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Debt and public spending, Gabriel Attal

Public deficit targeted for 2032: Deficit below 3% of GDP in 2032, then balance in 2037

Direction of change: unchanged, compared with current law.

The lever. General government deficit that the programme targets at the end of the five-year term, as a percentage of gross domestic product. Direction rule: ↑ higher targeted deficit.

Words reported by Site de campagne, débat de la REF (Medef): Sur les finances publiques, Gabriel Attal a rappelé le cap qu’il s’est fixé : ramener le déficit sous les 3 % en 2032 puis atteindre l’équilibre budgétaire en 2037.1

Translation by the editorsOn public finances, Gabriel Attal restated the course he has set himself: bringing the deficit below 3% in 2032 and then reaching a balanced budget in 2037.

Words of Gabriel Attal reported by Site de campagne, débat de la REF (Medef), 27 August 2026. Position taken from public statements, not from a written programme.

Encoding

No cost-schedule parameter for this position: see the costing for the reason.

Costing

Announced by the candidate

not announced

The cited source does not cost this measure.

Published costings

none

No external costing of this position recorded to date.

Our calculation

lever that cannot be costed

Lever with no coefficient in the cost schedule: the position is compared, not costed.

Current law, sources and limits of the cost schedule

Current law. Public deficit 2025: 5.1% of GDP (€152.5bn). 2026 target: 5.0%, maintained in the RAA 2026. Official path: « sous 3 % du PIB à horizon 2029 » [“below 3% of GDP by 2029”] (PSMT 2025-2029, adjustment spread over 7 years with the agreement of the Council of the EU). OFCE forecasts: 4.8% in 2026, 4.4% in 2027. No official target published for 2032.

Horizon. Level in 2032, as % of GDP, to be compared with the extended PSMT (medium-term fiscal-structural plan) path (below 3%).

Limits. Balance target, not a measure: it serves to compare the announced target with the total of costed measures. 1 point of GDP is worth about €36bn in 2032 (nominal growth assumption). It is not a cost lever as such: it is the targeted balance, which serves to test the consistency between costed measures and the announced target. The conversion into €bn in 2032 rests on a nominal GDP assumption: about €3,000bn in 2025 rising to €3,560bn to €3,680bn.

How to read these amounts. These are static costs and revenues, with no feedback effect, over a full year: nothing on growth, employment or the revenue that economic activity would gain or lose. A higher net cost does not on its own make a worse policy, nor net savings a better one: each programme rests on an economic model (demand-led stimulus, lower compulsory levies, consolidation of the public accounts…) that the cost schedule does not settle. GDP itself measures a volume of activity, not well-being or the usefulness of what is produced. Economic models and feedback effects.

This lever in the method · Costing for Gabriel Attal

  1. Site de campagne, débat de la REF (Medef), 27 August 2026. Words of Gabriel Attal reported by this outlet: the text quoted is the article’s, not their exact words. Position taken from public statements, not from a written programme. Read the source (Site de campagne, débat de la REF (Medef)).

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