The French economy would have grown by 0.25% in the third quarter compared to the previous one, announced Monday the Banque de France (BdF), which revised slightly downwards its previous estimate of growth of 0.3% of GDP, mainly due to weak activity in the industry.
“Initial indications suggest a slight rise in GDP in October,” writes the BdF in its new economic update, adding that “in an economic environment marked by the energy crisis and supply and recruitment difficulties, activity continues resist overall, but industry is more affected than other sectors”.
According to business leaders taking part in the BdF survey (approximately 8,500 businesses or establishments questioned between September 28 and October 5), activity in September remained stable in industry whereas it progressed in market services covered by the survey, as in construction, notes the same source.
“All in all, over the quarter which has just ended in September, activity seems to have held up rather well, driven by the dynamism of certain market services, but also by an increase in value added in industry during the summer. “, continues the Bank of France.
For October, companies are anticipating that activity would change little in industry and construction and would increase once more in market services, but more slightly than in previous months.
The central bank also notes that the prices of finished products have started to rise once more due to a strong seasonal catch-up following the summer and uncertainties linked to the energy crisis which “extend to all sectors”, according to Olivier Garnier .
The increases, which should ease slightly in October in industry (23%), services (20%) and construction (44%), relate especially to services to individuals (accommodation, catering, car repair) and transportation.
The National Institute of Statistics and Economic Studies (Insee) said in a separate survey last week that it forecast growth of 0.2% for the third quarter and stagnation in GDP for the October-December period.
The growth of the French economy stood at 0.5% in the second quarter.
With MAP
