France's public deficit reaches 5.5% of GDP in 2023, compared to 4.9% initially expected by the government

Bruno Le Maire. Ute Grabowsky/Photothek Media La – Ute Grabowsky

Ce mardi 26 mars, l'Insee a publié ses chiffres du déficit public. 

The decrease in tax revenue explains the unexpected increase in the public deficit in 2023, declared Tuesday the Minister of the Economy and Finance, Bruno Le Maire, on RTL.

#Deficit : "L'objectif n'a pas été atteint, il faut en tirer les conséquences. Moins de recettes que prévu, les recettes fiscales ne suivent pas"@BrunoLeMaire invité de @amandine_begot dans #RTLMatin pic.twitter.com/RJPgb2NKEb

— RTL France (@RTLFrance) March 26, 2024

Significant tax losses

"The loss of tax revenue amounts to 21 billion euros" in 2023, explained the minister, stressing that the faster-than-expected slowdown in inflation had eroded VAT revenue.

The French public deficit represented 5.5% of gross domestic product (GDP) last year, figures published Tuesday by INSEE showed, compared to 4.9% % initially expected by the government.