INSEE: French General Deficit Rises To 5.5 Pct. GDP In '23

2024-03-26 03:05:26

(MENAFN- Kuwait News Agency (KUNA)) PARIS, March 26 (KUNA) -- Official report by France's National Institute of Statistics and Economic Studies (INSEE) showed, Tuesday, the general deficit reaching 5.5 percent of France's Gross Domestic Product (GDP), undermining the government's pledge in reclaiming the budget target.
INSEE reported that in 2023, the general deficit reached 5.5 percent of France's GDP, and France's public debt reduced to 110.6 percent after reaching 111.9 percent at the end of 2022.
The report explained France's general deficit amounted to 154 billion Euros (USD 167 billion) compared to 4.8 percent in 2022 and 6.6 percent in 2021.
Revenues slowed significantly in 2023, increasing by 2 percent after 7.4 percent in 2022, added the report.
INSEE discovered spending is being reduced continuously reaching 57.3 percent of the GDP, whereas in 2022 France's GDP totaled at 58.8 percent.
Meanwhile, French Economy Minister Bruno Le Maire in a television interview with RTL station stated that there must be a collective awareness regarding the importance of choosing correctly in annual spending. (end)
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