Informations Rapides ·
26 March 2024 · n° 75
At the end of Q4 2023, the Maastricht debt accounted for €3,101.2 billion Debt of the general government according to the Maastricht definition - fourth quarter
2023
At the end of Q4 2023, Maastricht’s debt reached €3,101.2 billion; it increased by €8.1 billion, after +€41.4 billion in Q3 2023. Expressed as a percentage of gross domestic product (GDP), it stood at 110.6%, after 111.7 % in Q3 2023. As in the previous quarter, the increase in public debt came with a reduction of the general government cash position (-€8.8 billion), so that the net debt increased more than the gross debt (+€10.3 billion) and stood at 102.4% of GDP.
Quarterly debt figures are based on an accounting data source less complete than annual accounts. Results may therefore be updated during several quarters.
For a given quarter, the change in debt does not allow the government deficit to be deducted, due in particular to the existence of financial assets and liabilities excluded from the scope of the Maastricht debt. Moreover, the quarterly deficit published by INSEE is seasonally and trading-day adjusted, which is not the case for quarterly debt.
The contributions to the Maastricht debt computed for sub-sectors or for entities of general government exclude debts held by other general government entities. The Maastricht debt is consolidated.
When the national accounts are published on 31 May 2024, INSEE will implement the transition to the new national account benchmark (base 2020). In anticipation of this publication, the levels of public debt will be published and notified to the European Commission as part of the excessive deficit procedure using the concepts of the base 2020. However, the Gross Domestic Product (GDP) series used to calculate the public finance ratios as a percentage of GDP remains in the previous benchmark (base 2014) concept. The new benchmark national accounts will be published on 31 May. At that time, all the public finance ratios will be recalculated using a “base 2020” GDP.
- In the fourth quarter of 2023, the public debt increased by €8.1 billion and accounted for 110.6% of GDP
- The increase in the general government gross debt is mainly due to local government debt
- The debt of the State and social security funds decreased
- In Q4 2023, net public debt increased by €10.3 billion
- The overall value of quoted shares and collective investment shares held by general government increased in the fourth quarter of 2023
- For more details
In the fourth quarter of 2023, the public debt increased by €8.1 billion and accounted for 110.6% of GDP
At the end of Q4 2023, Maastricht’s debt reached €3,101.2 billion; it increased by €8.1 billion, after +€41.4 billion in Q3 2023. Expressed as a percentage of gross domestic product (GDP), it stood at 110.6%, after 111.7 % in Q3 2023. As in the previous quarter, the increase in public debt came with a reduction of the general government cash position (-€8.8 billion), so that the net debt increased more than the gross debt (+€10.3 billion) and stood at 102.4% of GDP.
The increase in the general government gross debt is mainly due to local government debt
The public debt of local government increased by €7.4 billion, after -€1.0 billion in Q3. This increase borne by municipalities and departments was due to a rise in loans (+€7.0 billion) and outstanding long-term securities (+€0.4 billion).
The public debt of other central government bodies (OCGB) also increased (+€2.7 billion, after ‑€1.2 billion in Q3), mainly due to outstanding long term securities (+€5.2 billion).
The debt of the State and social security funds decreased
At the end of Q4 2023, the contribution of the State to the public debt decreased by +€0.8 billion, after +€45,3 billion in Q3. The State’s cash liabilities decreased (-€1.9 billion), as did the long term loans (-€1.6 billion). On the other hand, outstanding securities increased (+€2.6 billion). The State mobilised part of its cash position to finance itself (-€10.5 billion), so its net debt raised (+€10.6 billion).
