France’s central government budget deficit narrowed to EUR 155.4 billion at the end of November 2025, from EUR 172.5 billion in the same month a year earlier. Government revenues rose 6.3% year-on-year to EUR 331.8 billion, supported by higher net income tax , corporate tax, and other net tax receipts. Non-tax revenues also increased by 3%, reflecting higher dividend receipts, administrative fines, and treasury withdrawals, despite lower EU contributions linked to the co-financing of the National Recovery and Resilience Plan. Meanwhile, total expenditures went up by 1.4% to EUR 468.7 billion, driven by temporary debt service costs, increased spending on energy services and military operations, and higher transfers to local authorities and the EU, partly offset by reduced payments to public operators and the removal of the Covid-19 debt amortization program. Special Treasury accounts posted a EUR 18.5 billion deficit, improving from EUR 22.5 billion in November 2024.
