French Public Debt 73.9% Of GDP In Q2

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French public debt rose to 73.9% of gross domestic product in the second quarter of 2009, statistical office Insee said Wednesday. In the first quarter, the debt was 70.5% of GDP.

The current level of debt is much above the level set by the European Union, 60% of GDP.

Elsewhere on Wednesday, the French government said in its 2010 budget that the country would register record public deficits in 2009 and 2010.

It forecasts public deficit to hit 8.2% of GDP this year and to reach 8.5% next year, well above the 3% limit set by the European Union. Earlier, the government had forecast a deficit of 7% of GDP for 2009 and 7.5% for next year.

The government also decided to partially scrap a tax on businesses. But, it would be partially offset by the introduction of a carbon tax, that will raise about EUR 2 billion.

French public debt rose to 73.9% of gross domestic product in the second quarter of 2009, statistical office Insee said Wednesday. In the first quarter, the debt was 70.5% of GDP. (Market News Provided by RTTNews)