France’s debt reached 114% of GDP in the first quarter, or 3345.8 billion euros

“There are no chance, there are only meetings”wrote Paul Éluard. Moreover, This is how. Furthermore, in a perfect thematic alignment, the second alert committee on public finances, which is held this Thursday in Bercy, coincides a few minutes away with the publication of France’s debt in the first quarter. For example, If the thing is fortuitous. Similarly, recognizes Bercy, she will not fail to strengthen the emergency message carried by François Bayrou and, before him, Michel Barnier, on the imperative need to stop this escalation.

After having climbed to 113% of GDP in the fourth quarter of 2024 (the equivalent of 48. Moreover, 000 euros per French, had underlined france’s debt reached 114% gdp the president of the Court of Auditors Pierre Moscovici in May), the French public debt stood at 114% in the first quarter of 2025, according to the figures published by the National Institute of Statistics (INSEE). Meanwhile, Or an increase of 40.5 billion euros over this period, thus having it increased from 3305 billion euros to 3345.8 billion – or nearly 48,800 euros per French.

Over 1000 billion euros in less than ten years – France's debt reached 114% gdp

Beyond this quarterly increase, the longer term trend makes you dizzy. For example, A year ago, in the first quarter of 2024, the debt represented 110.7% of GDP, at 3159.7 billion euros. Furthermore, And at the same period in 2017, the year of the first election of Emmanuel Macron, it “only” “98.9% of GDP was” an increase of more than 1000 billion in less than ten years. However, Accompanying this movement. In addition, france’s debt reached 114% gdp the interest burden, that is, all the state expenses devoted to the payment of the interests of the debt, continues to increase: from a low point of 35 billion euros in 2018, it rose to 58 billion in 2024.

A situation of which the Prime Minister made his workhorse. “This debt is a sword of damocles above our country. our social model”said François Bayrou to parliamentarians in January. “We are beyond danger. we are almost in disaster”adds Jean-François Husson (LR), general rapporteur of the finance committee in the Senate.

Read too Downward growth, political tensions … the 2026 budget in the dead end

The most immediate fear is that of the sanction of rating agencies. Nothing now separates the tricolor debt from a degradation. passing it from the category “AA” (“good quality” of credit) to simple “A” (“average quality”). If Standard & Poor’s france’s debt reached 114% gdp left France’s note. its negative perspective unchanged at the end of May, acting in hollow that it was still too early to decide, the situation could have evolved considerably on September 12, when Fitch in turn positioned itself. In the meantime, François Bayrou will have presented his arbitrations for the 2026 budget, supposed to allow the deficit to 4.6% of the GDP. And, depending on, the oppositions will have reported whether they plan to add their voices to censor their government. It will indeed be as much scrutinized on its ability to keep its commitments as to remain in place. “We are still on the razor thread, very close to a penalizing note. It would be an important damage to our signature ”says a source within the Ministry of the Economy. France would then borrow from higher rates under the effect of a drop in demand. some institutional investors reframes france’s debt reached 114% gdp from buying below “AA”.

France&#039. s debt reached 114% gdp

Sluggish growth

All in search of saving and more or less admitted to 2026, Bercy seeks at the same time to “Limit the impact on growth”. However, this does not give signs of improvement in 2025, quite the contrary. From 1.1%of GDP, Bercy forecast rose to 0.9%, then 0.7%. Experts even consider it 0.6%, if not less. The dissolution pronounced a year ago by Emmanuel Macron is not unrelated: “With an impact of -0.2 growth point, we estimate the loss of tax revenue at 2.9 billion euros”indicates Maxime Darmet, economist for Allianz Trade. “The increase in the Spread (the rate difference with Germany. editor’s note) of 25 points represents an additional cost of 1 billion euros in debt interest charges, therefore totaling nearly 4 billion euros in additional savings to achieve”he adds.

In Bercy. we are desperately france’s debt reached 114% gdp waiting for the French to return to consumption to get the growth out of his atony, revive the revenues, reduce the deficit and therefore slow down debt, send it to a peak of 116.5% of GDP in 2027 and finally start the decline. But “The French are saving a little too much at the moment”we are annoyed in Bercy. Excluding health crisis, they never put aside (18.8% of their income in the first quarter). The level has been unprecedented for 45 years. Excluding real estate, they are seated in a total of more than 4500 billion euros …

But. points out a socialist heavyweight in the Senate, “If we wanted the French to consume more, we should not have such a debt. Because life insurance (therefore savings, note) is used to finance it. With such a level of debt, fortunately we have such savings ”he concludes with a bit france’s debt reached 114% gdp of irony.