France’s central government budget deficit narrowed to EUR 136.2 billion at the end of October 2025, from EUR 157.4 billion in the same month of the previous year. It marked the smallest shortfall since June, as government revenues grew by 6.5% year-on-year to EUR 299.2 billion, primarily driven by increased net personal income tax, net corporate tax, and other net tax revenues. Non-tax revenues declined, dragged down by lower receipts from the EU in line with the expected schedule for co-financing part of the National Recovery and Resilience Plan (PNRR). Meanwhile, fiscal expenditures fell by 0.3% year-on-year to EUR 426.7 billion, weighed down by reductions in payments to several public operators and by the elimination of program 369, “Amortization of State Debt Related to Covid-19,” in the 2025 Initial Budget Act. The special Treasury accounts posted an EUR 8.7 billion deficit in October, down from EUR 10.3 billion a year earlier.
