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France: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for France

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  • International Monetary Fund

Abstract

The 2025 Article IV Consultation discusses that France’s economy has demonstrated resilience despite high uncertainty, with disinflation progressing well and the labor market remaining robust. While the political compromise on the 2025 budget reached in February marked a positive step forward, it will be essential for the authorities to continue building consensus to further advance fiscal and structural reforms. Real gross domestic product growth is projected to slow to 0.6 percent in 2025, as trade tensions, weak growth in trading partners, market volatility, and high uncertainty add to already subdued external and domestic demand. While growth is expected to reach 1 percent in 2026, deepening geo-economic fragmentation and domestic policy uncertainty pose significant downside risks. Advancing France’s structural reform agenda will be crucial to boost productivity and facilitate fiscal consolidation in the face of a challenging global environment and high uncertainty. France is well-positioned to capitalize on the green and digital transitions through greater efforts to support innovation and access to capital.

Suggested Citation

  • International Monetary Fund, 2025. "France: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for France," IMF Staff Country Reports 2025/179, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2025/179
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