DECRYPTION – Despite a slight technical decline at the end of the year, debt soared by more than 6% to exceed 2,810 billion at the end of 2021. The crisis does not explain everything.
The worst is not always certain. While the government was still thinking in the fall of ending 2021 with a debt of around 114% of GDP and a deficit of 8.4% (after 114.6% and 8.9% respectively in 2020), the indicators turn out to be slightly better than expected. Thanks to the very strong growth in economic activity of 7% last year, debt finally stood at 112.9% of GDP in December, after peaking at 118% in the first quarter, according to the latest data. published by INSEE. The public deficit is “limited” to 6.5% of GDP.
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As it should be in a year of strong growth, tax revenues have soared. After a plunge of nearly 5% in 2020, they increased by 8.4% in 2021, i.e. +102 billion euros, including in particular an increase in VAT receipts of more than 20 billion due to the rebound in consumption.
This dynamism is not synonymous with a great wind of liberalism. Far from there. At the time of “whatever it costs”, the State, maneuvering in 2021…
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