France's public debt set to hit 119.3% of GDP in 2026, highest since 1995

France's public debt is on track to reach 119.3 percent of gross domestic product in 2026, up from 115.6 percent in 2025, according to figures released by the Ministry of Economy and Finance. The ratio is projected to climb further to 121.7 percent in 2027 — more than twice the 60 percent ceiling set under European rules.

Citing data from the national statistics institute, French daily Le Figaro reported that these levels would be the highest recorded since 1995.

The ministry attributed the rise to the scale of the country's budget gap. "The increase is mechanical. It is the consequence of a deficit that remains high," it said.

The government expects the public deficit to reach 5.4 percent of GDP in 2026, widening from 5.1 percent in 2025.

The fiscal outlook has also been complicated by weaker growth. On September 11, Economy and Finance Minister Roland Lescure said the government had lowered its 2026 growth forecast to 0.5 percent from 0.7 percent. He said the earlier target of holding the budget deficit to 5 percent of GDP in 2026 "is no longer an option," adding that "France will have a deficit above 5 percent in 2026."

Taken together, the figures point to a debt burden that will keep expanding even as Paris seeks to contain borrowing, with the deficit and debt ratios both moving in the wrong direction relative to the eurozone's fiscal rules.