The French state recorded a deficit of 125 billion euros in 2025, a 31.6 billion drop from 2024, thanks to robust tax revenues, Bercy announced on February 3. This improvement, the strongest since 2020, still hides ongoing debt pressures. Public spending remained steady, while revenues exceeded forecasts.
The Ministry of Economy and Finance released the state's accounts for 2025 on Tuesday, February 3. According to the data, the state spent 124.7 billion euros more than its revenues, a gap filled by increasingly large and expensive loans. For every 100 euros entering the coffers, 131 euros went out to fund education, security, defense, health, and debt interest.
This marks a significant improvement: the deficit fell by 31.6 billion euros, or 20%, from 2024. Amélie de Montchalin, Minister of Public Accounts, hailed it as "the strongest annual drop in the deficit to finance observed since 2020." Tax revenues drove this performance, despite some fraud or leakage incidents. After two years of major budget overruns, the tax administration operated efficiently, meeting—and even slightly beating—targets.
Spending, however, barely changed, highlighting ongoing challenges in controlling outflows. Though the deficit remains substantial, this reduction provides temporary relief amid rising public debt.