The national debt hit record high in 2020 due to the COVID-19 pandemic and jumped to 114,7%. The figure rose by 14.9 percentage points since President Emmanuel Macron's first term started.
During his both presidential terms, Macron consistently promised to avoid raising taxes despite the country's economic struggles and increasing state debt. In 2023, France's government debt accounted for 110.6 % of the country's GDP.
In late September, French Budget Minister Laurent Saint-Martin said that the country's budget deficit may reach as much as 6% in 2024, and not 5.1% as earlier expected.