France at high risk of missing 2017 deficit target – audit office

By: | Published: June 29, 2016 4:43 PM

There is a "high risk" France will miss its target of cutting the public deficit to 2.7 percent of gross domestic product in 2017 after a slew of new spending promises...

France, the euro zone's second biggest economy, forecasts a public deficit of 3.3 percent this year and 2.7 percent in 2017. (Reuters)France, the euro zone’s second biggest economy, forecasts a public deficit of 3.3 percent this year and 2.7 percent in 2017. (Reuters)

There is a “high risk” France will miss its target of cutting the public deficit to 2.7 percent of gross domestic product in 2017 after a slew of new spending promises, the independent public audit office said on Wednesday.

France is a repeat offender when it comes to breaching the European Union requirement of delivering a budget deficit under 3 percent of GDP. In 2014 the EU executive arm gave Paris two more years to cut its deficit to below this threshold.

France, the euro zone’s second biggest economy, forecasts a public deficit of 3.3 percent this year and 2.7 percent in 2017.

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