France moves forward with budget process – Le Maire

France’s caretaker government is moving forward with preparations to present budget bills for parliamentary approval this fall, according to Finance Minister Bruno Le Maire.

In an interview with France2 television, Le Maire announced that spending limits for each ministry will be sent to the prime minister’s office this week, with budget proposals expected by mid-August.

Le Maire expressed confidence that France’s stronger-than-expected GDP growth—0.3 per cent in the second quarter and revised upward for previous quarters—could help address the budget deficit.

Despite potential zero growth for the rest of the year, the country is set to meet the 2024 growth forecast of 1 per cent. Le Maire confirmed that France remains on track to reduce its budget deficit to 3 per cent of GDP by 2027.

Attribution: Bloomberg