FX.co ★ France Budget Deficit Narrows in Jan-May

France’s central government budget deficit narrowed to EUR 93.3 billion in January–May 2026, down from EUR 94.0 billion in the same period a year earlier, as revenue growth outpaced expenditure. General budget revenues rose 6.0% year-on-year to EUR 149.5 billion, while expenditures increased 3.5% to EUR 222.1 billion. Excluding tax refunds and rebates, net general budget revenues advanced 6.9% to EUR 147.3 billion, supported by higher corporate tax, VAT, personal income tax, and non-tax receipts. At the same time, net general budget expenditures grew 2.9% to EUR 195.0 billion, reflecting higher debt servicing costs, increased military spending, and larger charges related to public energy services. Special Treasury accounts recorded a deficit of EUR 20.7 billion, slightly above the EUR 20.5 billion shortfall seen a year earlier.