Paris, Sept. 19 (SANA)France’s public debt is set to reach its highest level since 1995 this year, driven by a sharp budget deficit, the French Ministry of Finance stated Saturday.

A ministry source, quoted by AFP, said the public debt-to-GDP ratio will reach 119.3% in 2026 and 121.7% in 2027—nearly double theEuropean Union‘s 60% benchmark limit.

These record levels represent the highest figures since the National Institute of Statistics and Economic Studies (INSEE) began tracking debt under its current methodology in late 1995.

Under EU fiscal rules, public deficits should not exceed 3% of GDP. However, France’s deficit reached 5.1% of GDP last year, with the government forecasting it to rise to 5.4% this year.

The French economy has been slowing down since the third quarter of last year, impacted by weak consumer spending and elevatedenergy prices.