France revises up deficits for past 2 years

France raises deficit levels for past 2 years; 4.5 percent for 2012

Associated Press

PARIS (AP) -- France has revised up the level of its deficit for the past two years, citing the deteriorating economy and a bank bailout.

The national statistics agency says France's deficit for 2011 was 5.3 percent of gross domestic product, 0.1 percent higher than thought. Last year's deficit was 4.8 percent.

The government had been trying to reduce the 2012 deficit to 4.5 percent. Finance Minister Pierre Moscovici said Friday that France missed its target because it gave struggling bank Dexia more money at the end of the year and growth was worse than expected.

France has already said its 2013 deficit is likely to be 3.7 percent — missing its goal of meeting the European limit of 3 percent.

Rates

View Comments (-5)