Projects · Explainer
How much France owes, who carries the debt, why interest is rising again and when repayments will weigh the most. Every figure links to its source: hover or tap the numbered pill.
Estimated public debt, to the second
3,595,500,000,000 €
Estimate: starting point, public debt of €3,595.5 billion on 30 June 2026 InseeÀ la fin du deuxième trimestre 2026, le ratio de dette publique s’établit à 119,0 % du PIB (Informations rapides n° 239)29 September 2026Open the sourceSee in the list, then the pace of the past year. The official figure is only published every quarter.
Where the debt stands
i.e. 119.0% of GDP
from 115.2% to 119.0% of GDP
for 69.1 million inhabitants
111.4% of GDP, after deducting cash and some assets
“Maastricht” debt is the gross debt of all general government, the measure used for European comparisons.
Who owes what
It finances its deficit every year by borrowing, mostly through long-term bonds (OATs). Its debt went from €2,089.0 bn to €2,822.7 bn between end 2020 and end 2025 InseeDette des administrations publiques au sens de Maastricht par sous-secteur (comptes nationaux annuels, base 2020)accessed 2 November 2026Open the sourceSee in the list.
Pensions, health insurance, unemployment: its debt has stayed around €270 to 300 bn since 2020, from €273.3 bn to €292.6 bn InseeDette des administrations publiques au sens de Maastricht par sous-secteur (comptes nationaux annuels, base 2020)accessed 2 November 2026Open the sourceSee in the list.
Municipalities, departments, regions: the law requires them to balance their operating budget and to borrow only to invest LégifranceCode général des collectivités territoriales, article L1612-4 (équilibre réel des budgets locaux)in forceOpen the sourceSee in the list. Their debt stands at €274.9 bn InseeÀ la fin du deuxième trimestre 2026, le ratio de dette publique s’établit à 119,0 % du PIB (Informations rapides n° 239)29 September 2026Open the sourceSee in the list.
In 2025, out of €64.9 bn of interest: state and central agencies €53.3 bn, local authorities €6.0 bn, social security €5.6 bn InseeLe compte des administrations publiques en 2025 (Insee Première n° 2106)2026Open the sourceSee in the list.
Why interest is rising
State bonds pay a fixed interest rate for their whole life. Those issued when rates were low cost little; when they mature, the State repays them by borrowing again, at the current rate. So the average cost of the debt rises slowly but surely.
Snowball effect. When the rate at which the State borrows exceeds nominal GDP growth, the debt grows faster than the wealth that carries it, even without a new deficit. That is the case today: 3.55% on 2026 borrowing Agence France TrésorPage d’accueil : taux moyen pondéré des OAT émises en 2026as of 30 September 2026Open the sourceSee in the list, against 2.0% nominal growth in 2025 InseeLe compte des administrations publiques en 2025 (Insee Première n° 2106)2026Open the sourceSee in the list.
The crucial moments
What the State must repay each year on its medium and long-term bonds, and the average rate they cost it. Every euro repaid is borrowed again at the market rate.
* 2026: maturities left between September and December. In the bars: average coupon of the bonds that mature. Beyond 2036: €727.2 bn.
What it costs
Light bars: government forecasts, which assume a 10-year OAT at 4.3% High Council of Public Finance (HCFP)Avis sur le PLF et le PLFSS pour 2027, présentation aux auditions parlementairesOctober 2026Open the sourceSee in the list. Interest would rise from 2.6% of GDP in 2026 to 3.7% in 2030 Renseignement Économique, based on the report annexed to the 2027 budget billLa charge d’intérêts de la dette française dépassera 100 milliards dès 2028, selon le PLF 202722 October 2026Open the sourceSee in the list.
€72.9 bn
State debt charge planned in the 2027 budget, against €58.6 bn voted for 2026 French National AssemblyProjet de loi de finances pour 2027 (texte n° 3210) : équilibre, tableau de financement, crédits de la mission « Engagements financiers de l’État »October 2026“Charge de la dette et trésorerie de l’État” programme plus the SNCF Réseau debt taken over.Open the sourceSee in the list.
19.4%
of the State’s net tax revenue (€375.7 bn): nearly one euro of State tax in five French National AssemblyProjet de loi de finances pour 2027 (texte n° 3210) : équilibre, tableau de financement, crédits de la mission « Engagements financiers de l’État »October 2026Calculation: debt charge divided by net tax revenue.Open the sourceSee in the list.
22.9%
of the revenue left to the State after what it passes on to local authorities (€43.1 bn) and the European Union (€30.9 bn) French National AssemblyProjet de loi de finances pour 2027 (texte n° 3210) : équilibre, tableau de financement, crédits de la mission « Engagements financiers de l’État »October 2026Open the sourceSee in the list.
According to the High Council of Public Finance, a 1-point rise in all rates on 1 January 2027 would cost more and more as the debt is renewed (€ bn) High Council of Public Finance (HCFP)Avis sur le PLF et le PLFSS pour 2027, présentation aux auditions parlementairesOctober 2026Values read from the presentation’s chart.Open the sourceSee in the list:
Projection
Choose the rate at which the State would borrow, the deficit to finance and growth: the calculation refinances the maturing bonds one by one. An exercise to understand the mechanism, not a forecast.
Interest on OATs (€ bn) Share of net tax revenue (%)
Sources
Every figure on this page links to one of these sources, most of them French publications. Calculations made from them (averages, shares, paces) are flagged as such in the pill’s note. Data collected on 2 November 2026.
Press articles are used when they report an official document not published online at the time of collection (report annexed to the budget bill, financing programme). Figures will be updated with each new Insee and Agence France Trésor publication.