France EcoScanFrançais

Economic indicator

The 10-year OAT, the benchmark rate of French debt

The 10-year OAT rate is the benchmark yield on French government bonds with a maturity of about ten years. France ÉcoScan serves the annual average of the monthly rates published by the ECB (long-term interest rate for convergence purposes, IRS series compiled by the Banque de France) — never a same-day quote.

Latest value

3.4%

Period
2025
Status
provisional figure, subject to revision by the producer

Why this indicator matters

This indicator matters because it links bond markets, public debt and economic expectations: it is the cost at which the State refinances its debt, and its gap with growth decides the trajectory of the debt ratio.

History, 1986–2025

10-year OAT yield, annual average (%) — 1986 to 2025 (%)−2.502.557.510198619962006201620251986: 8.5 %1987: 9.5 %1988: 9.1 %1989: 8.8 %1990: 9.9 %1991: 9 %1992: 8.6 %1993: 6.8 %1994: 7.2 %1995: 7.5 %1996: 6.3 %1997: 5.6 %1998: 4.7 %1999: 4.6 %2000: 5.4 %2001: 4.9 %2002: 4.9 %2003: 4.1 %2004: 4.1 %2005: 3.4 %2006: 3.8 %2007: 4.3 %2008: 4.2 %2009: 3.7 %2010: 3.1 %2011: 3.3 %2012: 2.5 %2013: 2.2 %2014: 1.7 %2015: 0.8 %2016: 0.5 %2017: 0.8 %2018: 0.8 %2019: 0.1 %2020: −0.2 %2021: 0 %2022: 1.7 %2023: 3 %2024: 3 %2025: 3.4 %3.4 (2025)
10-year OAT yield, annual average (%), in %. Source: European Central Bank (ECB) — ESCB statistics compiled by the Banque de France. The last point, 2025, is the latest observation served; the values can be read by hovering over each point and in the table below.

The values, year by year

10-year OAT yield, annual average (%), annual values in %, source European Central Bank (ECB) — ESCB statistics compiled by the Banque de France
Period%
20253.4
20243
20233
20221.7
20210
2020−0.2
20190.1
20180.8
20170.8
20160.5
20150.8
20141.7
20132.2
20122.5
20113.3
20103.1
20093.7
20084.2
20074.3
20063.8
20053.4
20044.1
20034.1
20024.9
20014.9
20005.4
19994.6
19984.7
19975.6
19966.3
19957.5
19947.2
19936.8
19928.6
19919
19909.9
19898.8
19889.1
19879.5
19868.5

Method and limits

  • Coverage: 10-year OAT yield, annual average (%).
  • The data are consolidated and dated, never real-time; a provisional figure may be revised by its producer.
  • No change is mechanically attributed to a political decision: reading by period serves to place, not to judge.
MethodologySourcesRevisions logGlossary

How France EcoScan puts it into perspective

France ÉcoScan puts it into perspective with debt, inflation, the deficit and growth to shed light on financing tensions.

public debtinflationpublic deficitGDP growth

Frequently asked questions

At what rate does France borrow over ten years?
3.4% — 2025 (European Central Bank (ECB) — ESCB statistics compiled by the Banque de France, provisional figure, subject to revision by the producer).
Where does this data come from?
European Central Bank (ECB) — ESCB statistics compiled by the Banque de France — 10-year OAT yield, annual average (%). Provisional figure, subject to revision by the producer. The data are consolidated, never real-time.
How should this indicator be read?
This indicator matters because it links bond markets, public debt and economic expectations: it is the cost at which the State refinances its debt, and its gap with growth decides the trajectory of the debt ratio.

Explore the data

The observatory cross-reads this indicator with the others, on the same series, by period.

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