The public deficit jumped to 5.5% of gross domestic product, or €154 billion (US$167 billion), statistics agency INSEE said.

The government had warned recently that the deficit would exceed its previous estimate of 4.9% of GDP, citing the global economic slowdown and the war in Ukraine as key factors.

France has announced €10 billion of spending cuts this year to limit the fallout and meet its deficit target for this year of 4.4% of GDP.

French economy minister Bruno Le Maire said Tuesday that he was “totally opposed to any tax increase” to reduce the gap.

“We can perfectly make savings on public spending without digging into the pockets of the French,” he told RTL radio.

Like all eurozone members, France is committed to keeping its deficit to below 3% of GDP.

That requirement, agreed between European Union members as part of their Stability and Growth Pact, has been suspended since 2020 first to allow countries to deal with the Covid pandemic, and then with the economic fallout of Russia’s invasion of Ukraine.