The contribution of the social security funds (SSF) to the public debt slightly decreased (-€1.1 billion, after -€1.6 billion in Q3). This reduction was essentially due to outstanding long term securities (-€2.0 billion) and short term loans (-€1.4 billion). At the same time, outstanding short term securities increased (+€2.0 billion), as the long term loans (+€0.2 billion).
tableauGeneral government debt under the Maastricht treaty (% of GDP) (*)
| General government debt under the Maastricht treaty (% of GDP) (*) | |
|---|---|
| 2023-Q4 | 110.6 |
| 2023-Q3 | 111.7 |
| 2023-Q2 | 111.8 |
| 2023-Q1 | 112.6 |
| 2022-Q4 | 111.9 |
| 2022-Q3 | 113.7 |
| 2022-Q2 | 113.5 |
| 2022-Q1 | 114.9 |
| 2021-Q4 | 113.0 |
| 2021-Q3 | 115.6 |
| 2021-Q2 | 114.3 |
| 2021-Q1 | 117.6 |
| 2020-Q4 | 114.9 |
| 2020-Q3 | 115.1 |
| 2020-Q2 | 112.9 |
| 2020-Q1 | 100.9 |
| 2019-Q4 | 97.9 |
| 2019-Q3 | 99.7 |
| 2019-Q2 | 98.8 |
| 2019-Q1 | 99.0 |
| 2018-Q4 | 98.2 |
| 2018-Q3 | 99.0 |
| 2018-Q2 | 98.8 |
| 2018-Q1 | 98.8 |
| 2017-Q4 | 98.5 |
| 2017-Q3 | 100.0 |
| 2017-Q2 | 101.0 |
| 2017-Q1 | 100.6 |
| 2016-Q4 | 98.0 |
| 2016-Q3 | 99.1 |
| 2016-Q2 | 100.0 |
| 2016-Q1 | 98.9 |
| 2015-Q4 | 97.1 |
| 2015-Q3 | 97.8 |
| 2015-Q2 | 98.4 |
| 2015-Q1 | 98.1 |
| 2014-Q4 | 96.3 |
| 2014-Q3 | 96.7 |
| 2014-Q2 | 96.8 |
| 2014-Q1 | 96.2 |
| 2013-Q4 | 94.7 |
| 2013-Q3 | 94.1 |
| 2013-Q2 | 94.9 |
| 2013-Q1 | 93.3 |
| 2012-Q4 | 91.7 |
| 2012-Q3 | 91.3 |
| 2012-Q2 | 92.7 |
| 2012-Q1 | 91.4 |
| 2011-Q4 | 88.9 |
| 2011-Q3 | 88.4 |
| 2011-Q2 | 89.3 |
| 2011-Q1 | 87.8 |
| 2010-Q4 | 86.3 |
| 2010-Q3 | 86.5 |
| 2010-Q2 | 88.4 |
| 2010-Q1 | 86.0 |
| 2009-Q4 | 84.0 |
| 2009-Q3 | 82.5 |
| 2009-Q2 | 79.7 |
| 2009-Q1 | 74.6 |
| 2008-Q4 | 69.7 |
| 2008-Q3 | 67.7 |
| 2008-Q2 | 67.1 |
| 2008-Q1 | 66.7 |
| 2007-Q4 | 65.4 |
| 2007-Q3 | 66.7 |
| 2007-Q2 | 67.4 |
| 2007-Q1 | 66.4 |
| 2006-Q4 | 65.3 |
| 2006-Q3 | 66.8 |
| 2006-Q2 | 66.9 |
| 2006-Q1 | 67.9 |
| 2005-Q4 | 68.0 |
| 2005-Q3 | 67.7 |
| 2005-Q2 | 68.0 |
| 2005-Q1 | 67.5 |
| 2004-Q4 | 66.6 |
| 2004-Q3 | 66.6 |
| 2004-Q2 | 66.9 |
| 2004-Q1 | 65.6 |
| 2003-Q4 | 65.0 |
| 2003-Q3 | 65.0 |
| 2003-Q2 | 64.5 |
| 2003-Q1 | 62.4 |
| 2002-Q4 | 60.9 |
| 2002-Q3 | 60.3 |
| 2002-Q2 | 60.5 |
| 2002-Q1 | 59.3 |
| 2001-Q4 | 59.0 |
| 2001-Q3 | 59.5 |
| 2001-Q2 | 59.4 |
| 2001-Q1 | 58.4 |
| 2000-Q4 | 59.5 |
| 2000-Q3 | 59.6 |
| 2000-Q2 | 60.2 |
