France's state debt to gross domestic product (GDP) ratio is set to increase to more than 115% by the end of the year due to the cost of coronavirus crisis measures, Budget Minister Gerald Darmanin said in an interview with TV station RTL on Sunday.
FILE PHOTO: French Minister of Public Action and Accounts Gerald Darmanin reacts during a press briefing following a videoconference with French President and representatives of companies in the hotel and commercial catering sector about the future of the sector after the end of the lockdown, at the Elysee Palace, on the 39th day of a strict lockdown in France to stop the spread of the coronavirus disease in Paris, France April 24, 2020.
PARIS - France’s state debt to gross domestic product ratio is set to increase to more than 115% by the end of the year due to the cost of coronavirus crisis measures, Budget Minister Gerald Darmanin said in an interview with TV station RTL on Sunday. “It will be no doubt more than 115% at the end of the year,” RTL quoted him as saying on its website. He added that the government did not plan to increase taxes to reduce the debt.
At the end of March, the INSEE official statistics agency said that in 2019 gross public debt came in at 98.1% of GDP, unchanged from 2018, although the public sector budget deficit increased to 3.0% of GDP from 2.3% in 2018. The French government said in April it expected its crisis package to cost 100 billion euros - over 4% of GDP. Since then it has announced more support measures, notably for the car industry.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Renault must stop developing capacity abroad in exchange for state support - ministerFrench Environment Minister Elisabeth Borne said on Sunday the French government wants Renault to stop developing production capacity abroad in exchange for state support.
Read more »
Air France must slash domestic traffic in exchange for state guarantees -ministerAir France will have to 'drastically' reduce its domestic air traffic in exchange for state loan guarantees, French Environment Minister Elisabeth Borne said on Sunday.
Read more »
Katya Jones received 'kick up the a***' from mum after Seann Walsh kiss scandalKatya and ex-husband Neil Jones' 11-year romance came to an end one year after the Russian Strictly star was captured on camera snogging comedian Seann behind her husband's back
Read more »
Coronavirus could force pay cuts for California lawmakers, state workersThe budget crisis caused by the coronavirus outbreak could mean pay cuts for California lawmakers and state workers.
Read more »
Italy Economy Minister confident government, Fiat can complete state-backed loanItaly's Economy Minister Roberto Gualtieri said on Friday he was confident the government and Fiat Chrysler would be able to complete a deal over a state-backed loan for the carmaker.
Read more »
Defense secretary doubles down on aggressive timeline to have coronavirus vaccine ready by the end of the yearEsper downplayed characterizations made by health officials that a vaccine within the year would be 'aspirational.'
Read more »