This file photo taken on October 18 2016 shows workers walking through the construction site of the world-biggest start-up incubator Station F, formerly known as the Halle Freyssinet in Paris (AFP / Lionel Bonav)
Paris: France's public finances will be deeper in the red than initially anticipated in the next few years, due to slower growth and increased government spending, the finance ministry said on Wednesday.
The ministry said in a statement that it has revised its forecasts regarding the country's public deficit for 2017, 2018 and 2019.
It was now expected to amount to 2.8 percent of overall output this year, instead of the 2.7 percent initially anticipated, the statement said.
Similarly, the deficit ratio was set to come out at 2.3 percent in 2018 and 1.6 percent in 2019, rather than 1.9 percent and 1.2 percent as first forecast.
Under European Union rules, eurozone countries are not allowed to run up deficits in excess of 3.0 percent of gross domestic product (GDP) and must aim to balance their public finances in the medium term.
Originally, the government had been hoping to bring down its deficit ratio more rapidly and reach 1.3 percent by 2020.
To help monitor their progress, member states are obliged to submit their updated economic and budget forecasts to Brussels every year.
