IMF Executive Board Concludes 2025 Article IV Consultation with France

July 14, 2025--France's economy has demonstrated resilience despite high uncertainty, with disinflation progressing well and the labor market remaining robust.
The medium-term fiscal adjustment envisaged by the authorities is appropriate to strengthen public finances and should be supported by the approval of a credible and well-designed package of measures.

Advancing France's structural reform agenda will be crucial to boost productivity and facilitate fiscal consolidation in the face of a challenging global environment.

The Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation for France on July 11, 2025.[1] The authorities have consented to the publication of the Staff Report prepared for this consultation.[2]

The French economy has demonstrated resilience in 2024 despite high uncertainty. Real GDP grew by 1.1 percent in 2024, supported by the impact of the Paris Olympics, which temporarily boosted services and consumption, despite rising household savings rates.