France’s public debt stood at 119.1% of gross domestic product at the end of June, Eurostat said Wednesday, as a draft 2027 budget projecting further borrowing awaited parliamentary approval.
Eurostat put the debt at about €3.6 trillion. Among European Union members, only Greece and Italy had higher debt ratios. The figure adds to the fiscal pressures facing France as its government seeks to reduce its deficit.
The government presented its 2027 budget proposal on Oct. 1. It projects debt rising to 121.7% of GDP next year and interest costs reaching €91.2 billion. Ministers expect this year’s deficit to equal 5.4% of GDP and aim to bring it down to 5% in 2027.
Eurostat’s 2025 data put French government spending at 57.2% of GDP, compared with 49.5% across the EU. France’s deficit that year was 5.1% of GDP, against 3.1% for the bloc.
Taxes and net social contributions amounted to 45.3% of French GDP in 2024, separate Eurostat data show. The EU average was 40.4%.
The International Monetary Fund forecasts 0.4% growth for France in 2026, compared with 2.1% for advanced economies as a group.
Gilbert Cette, a Neoma Business School economics professor based in Paris, told The Associated Press that France’s debt leaves policymakers facing spending cuts or tax increases, despite taxes that are already among Europe’s highest.
Carsten Brzeski, ING’s global head of macro, argued in his own analysis that missed fiscal commitments and delayed reforms were damaging France’s credibility. He drew a comparison with Greece’s 2009 crisis while stressing that France’s circumstances differ.
The Associated Press reported that student blockades earlier this month preceded broader Oct. 17 demonstrations involving complaints about living costs. It reported pockets of violence involving youths. The AP also reported that higher borrowing costs leave less money available for public services, including education and health care.
Parliament has yet to approve the budget. France’s National Institute of Statistics and Economic Studies (INSEE) is scheduled to release its next quarterly debt figures Dec. 18.
