State Budget Balance in France

Measures the execution balance of the French central government budget (the difference between the State's revenue and expenditure, excluding social security and local government), accumulated from 1 January of each year. It is published monthly by the DGFiP in the Situation Mensuelle Budgétaire.

The central government's cash balance in budgetary accounting terms: revenue (tax and non-tax) less expenditure (including transfers to the EU and to local authorities), accumulated from January. It is not the general government balance in national accounts (Maastricht) terms, but that of central government alone.

A gauge of the health of French public finances and of the pace of budget execution through the year. A wider-than-expected deficit tends to foreshadow revisions to the annual public-deficit target and can widen the risk premium on French bonds (OAT).

Because it is accumulated from January, it is not directly comparable month to month without differencing (the jump from December to January reflects the closing and reopening of the fiscal year). It is the central government balance, not that of general government, so it does not match the public deficit measured against the Maastricht target.