French deficit worsens to ‘very rare’ level • FRANCE 24 English
The French government hit with an accounting shock Tuesday as the country’s budget deficit the difference between incoming revenues and spending outlays was revealed to have hit 154 billion EUR in 2023 55% of total economic output a major and very rare shortfall one that France’s minister of Public Accounts blamed primarily on falling tax
Receipts we lost more than 20 billion EUR in receipts billions in Social charges corporate taxes sales taxes the macron administration insists it won’t be raising taxes to restore fiscal balance instead it’s planned 10 billion EUR in spending cuts already this year with more likely to come as it tries to
Bring the deficit down to its 4.4% Target for 2024 but such austerity policies risk further Weighing on France’s already anemic economic growth opposition lawmakers and even some from macron’s own part party are calling for a debate on the subject economists say such a wide deficit Gap will be difficult to
Close without a tax hike when we take the budget situation and the goal of very quickly bringing the deficit down to 3% in a very low growth environment it will be hard to avoid looking at taxes 2023 shortfall risks Weighing on 2024 and Beyond via higher bar borrowing
Costs France’s overall public debt at just over3 trillion EUR more than 110% of GDP makes it Europe’s third most indebted country behind only Greece and Italy Paris has committed to getting back to the eu’s official annual deficit limit of 3% by 2027
France’s budget deficit overshot forecasts in 2023, official figures showed Tuesday, undermining President Emmanuel Macron’s pledge to bring national finances back on track within the next four years.
#France #deficit #economy
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17 comments
You know the story of Atlas Shrugged? You're living it now.
france should deregulate make it easier to start and run businesses, reform the state and institutions to focus on efficiency
It has nothing to do with losing ground in Africa and sending billions upon billions to ukraine
This is as a result of losing its cash-cow in West Africa. Now Senegal is also leaving the parasite.
Is this really a shock, look who`s leading the country.
Sanctions on Russia are working
trust the goverment they said
Is Janet Yellen running the French Economy ?
But thes money for ukrain 🤣🤣😂😭
Worsened from medium rare?
No country can thrive under EU budget spending rules, the EU parliament know it, and i hope they are voted out in the EU elections 👍
Macron will Fight Russia 🇷🇺 now !! How very responsible!! Spending cuts and a foreign war !
Not quite as bad as the US ( when considering the federal system in the US, where individual states can ALSO be billions to the deficit side).
Meanwhile, Macron wants to start a costly war with Russia over Ukraine.
Ha ha, the milk cow that's Africa my home won't be having milk for these guys but milk for us because it's ours.
France will not recover anytime soon… After losing it's cash cow in West Africa. Retirement age will be raised again very soon.
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