National debt of France

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The national debt of France consists of the combined debts of the various levels of the French state, statutory social security and state-owned companies with domestic and foreign lenders. On March 31, 2015, France's debt level totaled 2,089.4 billion euros or 97.5% of gross domestic product .

Historical development

National debt and budget deficit

The French national debt has increased steadily over the past 40 years. Since 2007 the Maastricht criterion , which provides for a maximum budget deficit of 3%, has not been met. At the beginning of 2015, the European Commission announced that it would also tolerate budget deficits above the ceiling of 3% set out in the Maastricht Treaty in 2015 and 2016 .

year in% of GDP value
National debt Budget deficit National debt Budget deficit
1978 21.2% −1.7% −72.8 −5.9
1979 21.1% −0.4% −82.8 −1.4
1980 20.7% −0.3% −92.2 −1.2
1981 22.0% −2.4% −110.1 −12.0
1982 25.3% −2.9% −145.5 −16.7
1983 26.6% −2.6% −170.0 −16.5
1984 29.0% −2.8% −201.4 −19.5
1985 30.6% −3.1% −227.7 −22.9
1986 31.1% −3.3% −249.3 −26.4
1987 33.4% −2.1% −281.2 −17.9
1988 33.3% −2.7% −302.8 −24.5
1989 34.0% −1.9% −333.3 −18.6
1990 35.2% −2.5% −363.6 −25.6
1991 36.0% −3.0% −385.1 −32.0
1992 39.7% −4.6% −440.1 −51.0
1993 46.0% −6.5% −515.4 −72.3
1994 49.2% −5.5% −570.0 −63.3
1995 55.5% −5.5% −663.5 −65.4
1996 58.1% −4.0% −712.7 −49.4
1997 59.5% −3.3% -752.5 −41.8
1998 59.6% −2.6% −787.4 −34.6
1999 59.0% −1.8% −806.9 −24.6
2000 57.5% −1.5% −827.3 −21.7
2001 57.1% −1.6% −853.3 −24.6
2002 59.1% −3.3% −912.0 −50.4
2003 63.3% −4.1% −1 004.9 −64.7
2004 65.2% −3.6% −1 079.5 −59.2
2005 66.8% −2.9% −1 147.6 −50.2
2006 64.1% −2.3% −1 152.2 −41.9
2007 64.2% −2.7% −1 211.6 −51.6
2008 68.2% −3.3% −1 318.6 −64.3
2009 79.2% −7.5% −1 493.4 −142.5
2010 82.7% −7.0% −1 595.0 −136.5
2011 86.0% −5.2% −1 717.3 −103.1
2012 90.6% −4.9% −1 833.8 −98.2
2013 93.5% −4.3% −1 925.3 −87.6
2014 95.0% −4.0% −2 037.8 −84.8
2015 (forecast) 96.3% −3.8%

interest

In absolute terms, the interest rates of the French state have remained more or less constant despite an increase in national debt, as more money flowed into countries with higher credit ratings such as France due to the euro crisis , which lowered interest rates.

Development of interest rates in the French state
year Amount (billion €)
2008 44.3
2009 37.5
2010 40.1
2011 46.3
2012 46.3
2013 44.9
2014p 43.2
2015p 44.3
2016p 47.3
2017p 49.5
2014–2017: forecast

Interest rates

year 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1981-1990
Interest rate for 10 year bonds 17.4% 14.8% 14.4% 13.4% 11.9% 9.2% 9.9% 8.6% 9.3% 10.0% 11.9%
Price index 13.4% 11.8% 9.6% 7.4% 5.8% 2.7% 3.1% 2.7% 3.6% 3.4% 6.6%
Real interest rate 4.0% 3.0% 4.8% 6.0% 6.1% 6.5% 6.8% 5.9% 5.7% 6.6% 5.5%
year 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 1991-2000
Interest rate for 10 year bonds 8.6% 8.1% 5.6% 8.3% 6.6% 5.8% 5.3% 3.9% 5.5% 5% 6.3%
Price index 3.2% 2.4% 2.1% 1.6% 1.8% 2.0% 1.2% 0.7% 0.5% 1.7% 1.7%
Real interest rate 5.4% 6.1% 3.5% 6.7% 4.8% 3.8% 4.1% 3.2% 5% 3.3% 4.6%
year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2001-2010
Interest rate for 10 year bonds 5% 4.3% 4.3% 3.7% 3.3% 4% 4.4% 3.4% 3.6% 3.4% 3.9%
Price index 1.7% 2.1% 1.9% 2.1% 1.8% 1.6% 1.5% 2.8% 0.1% 1.5% 1.7%
Real interest rate 3.3% 2.2% 2.4% 1.6% 1.5% 2.4% 2.9% 0.6% 3.5% 1.9% 2.2%
year 2011 2012 2013 2011 -...
Interest rate for 10 year bonds 2.5% 3.2% 2.2% 2.6%
Price index 1.7% 2.1% 1.3% 1.7%
Real interest rate 0.8% 1.1% 0.9% 0.9%

See also

Individual evidence

  1. ↑ INSEE: Public finances , accessed on August 25, 2015.
  2. ↑ Die Welt: France does not have to meet the deficit limit until 2017 on February 25, 2015, accessed on August 25, 2015.
  3. ↑ Les taux d'emprunt historiquement bas, une aubaine pour le budget de l'État , Les Échos , December 19, 2014, accessed on August 25, 2015.
  4. ↑ a b c d French reference interest rates , website of the Banque de France [1]
  5. ↑ a b c page of the French statistical agency INSEE