France: Business confidence strengthens in August
August 29, 2013
The monthly business sentiment index published by the National Statistical Institute (INSEE) rose to 98 points in August (July: 95 points) and overshot market expectations of 95 points. As a result, business sentiment reached the highest level in 22 months and moved closer to the previously long-standing 100-point average.
Business leaders' opinions on the French industry as a whole improved substantially compared to July. In addition, respondents were less pessimistic regarding their levels of exports and total orders in August.
According to the Central Bank's Monthly Index of Business Activity (MIBA), GDP will expand 0.1% in the third quarter. FocusEconomics Consensus Forecast panellists estimate that GDP will expand 0.2% in the third quarter.