Public debt
€3,595.5bn
+€178.3bn over a year
Q2 2025Q2 2026
Q2 2021Q2 2026
Q2 2016Q2 2026
Q4 1995Q2 2026
Latest official figure, end of Q2 2026
INSEE · Q2 2026
Dashboard
The debt at a glance
The indicators that matter, on one page, each with its source and date. Every block links to the question that explains it.
- Data as of 9 October 2026
- INSEE Q2 2026
- Eurostat 2025
- ECB August 2026
- Next INSEE release late December 2026
€3,644,626,247,026
| Quarter | Debt | Change | % of GDP |
|---|---|---|---|
| Q2 2026 | €3,595.5bn | +€59.6bn | 119.0% |
| Q1 2026 | €3,535.9bn | +€75.8bn | 117.5% |
| Q4 2025 | €3,460.1bn | €-24.0bn | 115.7% |
| Q3 2025 | €3,484.1bn | +€66.9bn | 117.0% |
Signals
The indicators lenders, agencies and the Commission watch, each with its reference and its own history, to tell whether today’s value is ordinary or unusual.
- Debt, % of GDP119.0%EU reference: 60%The highest since 1978. The 60% EU reference has not been met since 2001.INSEE, Eurostat20.8% · 1980115.6% · 2025
- Public deficit, % of GDP5.1%EU reference: 3%Above 3% since 2020. Record: 8.9% in 2020.INSEE, Eurostat-1.5% · 19598.9% · 2020
- Primary balance vs stabilising balance-2.9%would need +0.9%Gap of 3.8 point of GDP: until it closes, the debt rises on its own at today’s rates and growth.INSEE, Eurostat
- Rate paid minus growth (r − g)+0.1 ptreference: 0Positive in 2025: interest runs faster than the economy, the snowball works against France. At today’s market rate the gap would be +0.8 pt.INSEE, Eurostat-6.9 · 2021+6.3 · 2009
- Interest, % of GDP2.2%€4.3 per €100 of revenueLower than in the 1990s (3.6% in 1996) but rising since 2020. Rating agencies worry beyond €10 of interest per €100 of revenue.INSEE, Eurostat1.3% · 20203.6% · 1996
- Spread over Germany82 bprecord: 154 bp (November 2011)What lenders demand on top to lend to France rather than Germany. Lowest: 2 bp (January 2005).ECB · August 20262 · January 2005154 · November 2011
- 10-year yield4.00%lowest: -0.34% (August 2019)The price of new borrowing. Every loan renewed at this rate replaces one taken at an average of 2.02%.ECB · August 2026-0.3% · August 20195.7% · January 2000
- Average life of State debt8 years and 158 days€2,896bn negotiableHow long it takes, on average, for the debt to be entirely renewed at current rates. The longer it is, the slower a rate rise shows up in the bill.Agence France Trésor · 30 September 2026 · hand-updated 9 October 2026
- 2026 borrowing programme€310bn10.4% of GDPMedium- and long-term borrowing planned for the year, net of buybacks: the deficit to finance plus old loans falling due.Agence France Trésor · hand-updated 9 October 2026
- Share held by non-residents57.5%Q1 2026Share of negotiable State debt held outside France (negotiable State debt, at market value). A high share diversifies lenders but exposes more to market moods.Banque de France · hand-updated 9 October 2026
- Household saving rate17.4%Q1 2026What households set aside from their income: French saving, among the highest in Europe, finances part of the public deficit.INSEE, Eurostat10.1% · 1987 T425.4% · 2020 T2
1How much does France owe?
Understand →As % of GDP
119.0%
+3.8 pt over a year
EU ceiling: 60%
19782025
INSEE, Eurostat
Per inhabitant
€52,000
+€2,580 a year
Babies included.
INSEE · Q2 2026
Per person in work
€117,400
+€5,820 a year
Employment 2025.
INSEE, Eurostat
Rise over a year
+€178.3bn
+€5,650 per second
INSEE · Q2 2026
2Why does France borrow?
Understand →Spending and revenue · 2025
€153bnto borrow
5.1% of GDP
Spending€1,714bn
Revenue€1,562bn
Eurostat · 2025
Public deficit · 2025
5.1%of GDP
Eurostat · 2025
Primary balance · 2025
-2.9%of GDP
Balance before interest. It would take +0.9% to stabilise the debt at today’s rates and growth.
Eurostat · 2025
The five largest spending items · 2024
€693bnSocial protection
- Social protection€693bn 41% of total
- Health€261bn 16% of total
- General public services€181bn 11% of total
- Economic affairs€166bn 10% of total
- Education€149bn 9% of total
The breakdown by function comes a year after the totals: Eurostat receives it twelve months after year end.
Eurostat · 2024
3How much does the interest cost?
Understand →Interest bill · 2025
€66.6bn
+€6.5bn vs 2024 · 2.2% of GDP
19952025
€4.27 per €100 of revenue
Eurostat · 2025
Average rate paid on the debt
2.02%
19962025
Eurostat · 2025
10-year yield · France
4.00%
+82 bp spread over Germany
September 2023August 2026
FranceGermany
ECB · August 2026
4Does France meet its targets?
Understand →Latest path sent to Brussels
-4.6%deficit planned for 2026
EU limit: 3%
20252029
ForecastActual
Annual progress report 2025–2029
Stability programme, Eurostat
Promises to get back under 3% kept
5 / 12
6 postponements from one programme to the next. On average, the deficit forecast two years out was 2.2 pt too optimistic.
Stability programme, Eurostat
5How does France compare with its neighbours?
Understand →Rank among the 27 · 2025
3rd of 27debt
- Debt3rd of 27115.6%EU avg 81.7%
- Deficit4th of 275.1%EU avg 3.1%
- Spending2nd of 2757.2%EU avg 49.5%
- Revenue2nd of 2752.1%EU avg 46.4%
Eurostat · 2025
Debt of the 27, % of GDP · 2025
115.6%France
France 115.6%EU average 81.7%EU ceiling: 60%
Eurostat · 2025
6What if…? Simulate the debt’s path
Understand →If nothing changes
159%of GDP in 2040
EU ceiling: 60%
20102040
ObservedProjected
Borrowing rate 4.0%, nominal growth 3.2% a year: the simulator’s default assumptions.
Simulator model
Effort to stabilise the debt
+3.8 ptpt of GDP
Improvement in the balance before interest needed, in points of GDP, for the debt to stop rising.
Simulator model