France: Business confidence unchanged in November
November 25, 2013
The monthly business sentiment index published by the National Statistical Institute (INSEE) remained at October's 98 points in November and slightly overshot the 97 points the market had expected. Although the indicator is now at the highest level in more than two years, it has yet to reach its long term 100-point average.
Business leaders in the manufacturing sector were more pessimistic regarding past activity and business expectations, but their confidence regarding output changes and demand conditions improved. In fact, businesses' perceptions regarding both demand conditions and total orders reached the highest level in over two years. In addition, "situation of inventories" improved to a year-high.
According to the Central Bank's Monthly Index of Business Activity (MIBA), GDP will expand 0.4% in Q4. FocusEconomics Consensus Forecast panelists also estimate that GDP will expand 0.5% in Q4.