França Saldo Orçamental

France’s central government budget deficit narrowed to EUR 124.7 billion in the January-December period of 2025, down from EUR 156.3 billion a year earlier. Government revenues rose 8.6% year-on-year to EUR 387.7 billion, supported by higher net income tax, corporate tax, VAT, and other net tax receipts. Non-tax revenues increased by 3.4%, reflecting higher dividend receipts, administrative fines, and other miscellaneous receipts, despite lower EU contributions linked to the co-financing of the National Recovery and Resilience Plan. Meanwhile, total expenditures slightly declined by 0.2% to EUR 510.2 billion, driven by higher debt service costs, increased spending on energy services and military operations, and higher transfers to local authorities and the EU, partly offset by reduced payments to public operators and the removal of the Covid-19 debt amortization program. Special Treasury accounts posted a EUR 2.3 billion deficit, improving from EUR 2.4 billion in December 2024.