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French budget deficit seen at 3.4 percent of GDP next year

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Staff Writer | December 17, 2018
France street
Europe   Assembly president Richard Ferrand

France's budget deficit is likely to overshoot the European Union's limit of 3 percent of GDP next year and reach 3.4 percent, National Assembly president Richard Ferrand told Le Journal du Dimanche.

France is expected to break the deficit ceiling after President Emmanuel Macron made concessions to anti-government protesters earlier this month, blowing a 10 billion euro ($11 billion) hole in the budget.

"We take the responsibility of having a higher-than-expected deficit, probably at 3.4 percent of gross national product. But it will be a cyclical peak, not a structural trajectory," Ferrand was quoted as saying.

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