to the debt (see the remark below).

Whereas social security funds, local government and central agencies debt went up

Social security funds contribution to debt increased by €12.0bn. The main movements come from ACOSS (+€9.3bn), UNEDIC (+€1.3bn) and CADES (+€0.8bn).

Local government contribution to debt increased by €0.5bn: they paid back €0.5bn of long-term loans, took out a €0.3bn short-term loans and issued €0.8bn of convertible bonds

The contribution of central agencies (central government units other than the State) remained stable (+€0.1bn).

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
2013Q3 2013Q4 2014Q1 2014Q2 2014Q3
General Government 1,935.5 1,949.5 1,995.0 2,023.7 2,031.5
%of GDP 91.8% 92.2% 94.0% 95.1% 95.2%
of which, by sub-sector :
State 1,524.7 1,534.0 1,577.3 1,612.5 1,607.7
Central Agencies 25.5 21.5 21.3 20.1 20.2
Local Government 172.2 182.3 180.2 178.7 179.2
Social security funds 213.2 211.7 216.3 212.4 224.4
of which, by category
Currency and deposits 39.1 40.3 39.2 39.5 39.6
Securities other than shares 1,626.1 1,629.0 1,682.6 1,712.5 1,713.8
short-term 210.6 199.9 214.1 213.6 219.0
long-term 1,415.5 1,429.1 1,468.4 1,498.9 1,494.8
Loans 270.3 280.2 273.3 271.6 278.0
short-term 9.6 9.1 11.1 8.8 11.4
long-term 260.7 271.1 262.1 262.8 266.7

The net public debt increased faster than the gross public debt

At the end of Q3 2014, the net public debt reached €1,831.9bn (equivalent to 85.8 % of GDP as opposed to 85.1 % Q2 2014), a €21.4bn increase compared to the previous quarter. The €13.6bn gap between changes in net and gross debt is explained by a drop of the State’s treasury (-€18.3bn) slightly mitigated by a rose of social security funds’ one (+€3.3bn). The State also lent for €1.0bn of which €0.4bn went through the EFSF. Central Agencies, local government also took part in this difference to a lesser extent.

General government net debt by sub-sector
(billion euros)
2013Q3 2013Q4 2014Q1 2014Q2 2014Q3
General government 1,740.6 1,771.0 1,787.7 1,810.5 1,831.9
of which :
The State 1,414.8 1,431.9 1,449.8 1,479.1 1,491.5
Central Agencies 7.2 3.9 3.5 3.3 3.6
Local government 159.9 170.0 167.5 165.9 166.5
Social security funds 158.7 165.3 166.9 162.2 170.3

Maastricht gross debt and net debt

Maastricht gross debt and net debt

The value of quoted shares and mutual fund shares increased

At the end of Q3 2014, the value of quoted shares and mutual fund shares held by general government units reached €233.1bn, a €6.5bn increase compared to Q2 2014. The value of quoted shares went up by €4.5bn due to the appreciation of shares held by State (+€3.9bn) and in EDF in particular. The value of mutual fund shares grew by €1.9bn this quarter, related to the purchase of €0.9bn of money market funds by Unedic, €0.8bn by other social security units and €0.2bn by central agencies.

General government holdings of quoted shares and mutual fund shares
(billion euros)
2013Q3 2013Q4 2014Q1 2014Q2 2014Q3
General government 218.9 220.9 233.5 226.6 233.1
of which :
The State 70.0 71.9 80.7 70.6 74.5
Central Agencies 27.4 28.2 29.0 29.6 29.8
Local government 0.3 0.3 0.2 0.2 0.2
Social security funds 121.2 120.6 123.5 126.2 128.6

General government holdings of quoted shares and mutual fund shares

General government holdings of quoted shares and mutual fund shares

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, 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 2014 France lent through EFSF to Greece (€0.4bn)

Informations Rapides

n° 299 - December 23, 2014

Debt of the general government according to the Maastricht definition - 3rd Quarter 2014

Next issue March 26, 2015 08:45 - 4th Quarter 2014

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