France's public debt hits highest level since 1946

France's public debt continued to grow in the second quarter of 2026 and reached €3,5955 trillion. As a ratio to the size of the economy, the debt burden rose to 119% of GDP - the highest level since 1946.

The new data was released on September 29 by the French statistics institute Insee. In one quarter, the volume of public debt increased by about €59.4 billion.

The growth accelerated compared to the beginning of the year. At the end of the first quarter, France's debt stood at €3,5361 trillion, or 117.5% of GDP. Thus, in just three months, the debt-to-economy ratio increased by another 1.5 percentage points.

As Le Monde writes, the current figure became a new high for post-war France. The debt growth occurs against the backdrop of a difficult situation with public finances and a high budget deficit.

The French government expects further increase in the debt burden. In the draft budget for next year, about 119.3% of GDP is projected for 2026 and 121.7% in 2027.

The high level of indebtedness is becoming increasingly expensive for France due to higher market interest rates. The rise in borrowing costs means an increase in debt servicing expenses and narrows the government's ability to finance other budget programs.

By material from: Le Monde