France Business Confidence December 2017


France: Business sentiment eases slightly in December

December 21, 2017

According to the National Institute of Statistics and Economic Studies’ (INSEE) business climate survey on manufacturing activity, business sentiment in the manufacturing sector edged down in December. The index fell from a ten-year high of 112.8 in November to 112.1. Nevertheless, December’s print beat market expectations of a larger fall to 111 points. Business sentiment is currently resting well above the 100-point long-term average, the benchmark measure the INSEE uses to distinguish between improving and worsening business expectations.

According to the INSEE, the fall in the index reflected manufacturers’ less optimistic outlook on general production prospects and past activity. However, firms were more optimistic regarding export order books. Regarding the different industries in the manufacturing sector, sentiment waned in the food and beverage production industry, but hit an over-decade high among transportation equiptment firms.

FocusEconomics Consensus Forecast panelists see fixed investment growing 3.3% in 2018, which up 0.3 percentage points from last month’s estimate. For 2019, the panel sees investment expanding 2.8%.

Author: Jean-Philippe Pourcelot, Economist

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France Business Confidence Chart

France Business Confidence December 2017

Note: Value of monthly business sentiment indicator index; long-term avg. at 100.
Source: National Institute of Statistics and Economic Studies (INSEE).

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