France Budget Deficit Narrows Slightly in Jan-Apr

France’s state budget deficit narrowed slightly to €69.6 billion in January–April 2026 from €69.3 billion a year ago. Revenues increased 8.0% year-on-year to €114.1 billion, outpacing a 5.7% rise in expenditures to €167.5 billion. Meanwhile, Special Treasury accounts posted a deficit of €16.2 billion, narrowing slightly from €16.4 billion in the same period last year.

France’s state budget deficit shrank to €42.9 billion in January–March 2026, down from €47.0 billion a year earlier. Revenues rose 11.8% year-on-year to €86.8 billion, outpacing a 4.6% increase in expenditures to €118.0 billion. Special Treasury accounts posted a deficit of €11.7 billion, nearly unchanged from €11.8 billion in the same period last year.

France’s state budget deficit narrowed to EUR 32.1 billion in January–February 2026 from EUR 40.3 billion in the same period last year, amid higher revenues and lower spending. Total revenues increased by 16.0% year-on-year to EUR 52.5 billion, driven by increased VAT receipts and a sharp rise in non-tax revenues. Net tax revenues totaled EUR 43.5 billion, reflecting a higher State share of net VAT and other net tax revenues. Meanwhile, total expenditures fell by 1.3% to EUR 76.8 billion, primarily due to reduced general budget outlays amid delays in certain payments for intervention expenditures carried out by the social ministries. Special Treasury accounts posted a deficit of EUR 7.8 billion, largely unchanged from EUR 7.7 billion in the previous year.