France's Public Deficit Confirmed at 5.8% of GDP for 2024, Slightly Better Than Expected

Despite a marginal improvement, France's deficit and record debt levels highlight ongoing fiscal challenges and limited flexibility in addressing economic pressures.

The French public deficit for 2024 was confirmed at 5.8% of GDP, an improvement over the anticipated 6% but still far from the 4.4% target set in autumn 2023.
Public debt reached €3.3 trillion by the end of 2024, representing 113% of GDP, one of the highest ratios in the Eurozone after Greece and Italy.
Public spending grew by 3.9% in 2024, outpacing revenue growth of 3.1%, which contributed to the fiscal shortfall.
The French government aims to reduce the deficit to 5.4% in 2025 and below the EU's 3% limit by 2029, though achieving these goals is constrained by geopolitical and economic pressures.
A new fiscal alert committee is set to convene in April 2025 to address potential risks of further slippage, as the government prepares for the challenging 2026 budget.