France's public debt surpasses €3.5 trillion, reaching 118% of GDP

France’s public debt rose sharply in the first quarter of 2026, reaching €3.536 trillion (about 117.5‑118 % of GDP) after a quarterly increase of €75.6 billion. The figure is the highest since the pandemic and places France as the third‑most indebted country in the euro area after Greece and Italy.

The deficit stood at roughly 5 % of GDP in 2025, and debt service has become the largest item in the state budget, overtaking education, with a cost of €64 billion projected for 2026 and the potential to rise toward €100 billion in coming years. The Cour des comptes described the fiscal situation as “alarmant”, urging strong, credible measures. The government aims to keep the deficit at 5 % in 2026, limit debt to about 118 % of GDP, and return the deficit below 3 % by 2029, but analysts highlight significant uncertainty due to weak growth forecasts and external shocks such as the war in the Middle East.