The budget deficit of the French state continues to arouse attention. At the end of June 2025, he reached 100.40 billion euros, according to the latest official figures communicated by the Ministry of the Economy. If this amount remains impressive, it still marks an improvement of three billion compared to 2024, thanks in particular to an increase in tax revenue.
Deficit: thedoes not improve taxes, But a debt that is hollowing out
In 2024, the deficit at the same time amounted to 103.47 billion euros. The Ministry of the Economy stresses that the positive difference of 3 billion euros is mainly explained by the increase in tax revenue. “This increase is mainly explained by the growth of other interior taxes (+3.7 billion euros) in connection with the end of the price shield, net corporate tax (+2.2 billion) as well as net income tax (+0.9 billion)”specifies the ministry quoted by BFMTV.
Net tax revenues thus reach 163.3 billion euros at the end of June, against 156.3 billion on the same date in 2024. The gradual end of the energy shield on energy, set up to protect households from price increases, has also helped to increase state resources.
Expenses under control but a still fragile situation
On the expenditure side, the state budget remains under pressure. Net expenses amount to 2,62.079 billion euros at the end of June 2025, a slight decline compared to the previous year (263.650 billion). Total revenues, on the other hand, increased at 182.508 billion euros, compared to 175.078 billion a year earlier.
However, some positions still weigh on the deficit, in particular the balance of special accounts (which includes expenses linked to retirement from civil servants or certain financial participations of the State), in degradation of almost 6 billion compared to 2024. The ministry specifies, however, that this is a temporary phenomenon, linked to the collection and expenses, which should be absorbed in the coming months.
Objective of reducing the deficit for the end of the year
The government set, in the finance law for 2025, a target of budget deficit at 139 billion euros over the whole year, a reduction of 17.3 billion compared to the deficit observed in 2024. A challenge while according to official documents, more than 90 % of state revenues are based on taxes (VAT, income tax, corporate tax, various taxes), while expenses cover both public service missions (education, security, health, justice, etc.) and debt charges or state financial participations.
Despite this slight better, experts call for caution. The Court of Auditors, in its report of February 13, 2025, insists on the fragility of this improvement: “the dynamics of tax revenue remains key for the improvement of the balance, but remains fragile in a context of moderate growth and high interest rate”
