French public debt reached **3,595.5 billion euros**, or **119% of GDP**, in the second quarter of 2026, according to Insee, a level not seen since 1946. This marks a significant increase from **101.2% of GDP** in 2017, with the debt rising by more than **1,000 billion euros** over ten years. The rise is linked to multiple factors, including the economic effects of the Covid-19 pandemic, the energy crisis of 2022 following the war in Ukraine, and fiscal policies under President Emmanuel Macron, such as tax cuts for households and businesses. During the Covid-19 health crisis, public debt increased from **101.2% to 113% of GDP** between the first and second quarters of 2020, reaching a record **117.8% of GDP** at the start of 2021. Additional measures taken in 2022, such as subsidies to shield consumers from rising energy prices and fuel rebates, cost at least **72 billion euros**, according to the Court of Auditors. Tax cuts introduced by Macron, including the removal of the property tax and reductions in corporate tax, are estimated to have cost **62 billion euros per year**. Public spending increased from **55.3% to 61.7% of GDP** between 2019 and 2020, while revenue remained flat, contributing to a growing deficit. In 2024, France's debt was around **110% of GDP**, and it exceeded **3,000 billion euros**, three times more than at the beginning of the century. Economists estimate that between **half and three quarters** of the increase in debt between 2017 and 2022 could be attributed to various crises. The government's 2027 budget aims to address the debt and reduce the deficit, which was **5.8% in 2024** and is expected to be below **5.5% in 2026**. However, the deficit remains higher than the **3% rule** set by the European Union. The increase in interest rates has worsened the situation, with the annual debt burden expected to reach levels not seen in France since the interwar period. The debt burden reached **64.7 billion euros in 2025** and could be close to **100 billion euros in 2029**. The government has warned that the debt could reach **121.7% of GDP in 2027**, more than double the eurozone's allowed limit of **60%**. France is expected to borrow a record amount of **340 billion euros** on the markets in 2027, **28 billion euros more** than in 2026. Meanwhile, thousands of civil servants protested against the decline in their purchasing power, eroded by rising fuel prices.