The French state deficit in the eleven months to November was EUR97.2bn, significantly below EUR140.7bn a year earlier. While year-on-year comparisons of fiscal data are prone to structural changes in the way revenues and expenditures are accounted for and, thus, difficult to compare, overall, it seems to us that the government will be able to achieve its full-year target of reducing the state deficit from EUR148.8bn to EUR95.4bn.

In our view, the central deficit target should be met given the end-of-year calendar effects. In addition, the State deficit is expected to be less than EUR91.5bn for the whole of 2011, an improvement of close to EUR4bn from the last financing 2011 bill (LFR4), according to the communiqué by the ministry. The 2011 balance will be published on 8 February 2012.
 

source: BarCap