French national debt has grown steadily over the last 30 years. It is the sum of all public deficits accumulated since the mid-1970s. To compare the amount of national debt to the government’s financing capacity, it is expressed as a percentage of gross domestic product (GDP) – debt-to-GDP ratio – which indicates how many years of wealth creation (GDP) are needed to repay it.
Under Jacques Chirac, the debt rose from €663.5 billion to €1,211.4 billion, or from 55.5% to 64.1% of GDP. Under Nicolas Sarkozy, it reached €1,833.8 billion, or 90.2% of GDP. Under François Hollande, it hit €2,258.7 billion, or 98.4% of GDP.
At the end of the first quarter of 2025, France’s debt stood at €3,345.4 billion, or 113.9% of GDP. While this debt is the result of political choices that determine the country’s revenue and spending, it also depends on the economic climate, which can make managing the debt easier or more difficult.
