France’s public deficit, which stood at 5.5% of GDP in 2023, is set to widen further in 2024, reaching 6.1% of GDP

These are the findings of the Ministry of the Economy in its end-of-year finance bill, presented to the Council of Ministers on November 6. Budget Minister Laurent Saint-Martin had already warned in September of a possible worsening of the situation, exceeding the 6% mark, against a backdrop of weakening public finances.

This figure marks a significant departure from initial forecasts, which had predicted a deficit of 4.4% for 2024. The government claims that the deficit would have been even higher had it not been for the billions of euros in credit cancellations, which reduced government spending by 6 billion euros to around 486.4 billion euros.

In its opinion, the French High Council for Public Finance (HCFP) recommends that the government adopt prudent financial forecasts to avoid worsening the situation of the public accounts.

To contain the deficit, the 2025 budget calls for an effort of €60 billion, divided between €40 billion in spending savings and €20 billion in additional revenue, in the hope of restoring a balanced budget in the coming years.