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On 24 September, the French government presented its draft finance bill for 2019. The public deficit will increase slightly, to 2.8% of GDP in 2019 vs. 2.6% in 2018. The public debt ratio should stabilise at 98.6% of GDP. The slight increase in the deficit is temporary and is due to switching the CICE tax credit into a reduction in contributions. The reduction in levies will amount to around 25 billion euros (net) in 2019, 6 for households and 19 for businesses.
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