France will pay €59.3 billion in interest on its public debt in 2026, up €4.4 billion year-on-year, or roughly 8 %. Growth for 2026 has been revised down to around 0.5 %, and the public deficit will exceed 5 % of GDP. Debt service now ranks as the third largest budget item for the state, behind Defense and close to Education. The public debt stock exceeds €3.536 trillion, representing 117.5 % of GDP. Agencies S&P and Fitch downgraded France’s rating in 2025, increasing the future cost of borrowing.
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