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The public deficit finally "close to 10%" of GDP in 2020

2021-03-02T21:16:21.332Z

The public deficit finally widened a little less than expected by the government in 2020, to reach a level "close to 10%" of the GDP, indicated on Tuesday the Minister of Public Accounts Olivier Dussopt. Read also: Italy: the public deficit climbs to 9.4% of GDP in the 3rd quarter The government predicted that it would reach 11.3% of gross domestic product (GDP), but with a recession a little le



The public deficit finally widened a little less than expected by the government in 2020, to reach a level

"close to 10%"

of the GDP, indicated on Tuesday the Minister of Public Accounts Olivier Dussopt.

Read also: Italy: the public deficit climbs to 9.4% of GDP in the 3rd quarter

The government predicted that it would reach 11.3% of gross domestic product (GDP), but with a recession a little less severe than expected,

"in the end the public deficit for 2020 will be close to 10% and I hope even slightly lower, ”

the minister said in an interview with

L'Opinion

.

The French GDP indeed fell by 8.2% last year, weighed down by the health crisis and its economic repercussions, while the government had anticipated a recession of 11%.

However, this is the worst performance of the French economy since the Second World War.

"Mechanically, when the economic situation is less bad than expected, public finances suffer less"

, justified Olivier Dussopt.

Record level of government deficit

The deficit of the sole perimeter of the State (excluding Social Security and communities) reached 178.2 billion euros, a record level, but less important than what the government had feared, because the second confinement less penalized the economy and helped to generate better tax revenues.

At the same time, the Social Security deficit "will probably be several billion euros less than the 49 billion euros" anticipated, said the minister.

For this year, the government expects growth of 6% and a public deficit of 8.5%.

Source: lefigaro

All business articles on 2021-03-02

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