Where does France’s public deficit come from?
Revenue and spending of the State, local authorities and social security since 1995: what grew, what shrank, and how France compares with Germany and the euro area.
Scope: General government (State, local authorities, social security), national accounts, Eurostat data. · Data as of Oct 25, 2026.
Key takeaways
- In 2025, French general government spent €1,714bn against €1,563bn of revenue: a deficit of €152bn, or 5.1% of GDP. Debt stands at 115.7% of GDP.
- Over the long run, pensions and health drive the rise in spending. Between 2007 and 2024 they gained +1.5 and +1.3 points of GDP, almost as much as the deterioration of the balance (from −3.0% to −5.8% of GDP). Falling interest rates (−0.7 point) hid part of it.
- Since 2019 the story changes: half of the deterioration comes from revenue (−1.7 points), with lower taxes on production (−1.2 points, mainly the CVAE) and the abolition of the residence tax (−0.6 point). Health (+0.8 point) and rising interest (+0.4 point) come next. Pensions stayed flat as a share of GDP over this period.
- Almost the whole deficit shows up in the State’s accounts, not in social security’s: the State hands it part of VAT and compensates cuts in social contributions. The cost of pensions and health therefore lands on the State.
- Compared with its neighbours, France spent about 8 points of GDP more than Germany and the euro-area average in 2024, including +2.3 to +3.2 points on pensions and +1.4 to +1.5 points on health. Ageing does not explain it: the share of people aged 65+ is slightly higher in Germany.
Revenue and spending, year by year
For each year: left bar = revenue (grey), right bar = spending (colours), stacked by type. The gap between the two bars is the deficit. Tap an item in the legend to isolate it. Spending by function (pensions, health…) is published up to 2024; the “by nature” view (wages, benefits, investment…) goes up to 2025.
What widened (or narrowed) the deficit
Change of each item in points of GDP between two years. Spending that rises, or revenue that falls, widens the deficit (bar to the left). Measuring in points of GDP removes inflation and growth: it shows what gained weight in the economy.
Public balance: −3.0% of GDP in 2007, −5.8% in 2024, a change of −2.8 points. Contribution of spending: −3.4 pt; of revenue: +0.6 pt.
- Pensions
- Health
- Other social benefits
- Interest on debt
- Education
- Economic affairs
- Other public spending
- Revenue
Detail by item · 2007 → 2024
| Detail by item | Side | 2007 | 2024 | Change (pt) | Effect on balance (pt) |
|---|---|---|---|---|---|
| Pensions (old age + survivors) | Spending | 13.19 | 14.74 | +1.54 | −1.54 |
| Health (hospitals, outpatient care, medicines) | Spending | 7.59 | 8.90 | +1.30 | −1.30 |
| Social contributions | Revenue | 17.52 | 16.48 | −1.05 | −1.05 |
| Other current taxes (residence tax, wealth tax…) | Revenue | 1.02 | 0.24 | −0.78 | −0.78 |
| Economic affairs (transport, business support, energy) | Spending | 5.02 | 5.66 | +0.64 | −0.64 |
| Defence, police, justice | Spending | 3.23 | 3.62 | +0.39 | −0.39 |
| Environment, community amenities, culture | Spending | 3.58 | 3.93 | +0.36 | −0.36 |
| Sickness and disability benefits | Spending | 2.56 | 2.86 | +0.30 | −0.30 |
| Corporate income tax | Revenue | 3.00 | 2.85 | −0.15 | −0.15 |
| Unemployment | Spending | 1.66 | 1.65 | 0.00 | 0.00 |
| VAT | Revenue | 7.05 | 7.08 | +0.03 | +0.03 |
| Other revenue (sales, property income, transfers) | Revenue | 5.93 | 6.02 | +0.09 | +0.09 |
| Family, housing benefits, social exclusion | Spending | 4.48 | 4.36 | −0.11 | +0.11 |
| General services (excluding debt) | Spending | 4.34 | 4.20 | −0.15 | +0.15 |
| Education | Spending | 5.24 | 5.06 | −0.17 | +0.17 |
| Capital taxes (inheritance…) | Revenue | 0.46 | 0.73 | +0.27 | +0.27 |
| Other taxes on production (property, energy, CVAE, payroll taxes…) | Revenue | 8.01 | 8.46 | +0.45 | +0.45 |
| Interest on debt | Spending | 2.74 | 2.01 | −0.74 | +0.74 |
| Household income taxes (income tax, CSG, CRDS) | Revenue | 7.65 | 9.37 | +1.72 | +1.72 |
| Total revenue | Revenue | 50.64 | 51.23 | +0.59 | +0.59 |
| Total spending | Spending | 53.63 | 56.99 | +3.36 | −3.36 |
| Balance | Balance | -2.99 | -5.76 | −2.77 | −2.77 |
The drivers
Pensions and health
Public spending on pensions (old age + survivors) and health, % of GDP.
