Monday, August 11, 2025

French deficit was 100.4 billion euros in June 2025

 France’s government budget deficit narrowed to EUR 100.4 billion in June 2025, from EUR 103.5 billion in the corresponding month of the previous year. 

Source: https://tradingeconomics.com/france/government-budget-value, citing Ministere de l'Économie, des Finances, de l'Action et des Comptes publics, France

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The GDP of France increased 0.3% in Q2 2025. (Source: https://www.insee.fr/en/statistiques/8620993).  

This statistic isn't very useful.  It does show that GDP for Q2 2025 was 657,370 million euros.  What about annual GDP?  Maybe we can calculate this.  For the last 4 quarters it was:

2025-Q2657370
2025-Q1655434
2024-Q4654529
2024-Q3655122

Total: 2,622,455 million euros for the last 4 quarters, basically 2.6 trillion euros.

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Another source says it is Q2 2025: 743,634.3 (Source: https://fred.stlouisfed.org/series/CPMEURSCAB1GQFR citing Eurostat).  And for the last 4 quarters it is:

Total for the last 4 quarters: 2.95 trillion euros.

I have no idea why the French national statistic agency (INSEE) has different numbers than Eurostat.  Eurostat is headquartered in Luxembourg, so the two agencies could probably speak to each other in French.  I will use Eurostat's numbers because they look better.
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As for the national debt, the last figure I see is 3.3 trillion euros as of Q1 2025. (Source: https://www.insee.fr/en/statistiques/8599494).  They are about 3 months behind in reporting this, so the next report should be about 9/30/25 for Q2.  (Note that the US Treasury reports this number daily).

So now for the big question, what is the debt to GDP ratio?  112% (3.3 trillion euros / 2.95 trillion euros).  This will be important in the future to compare to.  The next calculation of this number will be on about November 1 2025, after the GDP for the 3rd quarter 2025 is announced.

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