France's 2024 Budget Deficit Less Than Expected
PARIS (Reuters) - France's public sector budget deficit widened last year but not quite as much as the government had expected, official data showed on Thursday.
The statistics agency INSEE said the 2024 public accounts showed a fiscal shortfall of 5.8% of economic output, up from 5.4% in 2023 but better than the government's last estimate of 6.0%.
The government had to repeatedly hike its 2024 deficit expectations as spending came in higher than expected and tax income fell short of estimates.
It aims to cut the deficit this year to 5.4% of economic output as a first step towards bringing the shortfall back in line with an European Union ceiling of 3% by 2029.
INSEE also said that France's public debt stood at 113.0% of GDP in 2024, compared to 109.8% in 2023 and the government's expectation of 112.7% in 2024.
(Reporting by Anna Peverieri; Editing by Kate Mayberry)