France credit-to-GDP: general government, market value
France credit-to-GDP: general government, market value stood at 109.4 % of GDP in Q1 2026, according to BIS – Bank for International Settlements (data.bis.org). It is one of the indicators in the Total credit and debt service (BIS) table (Value · Quarterly), with a complete series running from Q4 1998 to Q1 2026. The complete series with an interactive chart, free to download.
This indicator in the Total credit and debt service (BIS) table
| Indicator | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | Q4-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Non-financial sector (private and government) | 323.7 | 322.3 | 323.7 | 324.4 | 322.4 | 321.4 | 322.3 | 319.5 | 320.2 | 322.9 | |
| General government, market value | 109.4 | 107.7 | 109.6 | 109.3 | 107.4 | 107.3 | 108.5 | 104.9 | 105.7 | 106 | |
| General government, nominal value | 117.5 | 115.5 | 117 | 115.7 | 114 | 113.2 | 113.6 | 112.1 | 110.4 | 109.6 |
Understanding france credit-to-GDP: general government, market value
This metric evaluates general government indebtedness by valuing outstanding public debt instruments at current market prices, scaled against total national output. By incorporating market valuation, it captures the real-time fluctuations of sovereign debt securities driven by changing secondary market yields and prevailing interest rate environments. This contrasts with face-value accounting, revealing how market sentiment and yield shifts alter the relative burden of public obligations relative to the broader economy.
Interpreting market-value ratios requires accounting for high volatility stemming from financial market movements rather than direct changes in fiscal policy or new borrowing volumes. Analysts should exercise caution when comparing this series against nominal measures, as yield fluctuations can cause significant divergence during periods of market stress. Revisions occur continuously as underlying bond prices adjust on secondary markets, meaning early quarterly estimates are frequently updated to reflect prevailing market valuations.
Frequently asked questions
- How does market valuation differ from nominal valuation for government debt?
- Market valuation reflects current secondary trading prices, which fluctuate with interest rates, whereas nominal valuation records face value.
- Why would this ratio change without any new government borrowing?
- Changes in market yields alter bond prices, directly shifting the market value of existing debt relative to the output denominator.
- Does this series cover local governments as well as the central authority?
- Yes, it encompasses the general government sector, combining central, state, and local administrative bodies.