Italy and France Comparison: Italy Equals France's Deficit, According to Jean-Paul Chapel, Who Warns "The Game Isn't Over" Yet
Going Tit for Tat: The Economic Tussle Between France and Italy
It's a competition of sorts as Italy and France face off in an economic dance. In a recent evidential dramatization, Jean-Paul Chapel, a journalist on "20 Heures", highlights the blancmange-like parity between the two nations. The question on everyone's lips? "Who's gonna come out on top?"
The Italian economy, which was dealt a severe blow by the debt crisis, has managed a miraculous come-up punch. Even if they're not giving the French a run for their money just yet, Chapel declares, "at least they've caught up".
By 2025, the average wealth produced per capita (GDP) in Italy will be on a level playing field with French wealth. Figures reveal that the Italians were 10% less affluent in 2020 than the French citizens, but the tide has turned as they've closed the gap.
The credit for Italy's resurgence, according to Chapel, can be traced back to more growth happening beyond the Alps, primarily driven by exports and the European post-COVID recovery plan. When it comes to the employability landscape, both nations are neck & neck, with an Italian unemployment rate of 5.9%, as opposed to France's 7.1% in April 2025.
However, is Italy superior in the combat of balancing the budget and clearing debt? Although France's deficit reached 5.8% of GDP in 2024, Italy has made some clever money moves, succeeding in slicing the spending, bringing the deficit down to a much more palatable 3.4% of GDP. But the battle isn't over yet, cautions Chapel.
A Deeper Look:
To assess the economic mêlée between the two countries, let's dive into some key indicators: GDP per capita, unemployment rate, public debt, and deficit.
GDP Per Capita
- Italy: Having gradually bolstered its wallet, Italy's GDP per capita, though still trailing France's, has been steadily increasing. In 2020, the GDP per head stood at approximately €29,750, scaling up to around €31,000 in 2023. By 2025, Italy’s GDP per capita is expected to keep climbing.
- France: Meanwhile, France's GDP per capita clocked in at €35,000 in 2020 and has continued saw-toothing ever since, reaching approximately €36,000 in 2023. France's GDP growth rate is projected to be around 0.64% in 2025.
Unemployment Rate
- Italy: Italy's jobless rate declined substantially, from about 9.5% in 2020 to around 6.5% in 2024. The unemployment rate is expected to further plummet to 5.9% by 2025.
- France: France's unemployment rate was a tad above 8.5% in 2020 and has been dipping incrementally. By recent years, it was hovering around 7%, and it's likely to stay on this downward trajectory.
Public Debt
- Italy: Italy has borne the burden of one of the highest public debts within the EU. In 2020, Italy's public debt made up around 134.6% of its GDP, and it climbed to 135.3% in 2024. By 2025, the debt ratio is projected to ascend even higher, to 136.7%, and keep increasing to 138.2% in 2026.
- France: Although France's public debt is considerably heftier than in other countries, it remains lower than Italy's, with a figure of around 98% of GDP in recent years. The debt level is predicted to remain relatively stable compared to Italy.
Deficit
- Italy: Italy's general government deficit was a staggering 9.5% of GDP in 2020 because of the COVID-19 pandemic. The deficit decreased to 3.4% in 2024 and is projected to decrease further to 3.3% in 2025 and 2.9% in 2026.
- France: Typically, France's deficit has been smaller than Italy's. Although specific figures for 2020 to 2025 have not been provided, France usually maintains its deficit below 3% of GDP, as per EU regulations.
In conclusion, France's economy leads in terms of GDP growth and public debt stability, while Italy struggles with a higher public debt and a slightly elevated unemployment rate. Nonetheless, both countries are passionately working on economic recovery strategies. Game on!
Employment in Italy and France is becoming more alike, as the Italian unemployment rate stands at 5.9% in April 2025, compared to France's 7.1%. In the realm of finance, Italy has significantly reduced its deficit from 9.5% of GDP in 2020 to 3.4% in 2024, showcasing a concerted effort to manage public finances.
