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France could fall short of deficit targets

Paris - France's Court of Audit said Tuesday the government risked missing its public deficit targets unless it made greater efforts to cut public spending.

The government has forecast a deficit of 4.1% of GDP in 2013, falling to 3.6% this year and 3% in 2015.

The final figure for 2013 is still awaited but the president of the Cour des Comptes (Court of Audit), Didier Migaud, said there was a "significant risk" the government would fall short of its target and that it was also not certain to meet its goals in 2014.

Speaking at the presentation of the court's annual report, Migaud praised the government's "considerable" efforts at budget discipline but said it needed to "amplify" spending cuts if it was to meet its commitments to the Europe.

France has until 2015 to bring its public deficit back under an EU ceiling of 3% of output. Hollande's deficit-cutting strategy initially prioritized tax hikes over cuts to public spending but the focus is shifting.

In January he announced he planned to save €15bn ($20bn) in 2014 and a further 50 billion euros between 2015 and 2017.

The Court of Audit said the savings needed between 2015 and 2017 "exceeded €50bn." Meanwhile, the government's revenue forecasts were "too high."

On Friday, the national statistics agency will announce growth 2013 growth figures.

The government has forecast growth of close to zero in 2013 and 0.9% this year.

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