Latest French economic forecasts and trade data

International Business News – According to a report by Le Figaro on September 7, the latest economic report released by the French National Institute for Statistics and Economic Research on the same day pointed out that global economic activities are still affected by external shocks such as the epidemic, geopolitics, and climate, and production conditions continue to be under pressure. Inflation is high.

According to the latest forecast, French economic growth is expected to be 0.2% in the third quarter and zero in the fourth quarter, down from the 0.3% forecast in June. Full-year growth is forecast at 2.5% in 2022 and 0.2% in 2023. It is expected that price increases will remain high in the second half of this year, but household purchasing power may rebound slightly in the second half of the year after shrinking sharply in the first half.

The latest French customs data showed that France’s trade balance deteriorated again in July, with a deficit of 14.5 billion euros, compared with 13.1 billion euros in June. Imports totaled about 63.3 billion euros and exports totaled about 48.7 billion euros. Driven by rising energy prices, imports grew faster than exports.

According to the Banque de France report, the current account deficit, including the service industry, jumped from 1.5 billion euros in June to 5.3 billion euros in July, and the service industry surplus fell from 7.1 billion euros to 5.6 billion euros, of which the tourism surplus fell from 7.1 billion euros to 5.6 billion euros. 1.7 billion euros fell to 1.5 billion euros.