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France's Debt Hits 119 Percent of GDP, Highest Since 1946: INSEE Data
(MENAFN) France's public debt climbed to 119% of gross domestic product at the end of June, the highest level since 1946, according to figures published Tuesday by the national statistics agency INSEE.
Total debt stood at €3.5955 trillion (about $4 trillion), an increase of €59.6 billion ($67.6 billion) from the end of March. The debt-to-GDP ratio, which was 117.5% in the first quarter, now sits above the 117.8% peak logged during the COVID-19 pandemic in 2021, media reported.
The milestone lands at a difficult moment for Prime Minister Sebastien Lecornu's government, which is due to unveil its draft 2027 budget on Thursday. The government forecasts that public debt will reach 119.3% of GDP by the end of this year and 121.7% in 2027.
Rising borrowing costs are compounding the strain on public finances. Economy Minister Roland Lescure said on Sept. 21 that the government expects debt-servicing costs to hit €91 billion in 2027.
Total debt stood at €3.5955 trillion (about $4 trillion), an increase of €59.6 billion ($67.6 billion) from the end of March. The debt-to-GDP ratio, which was 117.5% in the first quarter, now sits above the 117.8% peak logged during the COVID-19 pandemic in 2021, media reported.
The milestone lands at a difficult moment for Prime Minister Sebastien Lecornu's government, which is due to unveil its draft 2027 budget on Thursday. The government forecasts that public debt will reach 119.3% of GDP by the end of this year and 121.7% in 2027.
Rising borrowing costs are compounding the strain on public finances. Economy Minister Roland Lescure said on Sept. 21 that the government expects debt-servicing costs to hit €91 billion in 2027.
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