France's National Debt to Rise to 119.3% of GDP by 2026

France's national debt is expected to reach 119.3% of its gross domestic product (GDP) by 2026, and may exceed 121.7% of GDP in 2027. This forecast was submitted to the High Council of Public Finance, indicating a deterioration in the state of public finances. In 2025, the debt-to-GDP ratio was 115.7%, while in 2019, this figure was below 100%. The budget deficit is expected to be 5.4% this year. Prime Minister Élisabeth Borne stated that the deficit will be kept below 5.5% in 2026. The government plans to cut spending by €54 billion in the 2027 budget proposal to control the deficit. Implementing the austerity program will be a challenging task due to divisions in parliament and protests from voters. The risk premium on French bonds compared to German bonds has exceeded one percentage point for the first time.

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