France's 2023 Public Deficit Exceeds Forecasts, Reaching 5.5% of GDP

The government commits to a €10-billion savings plan without raising taxes, amid concerns over President Macron's economic reform strategy.

France's public deficit for 2023 reached 5.5% of GDP, exceeding the government's forecast of 4.9%, leading to public debt standing at 110.6% of GDP.
The government has announced a €10-billion savings package for 2024 to address the deficit, with no plans for tax increases despite the economic challenges.
Critics from various political spectrums have expressed concerns over the government's fiscal management, with some suggesting targeted tax increases on the wealthiest.
The widening deficit puts President Macron's economic reform strategy in doubt, as it relies on growth-enhancing overhauls without significant austerity measures.
France aims to bring its deficit below 3% of GDP by 2027, a task made more difficult by the current fiscal situation and under scrutiny by rating agencies.