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France Business Confidence May 2022

France: Business confidence drops to over one-year low but remains optimistic in May

Business confidence fell to 106.2 in May from April’s 107.6. May’s result marked the worst reading since April 2021. As a result, the index remained above the 100-threshold, indicating sustained optimism among businesses.

Looking at the release, the downturn was broad-based, with almost all subcomponents deteriorating from the previous month. Notably, production expectations over the coming months tumbled further and is likely connected with the decline in their expectation of orders from abroad; many firms may be expecting slowing global economic growth to drag on foreign demand. Adding to the gloomier picture, although improving slightly from the month prior, general economic uncertainty remained elevated. This said, business confidence still remained above its long-run average.

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