French Finance Minister Michel Sapin said on Wednesday the government spending is falling, and the government will meet its budget target for the "first time in years."

The government forecasted the country's economy to expand 1% this year and 1.5% next year. The budget deficit is expected to be 3.8% of GDP in 2015, 3.3% in 2016 and below 3% in 2017.

The government debt is expected to below 100% of GDP in 2016, Sapin said.