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.
Series have been revised. Revisions are explained in the methodological note.
At the end of Q4 2014, the Maastricht debt reached €2,037.8bn, a €2.4bn increase in comparison to Q3 2014. As a share of GDP, it accounted for 95.0 %, 0.2 point lower than Q3 2014’s level, as the GDP grew slightly. The net public debt growth is more dynamic (+€20.9bn).
The State contribution to the debt rose by €0.6bn in the fourth quarter. Long-term negotiable debt went up (+€16.4bn) whereas short-term negotiable debt dropped (-€15,2bn). Furthermore, deposits to the Treasury went down (-€0,9bn). Central agencies (central government units other than the State) contribution increased by €1.3bn driven by deposits to the Fonds de Garantie des Dépôts et de Résolution (FGDR) for +€0.4bn and by loans for +€0.9bn.
Finally, the contribution of local government rose significantly (+€8.1bn). They took out €11.1bn of long-term loans while paying back €3.0bn of short-term loans.
Social security funds contribution to debt dropped (-€7.6bn). ACOSS (-€5.0bn), CADES (-€4.0bn) and MSA (-€2.8bn) lowered their debt. On the other hand, CNAF and Pôle Emploi saw a rise in their debt by €2.3bn and €2.1bn respectively.
General government debt under the Maastricht treaty (% of GDP) (*)
|(*) Explanations in the box "For more details"|
|Source : National Accounts 2010 basis - Insee, DGFiP, Banque de France|
|of which, by sub-sector :|
|Social security funds||211.7||216.3||212.4||224.4||216.8|
|of which, by category|
|Currency and deposits||41.1||40.0||40.4||40.5||40.0|
|Securities other than shares||1,629.4||1,682.9||1,712.9||1,714.2||1,703.6|
At the end of Q4 2014, the net public debt reached €1,849.9bn (equivalent to 86.3 % of GDP as opposed to 85.6 % in Q3 2014), a €20.9bn increase compared to the previous quarter. The gap between changes in net and gross debt is explained by a drop of both the State’s treasury (-€14.1bn) and the social security funds’ one (-€4.8bn). Central agencies got €1.6bn of loans paid back. Conversely, the Fonds de Réserve pour les Retraites (FRR) bought €2.0bn of short term negotiable debt.
|of which :|
|Social security funds||160.8||162.4||157.7||165.8||161.2|
Maastricht gross debt and net debt
At the end of Q4 2014, the value of quoted shares and mutual fund shares held by general government units came down to €223.6bn, a €10.1bn decrease compared to Q3 2014. The value of quoted shares went down by €6.2bn due to the depreciation of shares held by State (-€6.1bn), in EDF and GDF in particular. The value of mutual fund shares diminished by €3.9bn this quarter, related to the sale of €1.9bn of money market funds by Unedic and €2.3bn by other social security units. Central agencies purchased €0.3bn of mutual fund shares.
|of which :|
|Social security funds||120.6||123.5||126.2||127.4||123.1|
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 Q4 2014 there were no loans through the EFSF.
n° 74 - March 26, 2015
Debt of the general government according to the Maastricht definition - 4th Quarter 2014
Next issue June 30, 2015 08:45 - 1st Quarter 2015
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