France's newly-appointed Minister of the Economy, Finance, and Industry, Eric Lombard (pictured), on Monday revealed his goal to reduce the public deficit to a range of 5% to 5.5% of the nation’s gross domestic product (GDP) this year.
Speaking on the air of France Inter, the finance minister emphasized the need for a gradual reduction of the public deficit, highlighting plans to achieve €50 billion in cost savings. Lombard described the budgetary situation as "serious" and underscored the government's commitment to balancing fiscal responsibility with economic growth.
Under the previous administration led by Michel Barnier, the public deficit for 2024 was projected at 6.1%, with a target of 5% for this year. However, Lombard cautioned that aiming for a deficit reduction of over 1% might be too ambitious, as the government has to "support the economy and protect growth."
