Archive · 20 Sep 2026
France's public debt set to reach highest level since 1978
France is borrowing more money because it is spending more than it collects.
This has caused the country’s debt to grow very large.
The debt could reach 119.3% of the size of France’s economy in 2026.
It could rise further to 121.7% in 2027.
These levels would be the highest France has seen since 1978.
European Union rules say countries should generally keep their yearly deficit below 3% of their economy.
France’s deficit is expected to be about 5.4% this year.
The government wants to reduce spending by €54 billion in 2027.
Some lawmakers warn that cuts could hurt poorer people most, while the fiscal watchdog says France can still change course.
France’s public debt is projected to reach 119.3% of GDP in 2026 and 121.7% in 2027.
The debt increase would be the highest recorded since 1978, according to France’s statistics institute Insee.
France’s budget deficit was 5.1% of GDP last year and is forecast at 5.4% this year.
The government expects the deficit to fall to 5% of GDP next year, still above the European Union’s 3% limit.
Prime Minister Sebastian Lecornu proposed €54 billion in adjustments and cuts for the 2027 budget, ahead of elections.
- Who
- The French government, Prime Minister Sebastian Lecornu, the High Council of Public Finances, and lawmakers are involved.
- What
- France’s public debt is projected to rise to record levels because of a persistently high budget deficit.
- When
- The debt is projected at 119.3% of GDP in 2026 and 121.7% in 2027; the 2027 budget is being prepared ahead of elections.
- Where
- France.
- Why
- The debt is rising automatically because government spending continues to exceed revenue, leaving a large deficit.
Critics of Spending Cuts
Fiscal Consolidation Advocates
Impact of the 2027 budget
Critics of Spending Cuts
Eric Coquerel of France Unbowed said budget cuts could affect all parts of the population indiscriminately and hit the poorest hardest.
Fiscal Consolidation Advocates
Prime Minister Sebastian Lecornu proposed €54 billion in adjustments and cuts to address France’s persistent deficit.
Risk of a debt crisis
Critics of Spending Cuts
The high debt and deficit figures have prompted concern, with France under special European Union monitoring for two years.
Fiscal Consolidation Advocates
Amelie de Montchalin, head of the High Council of Public Finances, said a crisis is not certain and that France can avoid it through swift and responsible choices.
- Projected debt in 2026
- 119.3% of GDP
- Projected debt in 2027
- 121.7% of GDP
- Budget deficit last year
- 5.1% of GDP
- Forecast deficit this year
- 5.4% of GDP
- Forecast deficit next year
- 5% of GDP
- European Union reference limit
- 3% of GDP for the public deficit and 60% of GDP for public debt
- Proposed 2027 budget adjustments
- €54 billion