France remains the Euro area's runner-up for public spending

中文标题

法国仍是欧元区公共支出排名第二的国家

Natixis08/28/2026updated 10/17/2026

Citable research brief

Core conclusion · Tlines extraction

France's public spending as a share of GDP remains among the highest in the euro area, ranking second in 2025 at 57.3% of GDP, driven by structurally elevated healthcare and social protection outlays, particularly pensions, which reached 13.4% of GDP in 2024. The deficit improved slightly to -5.1% in 2025 but remains high and poses fiscal challenges ahead.

Institution: Natixis
Published: 08/28/2026
Research topic: Public spending · France Macro · Spending structure
Time horizon: medium-term · historical · 2026 · 2025 · short-term

Key arguments

France's public spending as a share of GDP was 57.3% in 2025, ranking second in the euro area behind Finland.
Healthcare and social protection are the primary drivers of France's spending gap relative to peers.
Pension spending, at 13.4% of GDP in 2024, is the largest component of social protection and a key structural factor.
The public deficit improved to -5.1% of GDP in 2025 from -5.8% in 2024, but remains the second highest in the euro area.
The gap with Germany narrowed to 7.5 points of GDP in 2024, driven by a sharp rise in German spending.
Fiscal burden and social security will be central in the upcoming French presidential campaign.

Key numbers

France public spending 2025: 57.3% of GDP
Public deficit 2025: -5.1% of GDP
Pension spending 2024: 13.4% of GDP
Gap with Germany 2024: 7.5 points of GDP
Dependency ratio Italy 2025: 39%

Main risks

Downward growth revisions due to the war in the Middle East may make the 2026 deficit target of 5.0% harder to achieve.
Rapid rise in debt-servicing costs could increase fiscal pressure.
Structural pension spending may remain high despite an aging population.

Corresponding source evidence

In 2025, France had the second largest public spending in the euro area after Finland, at 57.3% of GDP. · medium-term
Our analysis of spending by category based on 2024 COFOG data reveals that healthcare and social protection are the primary drivers of the public expenditure gap between France and other major European economies. · historical
Over the 2010 – 2024 period, pension expenditure averaged 13.4% of GDP in France, compared to 10.7% in the Eurozone and 9.3% in Germany. · medium-term

Conditions / invalidation

If growth revisions and debt costs continue to pressure.

Context: the conclusion is Tlines' automated extraction, not the institution's wording. Quoted evidence is publisher wording. Scope and date must travel with the conclusion.