Government Debt & Fiscal Health
France's public finances — how much the state owes, how fast the deficit is shrinking (or growing), and what bond markets think about it.
Government debt — 2025-Q3
117.7% of GDP
France's public debt stands at 117.7% of GDP — nearly double the Maastricht Treaty's 60% ceiling. Each percentage point represents roughly €28 billion.
Government Debt Over Time
Consolidated government gross debt as a percentage of GDP. The Maastricht Treaty sets a 60% ceiling — France has been above it since 2003 and is now nearly double that. Each percentage point represents roughly €28 billion.
Budget Deficit Over Time
Net government lending/borrowing as a percentage of GDP. Negative = deficit. The Maastricht limit is -3%. France breached this in the COVID years (-8.9% in 2020) and has been slowly consolidating since.
10-Year Bond Yield (OAT)
The interest rate France pays to borrow for 10 years. The spread between French OATs and German Bunds is a key market indicator of fiscal risk. Higher yields mean markets want more compensation for lending to France.
Why French Debt Matters
France's debt-to-GDP ratio has more than doubled since the year 2000. The Maastricht Treaty requires EU members to keep debt below 60% of GDP and deficits below 3% — France consistently misses both targets. This isn't just an accounting issue: higher debt means more of the budget goes to interest payments (~€50 billion/year), crowding out spending on schools, hospitals, and infrastructure. The political debate over fiscal consolidation (spending cuts vs. tax increases) is one of the defining tensions in French politics.