Everyone concerned – France’s public deficit could slip to 5.6% of GDP in 2024. A figure that will force the State to find solutions… certainly on the backs of the French people
It’s been going on for fifty years. Since 1974, France has not presented a profitable budget or at least a balanced one. It has been in a constant state of public deficit since that date. By how much? That’s the question of the year every time.
It was 3% of its gross domestic product (GDP) as early as 1975 and rarely less thereafter. Except at the turn of the 2000s and shortly before the Covid-19 crisis. But 2020 was catastrophic (8.9%) and the rest hardly better. 2024 looks set to be roughly the same as 2023 (5.5%), or even slightly worse (5.6%) according to budget documents sent to parliamentarians by Bercy on Monday.
In short, the State will have spent nearly 160 billion euros too much compared to its revenues. Enough to further increase its colossal debt (3,200 billion euros) and make it, in addition, one of the worst students in the eurozone. “We are really drifting compared to the other members,” notes Stéphanie Villers, economist at the firm PwC France. “If everyone did it, like in times of crisis, it would be fine. But here, we are clearly sending the wrong message.”
A possible explosion in borrowing rates
Which could, in the long term, have painful consequences.(…) - 20minutes
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