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3mo ago

France’s Debt Climbs to €3.42 Trillion, 115.6% of GDP, Sharpening Budget Test

A record stock with a €70.9 billion quarterly jump puts pressure on Sébastien Lecornu to deliver a credible 2026 plan by mid‑October.

La dette française dépasse désormais les 115 % du PIB.
Une vue du ministère de l'Economie et des Finances, à Paris, le 27 août 2025.
Le ministère de l’économie, à Bercy.
La dette risque bien de dépasser les 120 % d’ici 2030, a mis en garde Fitch Ratings le 12 septembre dernier.

Overview

  • Insee reports the debt reached €3,416.3 billion at end‑June, up €70.9 billion in the quarter, driven mainly by a €64.3 billion rise in central government borrowing.
  • The debt ratio increased to 115.6% of GDP from 113.9% at end‑March, following a €40.2 billion rise in the previous quarter.
  • Debt‑service costs are accelerating, with interest payments at €58.8 billion in 2024 and an expected €67.1 billion in 2025, according to the HCFP.
  • Fitch downgraded France in September, citing fiscal and political risks, and projects debt could approach 121% of GDP by 2027.
  • Union leaders set a 2 October mobilization as the prime minister, still without a full government, prepares a draft budget for parliament and bond yields show little immediate reaction.