| 2000-Q1 | 60.3 |
graphiqueGeneral government debt under the Maastricht treaty (% of GDP) (*)
- Source: National Accounts - INSEE, DGFiP, Banque de France
tableauGeneral government debt under the Maastricht treaty by sub-sector and by category
| 2022Q4 | 2023Q1 | 2023Q2 | 2023Q3 | 2023Q4 | |
|---|---|---|---|---|---|
| General Government | 2,953.6 | 3,018.7 | 3,051.7 | 3,093.1 | 3,101.2 |
| % of GDP (*) | 111.9% | 112.6% | 111.8% | 111.7% | 110.6% |
| of which, by sub-sector, consolidated (*): | |||||
| State | 2,363.8 | 2,412.0 | 2,469.0 | 2,514.3 | 2,513.5 |
| Central agencies | 74.4 | 74.1 | 72.2 | 71.0 | 73.7 |
| Local Government | 244.6 | 244.6 | 244.0 | 243.0 | 250.4 |
| Social security funds | 270.8 | 288.0 | 266.4 | 264.8 | 263.7 |
| of which, by category | |||||
| Currency and deposits | 43.1 | 40.4 | 42.3 | 44.2 | 42.3 |
| Securities other than shares | 2,608.9 | 2,678.8 | 2,710.5 | 2,750.9 | 2,759.7 |
| Short-term | 192.1 | 195.5 | 201.2 | 205.1 | 209.0 |
| Long-term | 2,416.9 | 2,482.3 | 2,509.3 | 2,545.8 | 2,550.7 |
| Loans | 301.6 | 299.5 | 298.9 | 298.1 | 299.3 |
| Short-term | 12.2 | 13.6 | 14.5 | 15.5 | 11.0 |
| Long-term | 284.9 | 285.9 | 284.4 | 282.6 | 288.3 |
- (*) Explanations in the box "For more details"
- Source: National Accounts - INSEE, DGFiP, Banque de France
In Q4 2023, net public debt increased by €10.3 billion
General government net debt amounted to €2,870.1 billion in the fourth quarter of 2023, at 102.4% of GDP, after 103.3% in the third quarter. It increased by €10.3 billion, after +€61.8 billion in the third quarter. The main counterpart to the €2.2 billion difference with increase in gross debt is the reduction of the general government cash position (-€8.8 billion), and especially the State’s one (-€10.5 billion).
tableauGeneral government net debt by sub-sector
| 2022Q4 | 2023Q1 | 2023Q2 | 2023Q3 | 2023Q4 | |
|---|---|---|---|---|---|
| General government | 2,682.7 | 2,742.9 | 2,798.0 | 2,859.8 | 2,870.1 |
| of which: | |||||
| The State | 2,204.8 | 2,258.7 | 2,330.2 | 2,395.9 | 2,406.5 |
| Central agencies | 40.1 | 39.6 | 37.8 | 36.6 | 36.9 |
| Local government | 231.6 | 231.3 | 230.6 | 229.5 | 236.9 |
| Social security funds | 206.2 | 213.3 | 199.4 | 197.8 | 189.8 |
- Source: National Accounts - INSEE, DGFiP, Banque de France
tableauMaastricht gross debt and net debt
| Maastricht debt | Net debt | |
