France's Public Debt Hits Record 119% of GDP, Highest Since 1946

France's public debt rose to a record 3.60 trillion euros ($4.2 trillion) at the end of June 2026, reaching 119% of GDP — the highest ratio since 1946, statistics agency Insee said on September 29. Debt increased by 59.6 billion euros in the second quarter, following a 75.8 billion-euro rise in the first quarter, when the ratio stood at 117.5%. Central government and social security debt rose, while local authority debt declined. The government has warned debt will reach 121.7% of GDP by 2027, more than double the European Union's 60% ceiling. Investors now demand nearly 5% to hold French 10-year debt, a level unseen since the 2008 financial crisis. Debt servicing costs are projected at 79 billion euros in 2026 and 91 billion in 2027, complicating the 2027 budget due October 1, which targets a deficit of 5% of GDP.