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  • French public debt soared last year to its highest levels since shortly after World War II due to the coronavirus pandemic and ensuing economic crisis, the statistics office said on Friday. France's public debt in 2020 was equal to 115.7 percent of annual GDP and the budget deficit amounted to 9.2 percent of GDP, "the highest level since 1949", statistics office Insee said. In 2019, before the Covid-19 pandemic erupted, French government debt was 97.6 percent of GDP and the budget deficit 3.1 percent. The government had expected even worse figures, with a deficit of 11.3 percent and debt of around 120 percent. The Covid-19 pandemic has battered the French economy which contracted 8.2 percent in 2020, forcing the government to provide massive support to business to avoid bankruptcies and mass job cuts. mhc-sjw/bmm
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  • Pandemic pushes French govt debt to highest since 1949
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