Commentary

France Struggles to Contain Public Expenditures

Sovereigns, Governments

Summary

Due to recent data revisions, the French government now expects public debt to approach 100% of GDP. The deteriorating debt ratio reflects the re-classification of SNCF Réseau's debt, changes to economic growth assumptions for 2018 and 2019, and a loosening around the real expenditure growth target. DBRS comments on this in its commentary entitled "France Struggles to Contain Public Expenditures".