France sees budget deficit over target in 2024 if nothing done, senator says
Reuters
Published Mar 21, 2024 16:35
Updated Mar 21, 2024 17:35
PARIS (Reuters) -France's finance ministry expects the public sector budget deficit to overshoot its 2024 target by a wide margin if no corrective action is taken, a senator said on Thursday after consulting estimates from the ministry.
Senator Jean-Francois Husson told reporters that the 2023 public accounts, which are to be published on Tuesday, would show the 2023 budget deficit reached 5.6% of gross domestic product in 2023, well in excess of the government's 4.9% target.
So far the government had only indicated that the 2023 deficit would be "significantly" above its target.
After Les Echos newspaper reported on Thursday the 2023 fiscal shortfall would come in at 5.6%, Husson said he had used his rights as a senior member of the Senate's finance committee to seek clarification from the finance ministry.
It confirmed the 5.6% figure for 2023 and said that the deficit was expected at 5.7% of GDP in 2024 - well above its 4.4% target - in the absence of any corrective action, the conservative opposition senator said.
The estimates dated from February but did not take into account 10 billion euros ($10.9 billion) in budget cuts that Finance Minister Bruno Le Maire has since flagged, Husson added.
($1 = 0.9208 euros)
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.