France may need up to 33 billion euros to cover the deficit gap in 2013, the national auditor said Monday in an annual report on the country's public finances. The country will have to find 6-10 billion euros in savings to meet this year's budget reduction target, the report pointed out. The Court of Auditors also said it see the risk of acute revenue shortages during the coming months.
According to the auditor, a strong compliance with the fiscal consolidation path is crucial in restoring the health of the public finances. The government aims to reduce the deficit to 4.4 percent in 2012 and then to 3 percent in 2013.
Last year, the deficit was successfully reduced to 5.2 percent of GDP, but the structural deficit at 4 percent remained above the euro area average of 3.2 percent. Efforts should be extended beyond 2013 to ensure the return to balanced budget in 2016 or 2017, the auditor said.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.