|---|---|---|
| 2023-Q4 | 3101.2 | 2870.1 |
| 2023-Q3 | 3093.1 | 2859.8 |
| 2023-Q2 | 3051.7 | 2798.0 |
| 2023-Q1 | 3018.7 | 2742.9 |
| 2022-Q4 | 2953.6 | 2682.7 |
| 2022-Q3 | 2960.6 | 2654.7 |
| 2022-Q2 | 2919.5 | 2601.3 |
| 2022-Q1 | 2912.7 | 2550.2 |
| 2021-Q4 | 2826.7 | 2521.8 |
| 2021-Q3 | 2844.4 | 2512.5 |
| 2021-Q2 | 2773.2 | 2471.5 |
| 2021-Q1 | 2750.6 | 2403.6 |
| 2020-Q4 | 2662.1 | 2355.8 |
| 2020-Q3 | 2678.0 | 2316.9 |
| 2020-Q2 | 2643.4 | 2298.5 |
| 2020-Q1 | 2444.4 | 2197.0 |
| 2019-Q4 | 2386.1 | 2165.1 |
| 2019-Q3 | 2419.3 | 2173.9 |
| 2019-Q2 | 2378.1 | 2154.7 |
| 2019-Q1 | 2361.2 | 2125.4 |
| 2018-Q4 | 2319.8 | 2106.9 |
| 2018-Q3 | 2324.8 | 2086.8 |
| 2018-Q2 | 2304.6 | 2081.0 |
| 2018-Q1 | 2290.7 | 2058.0 |
| 2017-Q4 | 2262.4 | 2050.7 |
| 2017-Q3 | 2278.1 | 2057.4 |
| 2017-Q2 | 2280.6 | 2056.3 |
| 2017-Q1 | 2255.4 | 2034.2 |
| 2016-Q4 | 2190.0 | 2006.5 |
| 2016-Q3 | 2205.9 | 2002.9 |
| 2016-Q2 | 2217.1 | 2001.8 |
| 2016-Q1 | 2187.4 | 1979.8 |
| 2015-Q4 | 2134.1 | 1951.0 |
| 2015-Q3 | 2139.4 | 1933.6 |
| 2015-Q2 | 2140.4 | 1933.1 |
| 2015-Q1 | 2123.3 | 1907.4 |
| 2014-Q4 | 2070.6 | 1888.2 |
| 2014-Q3 | 2073.5 | 1876.4 |
| 2014-Q2 | 2067.4 | 1854.2 |
| 2014-Q1 | 2048.2 | 1828.6 |
| 2013-Q4 | 2004.7 | 1802.7 |
| 2013-Q3 | 1985.4 | 1770.4 |
| 2013-Q2 | 1996.2 | 1754.8 |
| 2013-Q1 | 1953.5 | 1735.5 |
| 2012-Q4 | 1915.8 | 1712.7 |
| 2012-Q3 | 1902.1 | 1678.7 |
| 2012-Q2 | 1922.6 | 1655.4 |
| 2012-Q1 | 1886.6 | 1631.5 |
| 2011-Q4 | 1830.1 | 1611.5 |
| 2011-Q3 | 1806.8 | 1584.1 |
| 2011-Q2 | 1811.7 | 1553.9 |
| 2011-Q1 | 1766.8 | 1531.9 |
| 2010-Q4 | 1722.2 | 1504.1 |
| 2010-Q3 | 1710.1 | 1466.6 |
| 2010-Q2 | 1730.9 | 1450.7 |
| 2010-Q1 | 1672.7 | 1413.0 |
| 2009-Q4 | 1627.2 | 1383.8 |
| 2009-Q3 | 1601.4 | 1358.2 |
| 2009-Q2 | 1561.7 | 1302.0 |
| 2009-Q1 | 1472.9 | 1260.4 |
| 2008-Q4 | 1389.4 | 1224.0 |
| 2008-Q3 | 1348.7 | 1193.8 |
| 2008-Q2 | 1331.0 | 1174.0 |
| 2008-Q1 | 1311.1 | 1160.3 |
| 2007-Q4 | 1268.9 | 1144.4 |
| 2007-Q3 | 1280.5 | 1139.8 |
| 2007-Q2 | 1277.6 | 1115.5 |
| 2007-Q1 | 1244.5 | 1107.4 |
| 2006-Q4 | 1207.3 | 1087.3 |
| 2006-Q3 | 1220.5 | 1087.7 |
| 2006-Q2 | 1208.3 | 1061.9 |
| 2006-Q1 | 1211.1 | 1052.1 |
| 2005-Q4 | 1201.5 | 1054.2 |
| 2005-Q3 | 1183.0 | 1041.8 |
| 2005-Q2 | 1176.9 | 1023.6 |
| 2005-Q1 | 1157.6 | 1006.0 |
| 2004-Q4 | 1134.3 | 979.4 |
| 2004-Q3 | 1121.8 | 965.9 |
