frencheconomy
The French government is approaching a crucial phase in the upcoming weeks, with its fiscal policies under intense scrutiny. By the end of April, it is slated to present its stability programme, which will update its medium-term fiscal strategy. Critical moments on the horizon include ratings reviews from Moody's (currently AA with a stable outlook) and Fitch on April 26 (AA- with a stable outlook), with a subsequent evaluation from S&P on May 31 (AA with a negative outlook). Eurozone inflation eases: Trends across the continent and ECB rate expectationsRecent projections from the Internationa...
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Recent figures reveal that President Emmanuel Macron’s deficit reduction plan is behind target, meaning France must find additional revenue or face further fiscal uncertainty. Trapped in a stalemate between raising taxes or cutting spending, France instead should consider the revenue potential of principled tax policy design. On 26 March, the French National Institute of Statistics and Economic Studies announced France’s 2023 budget deficit was 5.5% of GDP, well above both the government’s 4.9% target and the EU’s 3% rate. The €16 billion gap is economically significant for any government, but...
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Essentially, a country that imports more goods and services than it exports in terms of value has a trade deficit or a negative trade balance. Conversely, a country that exports more goods and services than it imports has a trade surplus or a positive trade balance. The latest data from France's statistical office comes after the Bank of America warned of inevitable excessive deficit procedures for France \- and others. "Many things fiscal are making a return in Europe at the moment, with France and Italy in particular on the market's radar," noted Bank of America in a recent report. Just befo...
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The preliminary estimate for the French year-on-year inflation report for March 2024 came out on Friday morning, clocking in at 2.3%, according to INSEE, France. This was the lowest since September 2021, and was also considerably under analyst expectations of 2.6%, as well as February’s 3% print. This was largely due to food prices increasing at a slower pace, at 1.7% in March, from 3.6% in February, with fresh food prices dropping 3.9%. Tobacco prices also saw a sharp slowdown, rising 10.7% this month, down from 18.7% in February. Similarly, services prices stabilised somewhat, seeing an incr...
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Statistics agency Insee announced this week France's budget deficit jumped to 5.5 percent last year. Prime Minister Gabriel Attal told new channel TF1 on Wednesday the expected target in the medium-term budget plan – to be presented in September – would bring the deficit back to 2.7 percent GDP by 2027. This would translate to 50 billion in savings, according to the Court of Auditors. The French government's target is an unlikely success: Moody'sEconomy Minister Bruno Le Maire will meet majority and opposition parliamentarians this Thursday in Paris to form the 2025 budget. Attal said the poli...
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France's public sector budget deficit widened in 2023 by more than the government had planned, according to data released on Tuesday by statistics agency INSEE. This means there was a greater gap between income and spending, throwing Macron's reputation as a fiscally stable president into doubt. The deficit can largely be explained by France's lower growth figures last year, which reduced tax revenue. The rate of spending expansion also eased only moderately last year, rising by 3.7%, following a rate of 4% in 2022. France's Finance Minister, Bruno Le Maire, warned earlier this month that the ...
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France's industrial production fell further than expected at the beginning of the year, as the country's economy struggles to return to full strength amid the cost of living crisis. Total production across industries slumped by 1.1% in January compared to the previous month, according to new figures from Insee, France's statistical office. This is after economists surveyed by Bloomberg and the Wall Street Journal had forecast a drop of just 0.1%, as reported by both news outlets. Bogof! No more 'Buy one, get one free': France forbids supermarket mega sales Slower-than-expected inflation declin...
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A new strategic partnership will bring €10 billion into the French economy between 2024-2030, according to a new agreement signed by Qatar's Emir Sheikh Tamim bin Hamad Al Thani and French President Emmanuel Macron on Tuesday. The leaders sealed the agreement as Qatar's Emir started his two-day visit in France, the first state visit since his accession to the throne in 2013. The Qatari investment is going to benefit start-ups and investment funds in Europe's second-biggest economy, targeting sectors including aerospace, artificial intelligence, energy transition, semiconductor, digital, health...
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German consumer sentiment could potentially be on the road to recovery, despite the country recently being battered by soaring prices and lacklustre economic prospects. The German GfK Consumer Climate Indicator for March, released by the GfK Group, came out on Tuesday, clocking in at -29.0, in line with market expectations. This was a notch above the 11-month low of -29.6, seen back in February. This was mostly due to income expectations touching a more than two-year high, at -4.8, up from -20.0 in the last month. However, economic prospects remained more or less the same, at -6.4, up from -6....
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France is dropping its GDP growth forecast for this year from 1.4% to 1% and will slash spending by about €10 billion, the country's finance minister has said. Bruno Le Maire announced in a TV interview on French channel TF1 on Sunday that the government will cut the budget of each ministry and certain governmental initiatives with immediate effect, to offset the sluggish growth outlook. Doing so will enable France to keep its target of lowering its deficit to 4.4% in 2024 in its sights, the finance minister said, assuring that the government will not raise taxes. The deficit stood at 4.9% in ...
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