Budget 2027: Winners and Losers of the Government's First Arbitrations
The French government, led by Sébastien Lecornu, transmitted its 2027 budget 'offprint' to Parliament on July 15, 2026, outlining spending caps for each ministry. The executive aims to continue fiscal consolidation, targeting a public deficit of 5% of GDP in 2026, though this goal appears difficult. Total state and operator spending is set at 708.4 billion euros for 2027, up from 683.3 billion in 2026. Spending growth will be significantly slower than inflation, constrained by rising debt service costs (12.3 billion euros increase) and the military programming law (6.4 billion euros increase). For non-defense and non-debt ministerial spending, the government intends to limit the increase to 0.4%, four times less than expected inflation in 2027.
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