- Pensions · 14.7% (2024)
- Health · 8.9% (2024)
The demographic driver
Share of people aged 65 and over, on 1 January (%).
- Aged 65+ · 21.9% (2025)
Public balance
% of GDP. Negative = deficit. The Maastricht 3% threshold is dashed.
- Balance · −5.1% (2025)
Who carries the deficit?
Balance by sub-sector, % of GDP. Social security is close to balance because the State transfers taxes to it and compensates cuts in contributions.
- State · −4.4% (2025)
- Local authorities · −0.5% (2025)
- Social security · −0.2% (2025)
France, Germany, euro area
Same accounts, in % of GDP, on an identical scope. For the euro area Eurostat does not split personal and corporate income taxes, so revenue is grouped slightly more broadly. Euro-area spending by function starts in 2010.
Public spending, % of GDP
- France · 57.3% (2025)
- Germany · 50.1% (2025)
- Euro area · 49.8% (2025)
Public revenue, % of GDP
- France · 52.2% (2025)
- Germany · 47.2% (2025)
- Euro area · 46.8% (2025)
Public balance, % of GDP
- France · −5.1% (2025)
- Germany · −2.9% (2025)
- Euro area · −3.0% (2025)
Public debt, % of GDP
- France · 115.7% (2025)
- Germany · 62.8% (2025)
- Euro area · 87.7% (2025)
Structure of revenue and spending
One bar per country and side, stacked by item, % of GDP.
- Pensions
- Health
- Other social benefits
- Interest on debt
- Education
- Economic affairs
- Other public spending
- Social contributions
- Taxes on income, profits and wealth
- VAT
- Other taxes on production
- Other revenue
Where France spends and levies more
France minus Germany and France minus the euro area, in points of GDP, same year. To the right, France is higher.
- France − Germany · 2024
- France − Euro area · 2024
Spending by nature
What public money pays for: wages, benefits, purchases, investment… Read it alongside the functional view: the same service changes nature with the way a country is organised. In Germany, care is mostly bought by health-insurance funds (benefits in kind); in France much of it goes through public hospitals (wages and purchases).
