The INSEE figures have fallen, and announce a growth of 2.6% of the French GDP (gross domestic product) in 2022. A news which delighted the Minister of the Economy Bruno Le Maire, who insisted on Tuesday on “ exceptional resistance capacities (…)” of French companies and employees.
This figure “testifies to the strong rebound of our economy following the shock of the Covid and its resilience in the face of the energy crisis”, welcomed the number two of the government, while Bercy initially expected annual growth of 2.7%. ( once morest a forecast of 2.5% for INSEE).
“We will also have positive growth” in 2023, projected Bruno Le Maire. In its latest forecasts, the government expects growth of 1%, an anticipation significantly higher than those of the Banque de France (0.3%) or the International Monetary Fund (0.7%).
An expected slowdown due to “strong uncertainties”
In the fourth quarter, GDP growth only reached 0.1% compared to 0.5% in the spring and 0.2% in the summer of 2022, an “expected slowdown with the persistence of strong uncertainties in the economy” such as inflation or the war in Ukraine, comments the Ministry of Economy.
The drop in household consumption of goods and services (-0.9% in the fourth quarter of 2022) “is offset by dynamic business investment (+1.2% in the fourth quarter, +3.5% over the year as a whole) and an improvement in foreign trade” (+0.5% in the fourth quarter but -0.7% over the year), Bercy further asserts.
Finally, “production in industry fell slightly (-0.5%)”, notes the ministry, “but we are far from the -10% mentioned by some”, he concludes.
