France’s public debt continues to rise
At the end of the first quarter of 2024, according to INSEE data, France’s public debt reached 3,159.7 billion euros, an increase of 58.3 billion euros compared to the last quarter of 2024. An increase which brings the public debt to the new record level of 110.7% of GDP, compared to 109.9% at the end of 2023. However, underlines theInsee, a slight increase in public administration cash flow somewhat moderates the increase in net debt, which now stands at 102.4% of GDP.
Why does France’s debt continue to increase?
The State is the main contributor to this increase in public debt, with an increase of 44.4 billion euros. An increase mainly due to the issue of negotiable securities, in particular long-term securities, the amounts of which increased by 35.2 billion euros. As the State treasury is almost stable, the net debt follows the same trend as the gross debt.
Social security administrations (Asso) also contributed to the increase in debt, but to a lesser extent, with an increase of 12.9 billion euros. This increase is mainly due to short-term marketable securities, while long-term securities are also increasing, but more moderately.
Local government debt increased slightly by EUR 0.8 billion, supported by various local organizations, notably Île-de-France Mobilités and the Société des Grands Projets. On the other hand, the debt of various central administration bodies (Odac) has remained almost stable, underlines INSEE.
| Sector | Debt (billions of euros) | Evolution (billions of euros) | Proportion of GDP (%) |
|---|---|---|---|
| All public administrations | 3 159,7 | +58,3 | 110,7 |
| État | 2 558,1 | +44,4 | – |
| Social security administrations | 276,6 | +12,9 | – |
| Local public administrations | 251,2 | +0,8 | – |
| Various central administration bodies | 73,9 | +0,2 | – |