- Cash benefits (pensions, allowances)
- Purchased benefits in kind (reimbursed care…)
- Public employee compensation
- Operating purchases
- Interest on debt
- Subsidies
- Investment
- Other transfers
France’s gap by type of spending, points of GDP
- France − Germany · 2025
- France − Euro area · 2025
Yearly data
Show the table of revenue, spending, balance and debt by year
| Year | Revenue | Spending | Balance | Balance (% of GDP) | Debt (% of GDP) |
|---|---|---|---|---|---|
| 2025 | €1,563bn | €1,714bn | −€152bn | −5.1% | 115.7% |
| 2024 | €1,504bn | €1,673bn | −€169bn | −5.8% | 112.6% |
| 2023 | €1,456bn | €1,608bn | −€152bn | −5.4% | 109.5% |
| 2022 | €1,424bn | €1,550bn | −€126bn | −4.7% | 111.4% |
| 2021 | €1,326bn | €1,491bn | −€165bn | −6.6% | 112.8% |
| 2020 | €1,223bn | €1,430bn | −€207bn | −8.9% | 114.9% |
| 2019 | €1,288bn | €1,346bn | −€58bn | −2.4% | 98.2% |
| 2018 | €1,273bn | €1,328bn | −€55bn | −2.3% | 98.5% |
| 2017 | €1,244bn | €1,321bn | −€77bn | −3.4% | 98.8% |
| 2016 | €1,197bn | €1,281bn | −€84bn | −3.8% | 98.1% |
| 2015 | €1,182bn | €1,268bn | −€86bn | −3.9% | 97.0% |
| 2014 | €1,159bn | €1,258bn | −€99bn | −4.6% | 96.2% |
| 2013 | €1,138bn | €1,242bn | −€105bn | −4.9% | 94.6% |
| 2012 | €1,101bn | €1,209bn | −€108bn | −5.2% | 91.7% |
| 2011 | €1,066bn | €1,176bn | −€109bn | −5.3% | 88.7% |
| 2010 | €1,009bn | €1,152bn | −€143bn | −7.2% | 86.3% |
| 2009 | €980bn | €1,123bn | −€143bn | −7.4% | 84.1% |
| 2008 | €1,011bn | €1,080bn | −€70bn | −3.5% | 69.8% |
| 2007 | €981bn | €1,039bn | −€58bn | −3.0% | 65.5% |
| 2006 | €943bn | €992bn | −€49bn | −2.7% | 65.4% |
| 2005 | €894bn | €956bn | −€62bn | −3.5% | 68.2% |
| 2004 | €856bn | €916bn | −€60bn | −3.6% | 66.9% |
| 2003 | €815bn | €882bn | −€66bn | −4.1% | 65.4% |
| 2002 | €801bn | €851bn | −€50bn | −3.2% | 61.3% |
| 2001 | €787bn | €808bn | −€22bn | −1.4% | 59.3% |
| 2000 | €756bn | €775bn | −€19bn | −1.3% | 59.7% |
| 1999 | €727bn | €749bn | −€22bn | −1.5% | 61.4% |
| 1998 | €690bn | €722bn | −€32bn | −2.4% | 62.1% |
| 1997 | €663bn | €711bn | −€47bn | −3.7% | 62.0% |
| 1996 | €657bn | €706bn | −€49bn | −3.9% | 60.6% |
| 1995 | €622bn | €684bn | −€62bn | −5.1% | 57.8% |
Sources and method
- Eurostat, government finance statistics. Total revenue and spending, detail of taxes and contributions, spending by nature, balance by sub-sector. These are INSEE’s national accounts reported to Eurostat, general government scope (S13).gov_10a_main
- Eurostat, spending by function (COFOG). Pensions = old age (GF1002) + survivors (GF1003), which also includes long-term care allowances for the elderly; health = GF07; interest = public debt transactions (GF0107). Published up to 2024; 2025 is due early 2027.gov_10a_exp
- Eurostat, GDP, debt and population. GDP and deflator, Maastricht debt, share of people aged 65+.nama_10_gdpgov_10dd_edpt1demo_pjanind
- Method. Constant euros: current euros adjusted by the GDP deflator (euros of the latest year). Household income taxes include the CSG and CRDS, classified as taxes in the national accounts. Tax credits are recorded as spending: switching the CICE into lower contributions inflated 2019 “economic affairs” (counted twice that year). The small gap between the COFOG total and total spending is put in “General services”.
- Further reading. INSEE government accounts, DREES social protection overview, annual report of the Pensions Advisory Council (COR), Court of Audit report on public finances, Fipeco.INSEEDREESCORCour des comptesFipeco