France Business Confidence


France: Business sentiment maintains upward trend, reaches highest point in over four years

September 25, 2015

Confidence among French firms, particularly in the manufacturing sector, continued to improve in September, supported by cheap oil, a weak euro and better credit conditions. According to the INSSE business climate survey, the business confidence indicator rose to 104 points in September from 103 points in August. September’s result marked the highest level since July 2011. As a consequence, the indicator rests farther above the long-term 100-point average, which is the benchmark measure the INSEE uses to distinguish between improving and worsening business expectations.

According to INSEE, businesses’ assessment regarding their current activity as well as their production expectations improved notably compared to the previous month. In addition, INSEE stated that, although global order books fell in September compared to a month prior, export orders were stable. Finally, the survey showed that a majority of firms see that stocks of finished goods are above normal levels.

FocusEconomics Consensus Forecast panelists see fixed investment contracting 0.5% in 2015, which is unchanged over the previous month’s estimate. For 2016, the panel sees investment expanding 1.9%.

Author:, Economist

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France Business Confidence Chart

France Business Confidence September 2015

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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