The French government sent a 2024 spending plan to parliament that calls for a €4.2 billion ($4.7 billion) cut in outlays as it pushes to reduce the deficit, even as it ramps up allocations for the green transition.
The decline in overall spending is 3.5% in real terms, once inflation is taken into account, a finance ministry official said. The biggest drop is in the amount dedicated to helping shield households and businesses from spiking fuel and energy costs.
France is targeting a budget deficit of 4.4% of gross domestic product for 2024, down from a goal of 4.9% this year. The aim is to bring that below 3%, the limit set under European Union rules, by the end of Emmanuel Macron’s second term as president in 2027.
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