PARIS – French public debt soared last year to its highest levels since shortly after World War II, due to the coronavirus pandemic and ensuing economic crisis, reported the statistics body today.
France’s public debt in 2020 was equal to 115.7% of annual gross domestic product, and the budget deficit amounted to 9.2% of GDP, “the highest level since 1949”, said Insee.
In 2019, before Covid-19 erupted, the French government debt was 97.6% of GDP, and the budget deficit, 3.1%.
The government had expected even worse figures, with a deficit of 11.3% and debt of around 120%.
The pandemic has battered the French economy, which contracted 8.2% last year, forcing the government to provide massive support to businesses to avoid bankruptcies and mass job cuts. – AFP, March 26, 2021
