France’s central government budget deficit narrowed to EUR 155.4 billion at the end of September 2025, from EUR 173.8 billion in the same month last year. Government revenues rose 5% year-on-year to EUR 264.3 billion, driven by stronger income and corporate tax receipts, a higher state share of VAT, and increased excise duties on gas and electricity. Non-tax revenues declined, mainly due to lower EU co-financing inflows under the National Recovery and Resilience Plan, partly offset by higher dividend payments, administrative fines, and treasury withdrawals from public operators. Meanwhile, total expenditures fell 0.5% to EUR 385.3 billion, as reduced transfers to public operators and the removal of the Covid-19 debt amortization program offset higher energy service and military spending. The special Treasury accounts posted a EUR 34.3 billion deficit, improving by EUR 4.1 billion from a year earlier.