The public debt-to 101.2% of GDP at end-march, the biggest quarterly increase since 2009

This outstanding increase is mainly due to the decrease of the activity related to the crisis of the sars coronavirus and support measures for companies and households.

The French public debt amounted at the end of march 101.2% of gross domestic product (GDP), 2438,5 billion euros, an increase of 3.1 points compared to the end of December, the largest quarterly increase since the second quarter of 2009, reported on Friday the Insee.

This outstanding increase is mainly due to "the decline of the activity in the first quarter related to the sanitary crisis and (the) support measures for companies and households", as the part-time unemployment, and postponement of employer contributions, which have come to burden the accounts of social security administrations, explains Insee.

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The debt of social security funds (Acoss, Cades, Unédic, hospitals and Cnaf), which funded most of the measures taken from mid-march to fight against the economic consequences of the epidemic of Covid-19, is thus increased from 8.7 billion euros.

Up to 120,9% of GDP this year

This increase in the debt of social security funds "contrast with the debt reductions of the past two years at the same time (-1,2 billion in the first quarter of 2019 and -11,2 billion in the first quarter of 2018)", highlights the Insee.

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The State's debt has increased from 46.4 billion euros, from "primarily of the marketable debt in the long term", while the local governments have seen their debt increase by 3.3 billion euros, "including the Société du Grand Paris (+€2.5 billion)", explains the Insee.

Recently, the public debt had already exceeded by three times the GDP : during the third quarter of 2019, and by 2017, after the incorporation of the debt of the SNCF, where it had reached 100,7% in the first quarter, and with 100.9% in the second quarter.

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at the End of 2019, the public debt had reached to 98.1%, and the fact of the crisis, the government expects that she climbs 120,9% of GDP this year.