France's Debt to Hit Record in 2027, Ministry Says

France's public debt is projected to reach a record 121.7% of gross domestic product in 2027, according to figures from the government's draft budget released on September 19. The forecast, up from 119.3% in 2026, represents the highest level since the national statistics agency INSEE began recording under the current methodology in late 1995. The finance ministry submitted the draft budget to the High Council of Public Finances for independent evaluation, outlining a plan to reduce the public deficit from 5.4% of GDP in 2026 to 5% in 2027. Despite this target, the deficit remains significantly above the European Union's 3% reference limit, a situation that has kept France under special EU monitoring for the past two years. Prime Minister Sébastien Lecornu has pledged "tax stability" for 2027, but the budget documents show the overall tax burden will rise to 44.2% of GDP from 43.9% in 2026. This increase is intended to help restore public finances, though it contrasts with the prime minister's stated commitment to stability. To curb the deficit, the government has announced a 54 billion euro savings drive in the 2027 budget.