End-of-Management Finance Law of December 8, 2025
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France's end-of-management finance law for 2025 confirms a public deficit of 5.4% of GDP, maintaining the forecast previously established. This law serves as a corrective budget adjustment at the close of the fiscal year, reconciling actual public finances with earlier projections. The state deficit is confirmed at €131.6 billion, representing an improvement of €7.4 billion compared to the initial Finance Law of February 14, 2025. Despite this marginal improvement, France's public debt ratio remains elevated at 116% of GDP. This law reflects ongoing fiscal consolidation challenges in France, with the government still running a significant structural deficit. The 5.4% deficit-to-GDP ratio remains well above the EU Stability and Growth Pact threshold of 3%, keeping France under the EU's Excessive Deficit Procedure.
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Key Changes
- Public deficit confirmed at 5.4% of GDP for fiscal year 2025
- State deficit fixed at €131.6 billion, down €7.4 billion from the February 14, 2025 Finance Law
- Public debt ratio confirmed at 116% of GDP
+ 2 more changes with Pro
Obligations
What this law requires
Reconcile actual public finances with projections from the initial Finance Law of February 14, 2025, documenting the €7.4 billion variance
Confirm and report the state deficit at €131.6 billion for fiscal year 2025
Maintain public deficit-to-GDP ratio reporting at 5.4% for 2025 in all official fiscal communications
Report public debt ratio at 116% of GDP in fiscal year 2025 documentation
Implement fiscal consolidation measures to address structural deficit and work toward compliance with EU Stability and Growth Pact threshold of 3%