(Bloomberg) -- The French government confirmed its long-term deficit reduction targets as figures from statistics agency Insee showed a narrower budget gap in 2022 than initially targeted.

“The figures for 2022 confirm growth held up well and therefore also our tax receipts, notably corporate taxes,” Finance Minister Bruno Le Maire said in a statement. “Our determination to repair public finances remains total.”

  • 2022 budget deficit declines to 4.7% of Gross Domestic Product from 6.5% in 2021; government targeted under 5%
  • 2022 public debt 111.6% GDP vs 112.9% in 2021
  • Revenues increased to 53.4% GDP in 2022 from 52.6% in 2021
  • Public spending fell to 58.1% GDP in 2022 from 59.1% in 2021
  • Taxes rose to 45.3% of GDP in 2022 from 44.3% in 2021

Le Maire said the government will continue to target bringing the budget deficit within 3% of GDP by 2027 and the 2024 budget will reflect this ambition. 

“Our strategy is unchanged: improve France’s growth to cut debt and control public spending,” Le Maire said. 

 

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