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Public debt gained 1.5 points of GDP in a single quarter: 119.0% of GDP at end-June 2026, according to Insee, against 117.5% at end-March.

Published on October 2, 2026 · to be rechecked on December 31, 2026

According to Insee, Maastricht public debt reaches €3,595.5 billion at end-June 2026, i.e. 119.0% of GDP, against 117.5% at end-March. It rises by €59.6 billion over the quarter, of which €53.0 billion for central government. Net debt stands at €3,366.8 billion, i.e. 111.4% of GDP, against 109.7% three months earlier. General-government cash holdings fall by €6.8 billion. The next release is due on 18 December 2026.

In other words: French debt rose by €59.6 billion in three months, and weighs 1.5 points of GDP more than the previous quarter.

Five caveats that belong with the number

• This is gross debt on the Maastricht definition: net debt, which takes some financial assets into account, is €3,366.8bn, i.e. 111.4% of GDP.
• Over the quarter net debt rises by €68.2bn, more than gross debt (+€59.6bn), because general-government cash fell by €6.8bn after rising by €21.3bn in the first quarter.
• The ratio also depends on GDP: it can move without debt in euros changing, and one quarter does not make a trend.
• The draft 2027 budget assumes debt of 121.7% of GDP in 2027, against 119.3% expected at end-2026: these are forecasts, not outturns.
• Central government accounts for most of the increase (+€53.0bn of +€59.6bn); the breakdown by sub-sector is in Insee's release.

Why it still matters: debt rose by €59.6 billion in one quarter; the 119.0% ratio is an observation, and the 2027 budget projects 121.7% for next year.

For you

• Do you know what share of public debt is held by central government?
• Is the debt-to-GDP ratio, in your view, the right indicator of the situation?

Source: Insee, Informations rapides no. 239, quarterly Maastricht debt of general government, 29 September 2026.

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