Tax & Spend
France Confirms 2024 Budget Deficit Seen at 6.1% of GDP
- Finance ministry presents end-of-year budget bill to cabinet
- Bill enacts cuts across ministries and unplanned spending
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France’s government confirmed it expects the budget deficit to rise to 6.1% of economic output in 2024 as it canceled some spending plans to mitigate part of the huge impact from unexpectedly weak tax revenues.
The finance ministry reiterated the forecast in an end-of-year budget bill presented to cabinet on Wednesday that will contain the central state’s spending at around €6 billion ($6.4 billion) less than initially planned a year ago. The reduction in outlays comes in part from canceling credits across ministries that the previous government put on hold this summer when public finances deteriorated.