🇫🇷 France

Public Sector Debt · 2026

Total Debt

116.1%

of GDP

Global Rank

#19

of 192

Interest Burden

of govt revenue

S&P Rating

AA-

Credit rating

SOE Debt

+2.8%

3 categories

Interest Cost

2.1%

of GDP (govt only)

Where the Debt Sits

Central Government

Subnational

Central Government: 92.2%Subnational: 21.1%Energy SOEs: 1.4%Infrastructure: 1.0%Public Corps: 0.4%

Who Holds This Debt

Holder Breakdown

Domestic 47%

Foreign 53%

Domestic: 47%Foreign: 53%

Currency Denomination

Local 100%

Local currency: 100%Foreign currency: 0%

Full Debt Breakdown

Central Government92.2% of GDP

OATs (medium & long-term bonds)Eurostat — Government Debt (Maastricht)Fixed-rate and inflation-linked, 2-50yr. Backbone of French funding.

80.6%

BTFs (Treasury bills)Eurostat — Government Debt (Maastricht)Short-term discount securities under 1 year.

5.9%

CADES (Social Security debt)Eurostat — Government Debt (Maastricht)Social security debt being amortized through 2033. ~138B outstanding.

5.7%

Subnational / Regional21.1% of GDP

SubnationalEurostat — Government Debt (Maastricht)

21.1%

Energy SOEs1.4% of GDP

EDF (Électricité de France)EDF Annual Results 2023Fully nationalized in 2023. ~€65B gross debt, ~€43B net. Largest nuclear fleet in Europe.

1.4%

Infrastructure SOEs1.0% of GDP

SNCF (railways)SNCF Group Annual Report 2023100% state-owned. ~€31B net debt. Operates TGV, Transilien, freight.

1.0%

Public Corporations0.4% of GDP

La Poste GroupLa Poste Annual ReportState-owned postal and banking group. La Banque Postale is a significant financial institution.

0.4%

Total Corporate Debt155.2% of GDP

Nonfinancial corporate debt (total)BIS Credit Statistics Q3 2025Inflated by intra-group lending and multinational HQ pass-through. Real domestic burden lower. SOE portion ~10-15% (EDF, SNCF, La Poste).

155.2%

Household Debt59.9% of GDP

Household debtBIS Credit Statistics Q3 2025Moderate by European standards.

59.9%

Unfunded Pension Liabilities340.0% of GDP

Public pension unfunded entitlements (est.)Eurostat Table 29 (2021)Nearly all pay-as-you-go. Pension fund assets <10% of GDP. Annual pension spending ~14% of GDP.

340.0%

All Layers Total671.2%