| 2004-Q2 | 1116.6 | 944.9 |
| 2004-Q1 | 1082.2 | 928.3 |
| 2003-Q4 | 1060.4 | 910.7 |
| 2003-Q3 | 1054.0 | 889.3 |
| 2003-Q2 | 1038.2 | 863.0 |
| 2003-Q1 | 998.5 | 842.8 |
| 2002-Q4 | 966.8 | 825.8 |
| 2002-Q3 | 950.3 | 823.9 |
| 2002-Q2 | 946.7 | 795.2 |
| 2002-Q1 | 919.8 | 783.5 |
| 2001-Q4 | 907.7 | 774.6 |
| 2001-Q3 | 908.6 | 769.9 |
| 2001-Q2 | 898.7 | 756.5 |
| 2001-Q1 | 875.5 | 760.4 |
| 2000-Q4 | 880.0 | 746.4 |
| 2000-Q3 | 870.6 | 739.7 |
| 2000-Q2 | 866.9 | 725.1 |
| 2000-Q1 | 854.8 | 724.0 |
graphiqueMaastricht gross debt and net debt
- Source: National Accounts - INSEE, DGFiP, Banque de France
The overall value of quoted shares and collective investment shares held by general government increased in the fourth quarter of 2023
In the fourth quarter of 2023, the total value of listed shares and mutual funds held by general government increased by €10.8 billion and amounted to €209.1 billion. This growth was due to quoted shares (+€1.9 billion) and collective investment shares (+€8.9 billion). Profits from quoted shares were driven by OCGB (+€1.7 billion). On the collective investment shares side, the increase was most partly due to the SSF (+€8.1 billion).
tableauGeneral government holdings of quoted shares and mutual fund shares
| 2022Q4 | 2023Q1 | 2023Q2 | 2023Q3 | 2023Q4 | |
|---|---|---|---|---|---|
| General government holdings of quoted shares and mutual fund shares | 237.9 | 251.3 | 197.8 | 198.3 | 209.1 |
| of which: | |||||
| The State | 54.5 | 54.4 | 3.2 | 6.4 | 6.2 |
| Central agencies | 50.6 | 55.8 | 56.0 | 54.1 | 56.7 |
| Local government | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 |
| Social security funds | 132.7 | 140.9 | 138.4 | 137.6 | 146.0 |
- Source: National Accounts - INSEE, DGFiP, Banque de France
tableauGeneral government holdings of quoted shares and mutual fund shares
| General government holdings of quoted shares and mutual fund shares | |
|---|---|
| 2023-Q4 | 209.1 |
| 2023-Q3 | 198.3 |
| 2023-Q2 | 197.8 |
| 2023-Q1 | 251.3 |
| 2022-Q4 | 237.9 |
| 2022-Q3 | 228.7 |
| 2022-Q2 | 235.3 |
| 2022-Q1 | 249.0 |
| 2021-Q4 | 260.8 |
| 2021-Q3 | 247.6 |
| 2021-Q2 | 249.4 |
| 2021-Q1 | 236.5 |
| 2020-Q4 | 231.6 |
| 2020-Q3 | 215.8 |
| 2020-Q2 | 216.5 |
| 2020-Q1 | 196.9 |
| 2019-Q4 | 243.9 |
| 2019-Q3 | 238.4 |
| 2019-Q2 | 235.1 |
| 2019-Q1 | 236.6 |
| 2018-Q4 | 220.4 |
