The rebound in growth has enabled a decline in the French debt ratio to begin.

The latter was reduced to 112.9% of GDP in 2021, and the public deficit shrank a little to 6.5%.

Relatively high levels

However, these levels remain high, a consequence of the expenses incurred in the face of the health crisis.

Last fall, the government was less optimistic since it was counting on a public deficit of 8.4% and a debt of 114% for 2021.

In 2020, the debt had soared to 114.6% and the deficit had widened to 8.9%, record levels, according to revised figures published Tuesday by the National Institute of Statistics (Insee).

If the public accounts look a little better in 2021, it is mainly due to the 7% economic recovery recorded last year, after the historic 8% recession of 2020 and the policy of "whatever it takes led by the government.

A link to vaccination

This continued for much of last year, before the deployment of vaccination and the lifting of health restrictions allowed the government to gradually reduce its support for businesses and households.

The Minister of Public Accounts Olivier Dussopt welcomed "good news" on Tuesday on Twitter, believing that these figures "confirm the effectiveness of the emergency plan and the recovery plan for our economy and therefore for the French".

The challenge for the next few days

Most presidential candidates in April promise to tackle the debt and deficit if elected.

However, the uncertainty linked to the war in Ukraine and its economic repercussions could weigh on these ambitions.

Inflation could in particular push the European Central Bank to raise its interest rates sooner than expected, risking compromising growth and France's ability to take on debt at a moderate cost, at a time when it is necessary to invest for the ecological transition.


Bruno Lemaire justifies the economic policy of France under the presidency of Emmanuel Macron


Purchasing power: Inflation between 3.7% and 4.4%, growth at half mast… Here are the forecasts of the Banque de France

  • Debt

  • Bruno the Mayor

  • Debt

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