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Maastricht debt accounted for 95.7% of GDP

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Staff writer ▼ | March 29, 2016
Maastricht
European economies   The net public debt increased

At the end of Q4 2015, the Maastricht debt amounted to € 2,096.9 billion, a € 8.8 billion decrease in comparison to Q3 2015.

It accounted for 95.7% of GDP, 1.3 points lower than the Q3 2015's level. On the contrary, the net public debt increased (€ +9.6 billion).

In the fourth quarter of 2015, the State contribution to the debt decreased by € 11.6 billion. Short-term and long-term negotiable debt both went down (€ -7.2 billion and € -5.1 billion). At the same time, the total amounts of long term loans increased by € 1.2 billion.

Central agencies contribution diminished by € -3.1 billion of which € -2.1 billion from the Fonds de garantie des dépôts et de résolution exiting the general government perimeter in 2015.

The Caisse Nationale des Autoroutes paid off € 1.1 billion of its debt. CSPE contribution to debt went down (€ -0.8 billion). In the same time, both Bpifrance and the Commissariat à l'énergie atomique added € 0.4 billion to their debts.

The contribution of local government jumped (€ +10.6 billion). Municipalities, departments and regions respectively borrowed € 3.8 billion, € 2.3 billion and € 3.6 billion.

Other local government units (intercommunal syndicates and local agencies) contributed for € +0.9 billion.

At the end of Q4 2015, the net public debt reached € 1,904.1 billion (equivalent to 86.9% of GDP versus to 87.4% in Q3 2015), a € 9.6 billion rise compared to the previous quarter.

The € +18.4 billion gap between changes in net and gross debt is mainly explained by a significant fall of the State's cash position (€ -16.0 billion) and a more moderate decline of the cash position of social security funds (€ -1.8 billion).

On the contrary, local government cash position grew by € 1.1 billion. Loans for € 1.1 billion are paid off to the Caisse nationale des autoroutes. Furthermore, FRR (Fonds de réserve pour les retraites) sold € 1.0 billion of debt securities to entities outside the scope of general government.


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