| 2018-Q3 | 250.5 |
| 2018-Q2 | 243.8 |
| 2018-Q1 | 225.2 |
| 2017-Q4 | 221.4 |
| 2017-Q3 | 218.1 |
| 2017-Q2 | 215.2 |
| 2017-Q1 | 207.3 |
| 2016-Q4 | 206.8 |
| 2016-Q3 | 203.5 |
| 2016-Q2 | 194.8 |
| 2016-Q1 | 197.7 |
| 2015-Q4 | 204.1 |
| 2015-Q3 | 202.3 |
| 2015-Q2 | 219.0 |
| 2015-Q1 | 225.4 |
| 2014-Q4 | 210.0 |
| 2014-Q3 | 218.9 |
| 2014-Q2 | 215.7 |
| 2014-Q1 | 223.5 |
| 2013-Q4 | 213.4 |
| 2013-Q3 | 213.1 |
| 2013-Q2 | 192.4 |
| 2013-Q1 | 187.5 |
| 2012-Q4 | 182.5 |
| 2012-Q3 | 188.5 |
| 2012-Q2 | 181.7 |
| 2012-Q1 | 183.3 |
| 2011-Q4 | 179.5 |
| 2011-Q3 | 178.8 |
| 2011-Q2 | 210.1 |
| 2011-Q1 | 218.3 |
| 2010-Q4 | 220.1 |
| 2010-Q3 | 220.3 |
| 2010-Q2 | 213.1 |
| 2010-Q1 | 239.4 |
| 2009-Q4 | 237.8 |
| 2009-Q3 | 231.4 |
| 2009-Q2 | 197.7 |
| 2009-Q1 | 177.9 |
| 2008-Q4 | 213.1 |
| 2008-Q3 | 266.0 |
| 2008-Q2 | 280.5 |
| 2008-Q1 | 283.1 |
| 2007-Q4 | 301.7 |
| 2007-Q3 | 310.9 |
| 2007-Q2 | 304.3 |
| 2007-Q1 | 282.6 |
| 2006-Q4 | 266.0 |
| 2006-Q3 | 248.6 |
| 2006-Q2 | 242.6 |
| 2006-Q1 | 234.1 |
| 2005-Q4 | 231.2 |
| 2005-Q3 | 179.5 |
| 2005-Q2 | 152.3 |
| 2005-Q1 | 140.5 |
| 2004-Q4 | 127.2 |
| 2004-Q3 | 118.6 |
| 2004-Q2 | 115.4 |
| 2004-Q1 | 113.7 |
| 2003-Q4 | 112.9 |
| 2003-Q3 | 108.9 |
| 2003-Q2 | 100.6 |
| 2003-Q1 | 77.1 |
| 2002-Q4 | 70.2 |
| 2002-Q3 | 63.2 |
| 2002-Q2 | 70.0 |
| 2002-Q1 | 78.8 |
| 2001-Q4 | 75.6 |
| 2001-Q3 | 78.8 |
| 2001-Q2 | 99.3 |
| 2001-Q1 | 106.5 |
| 2000-Q4 | 126.4 |
| 2000-Q3 | 143.1 |
| 2000-Q2 | 159.7 |
| 2000-Q1 | 178.1 |
graphiqueGeneral government holdings of quoted shares and mutual fund shares
- Source: National Accounts - INSEE, DGFiP, Banque de France
For more details
For the fourth quarter release, the measure of GDP used in debt-to-GDP ratios is the annual GDP based on gross data. This figure has no proper equivalent during the year; it is approximated by the sum of the last four quarters of quarterly GDP based on data adjusted for seasonal variations and working days.
Data by institutional sub-sectors of general government presented in this publication are consolidated: liabilities held by the same sub-sector as well as those held by other sub-sectors of general government are excluded from the calculations.
The methodological note is available on the “Documentation” tab of this page.
Next release: 28 June 2024 at 8:45 am.
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