#EMPLOYMENT & SOCIETY
"The 2027 budget brings the deficit down to 5%." That is the government's target, not a result: the 2026 deficit has itself just been revised up to 5.4% of GDP.
Published on October 1, 2026 · to be rechecked on December 31, 2026
Presented to the Council of Ministers on 1 October 2026, the draft 2027 budget aims for a public deficit of 5.0% of GDP, against 5.4% expected in 2026. It rests on €43 billion of direct measures, €54 billion counting measures already taken, with no across-the-board tax rise. The government assumes growth of 1.0% in 2027, after 0.5% in 2026. The text is due to be tabled in the National Assembly before the first Tuesday of October, i.e. 6 October.
Will the deficit fall in 2027?
That is the target: 5.0% of GDP, against 5.4% expected in 2026, but the budget still has to be voted.
In other words: the State commits to cutting its deficit by 0.4 points of GDP in a year, assuming 1.0% growth.
Five caveats that belong with the number
- A target is not a result: the 2026 deficit itself has been revised up to 5.4% of GDP.
- The scenario assumes 1.0% growth in 2027 (0.5% in 2026); if growth is weaker, the target will be harder to meet.
- The €43bn is a consolidation effort, not an equivalent cut in spending; €54bn including earlier measures.
- Interest payments keep rising: €79.2bn in 2026, €91.2bn in 2027, with debt expected at 119.3% of GDP in 2026.
- It is only a draft: Parliament can still amend it before any vote.
Why it still matters: the budget is only a draft: it is its examination in Parliament that will set the measures actually applied.
For you
- A 5% deficit in 2027: is that enough of an effort in your view?
- Do you know how much debt interest weighs in the State budget?
Source: minutes of the Council of Ministers of 1 October 2026 (Élysée), supplemented by Le Club des Juristes.
View the source →