France’s debt could exceed 115% of GDP by the end of the year – Minister for the Budget

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The ratio of French public debt to gross domestic product (GDP) should increase to more than 115% by the end of the year due to the cost of the COVID-19 crisis measures, said Minister of Budget Gerald Darmanin, in an interview with the RTL television channel on Sunday.

“It will probably be more than 115% at the end of the year,” RTL said on its website. He added that the government had no plans to raise taxes to reduce the debt.

At the end of March, the official statistical agency of INSEE indicated that in 2019 the gross public debt reached 98.1% of GDP, unchanged from 2018, although the public sector budget deficit rose to 3, 0% of GDP against 2.3% in 2018.

The French government said in April that it planned its crisis program to cost 100 billion euros (£ 89.6 billion), more than 4% of GDP. Since then, it has announced more support measures, particularly for the automotive industry.

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