French debt climbs to 117,5% of GDP in the first quarter of 2026

French public debt reached a new milestone in the first quarter of 2026, standing at 117,5% of gross domestic product, confirming the upward trend in national debt. This increase reflects the persistent difficulties faced by the government in containing its spending within a strained economic environment. Both local authorities and the central government are affected by this worrying budgetary trend.

A debt level that worries Brussels

This increase comes as the government intensifies its efforts to reassure financial markets and European institutions. France's debt level far exceeds the 60% threshold set by the Maastricht criteria, placing the country among the most indebted in the eurozone. Interest payments are weighing more heavily on the national budget each year, reducing the room for maneuver for public investment.

Reduced budget margins

The outlook remains uncertain for the coming quarters. France's ability to reverse the trend will depend on economic growth and control of public spending. Rating agencies are closely monitoring the evolution of this indicator, which partly determines investor confidence in French bonds. The debate on debt sustainability regularly features in budget discussions in Parliament.