National Debt of France Reached a Record Level
OREANDA-NEWS. France’s public debt rose at the end of June to an unprecedented high level of 114.1 % of gross domestic product. This was announced on September 25 by the National Institute of Statistics and Economic Studies.
Its report specifies that in monetary terms, the debt is now 2 trillion 638.3 billion euros. The growth reached 12.7 percentage points compared to the situation at the end of March this year, that is, equal to 113.4 billion euros. This is the largest increase in French government debt since 1995 when the Institute began to collect such statistics.The organization explains that part of such a significant growth in national debt is caused by a sharp increase in the costs of a number of departments. These funds, in particular, were directed to finance the measures taken in the context of the sanitary crisis caused by coronavirus spread. Treasury expenditures were connected with the financing of a large-scale program of payment of benefits for unemployment. Tax revenues of the treasury also decreased.