France's public debt reaches record 119% of GDP

France's public debt reached €3.5955 trillion at the end of the second quarter this year, equivalent to 119% of the country's GDP.

According to Report, citing Kommersant, France's National Institute of Statistics and Economic Studies (INSEE) reported the figures.

This is the highest level recorded since 1946, when France was rebuilding after World War II. At that time, the country's public debt exceeded 300% of GDP.

In recent years, the previous peak was 117.8% of GDP, recorded in the first quarter of 2021 amid the coronavirus pandemic.

Experts attribute the increase in public debt to the persistent budget deficit, slowing economic growth and higher interest rates, which are making debt servicing increasingly expensive.