France's national debt hits historic high in 48 years

France’s public debt is set to hit its highest level since 1978 this year. This conclusion was reached in the Ministry of Finance of the country, linking the alarming dynamics with the rapidly growing budget deficit. The information is confirmed by Euronews.

According to the forecasts of the Ministry, the volume of debt in 2026 will be 119.3% of GDP, and by 2027 will grow to 121.7%. These figures are more than double the EU’s target of 60%. The country has not experienced such a burden on the economy for almost half a century, according to the National Institute of Statistics Insee.

A source in the Ministry of Finance explained that the growth of debt is “automatic” and is a direct consequence of chronically high deficits. Last year, the income-expenditure gap reached 5.1% of GDP, with EU rules allowing for 3%. This year, the government expects the situation to deteriorate further to 5.4%.

Against this backdrop, France ranks third in debt in the euro area, second only to Greece and Italy. The situation looks particularly contrasting against the backdrop of the success of its neighbors: in Spain, public debt fell below 100% of GDP in July, and Portugal in 2025 reduced this figure to less than 90%.

Paris has been under special monitoring by Brussels for two years due to macroeconomic imbalances. Authorities hope to reduce the deficit to 5 percent next year when the country holds presidential and parliamentary elections. The draft budget measures for 2027 have already been submitted to the independent High Council of Public Finance (HCFP).

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