"There are not thought to be any survivors," the president told reporters after the disaster on Tuesday.
The plane was travelling from the Spanish coastal city of Barcelona to the German city of Duesseldorf when it went down in the Barcelonnette area, in southeastern France.
The plane issued a distress call at 10.47am, sources said.
The airliner was carrying 142 passengers and six crew members.
The plane belonged to Germanwings, a low-cost affiliate of German airline Lufthansa. The single-aisle A320 typically seats 150 to 180 people.
Interior Minister Bernard Cazeneuve, who said debris from the plane had already been found, was heading to the scene.
Shares in Airbus, the European aerospace giant, slumped on news of the accident, down 1.77 per cent to 58.94 euros after briefly sliding two per cent.