France’s public debt to reach 121.7% of GDP in 2027, highest since 1995

France's public debt is projected to rise to 119.3% of gross domestic product (GDP) in 2026 and 121.7% in 2027, reaching its highest level since 1995, Ouest-France reported Saturday, citing the Ministry of Economy and Finance, AzerNEWS reports, citing Anadolu Agency.

The ministry said the increase resulted from a persistently high public deficit.

The government expects the deficit to reach 5.4% of GDP in 2026, up from 5.1% in 2025, before falling to 5% in 2027.

Minister of Economy and Finance Roland Lescure described the 2027 deficit target as "ambitious" but "obviously achievable."

The government said public debt could only stabilize once the deficit is reduced to 3% of GDP, a target it continues to set for 2029.

Prime Minister Sebastien Lecornu on Thursday outlined the main measures of the 2027 budget, which include a €54 billion ($63.8 billion) fiscal effort.

Draft state and social security budgets are due to be presented to the Council of Ministers on Oct. 1 before being examined by Parliament.

The High Council of Public Finance, an independent body attached to France's Court of Auditors, is required to issue an opinion on the budget plans and assess the credibility of the government's macroeconomic projections.