Finance Minister Bruno Le Maire lowered France’s 2024 economic growth forecast to 1% and announced plans to cut spending by €10 billion ($10.8 billion).

Le Maire revised the outlook for gross domestic product from 1.4% in a TF1 television interview on Sunday evening. The central government spending cut will be made across all ministries and some programs with immediate effect, in order to make up for the shortfall in output, the minister said.