French business climate at 14-year peak, says national statistics agency

French business climate at 14-year peak, says national statistics agency
Photo: Ludovic MARIN / AFP.
The business climate in France has improved markedly in June, reaching a 14-year peak that is considerably higher than its pre-pandemic level, the national statistics agency INSEE said on Thursday.

The composite indicator for the major sectors of the economy rose by five points to 113, which INSEE said is the highest since mid-2007.

The rise also puts it far above the 105 points before the Covid-19 pandemic and far above the long-term average of 100.

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“This further improvement in the business climate is mainly driven by the increase in the balance of opinion on the general business outlook in services,” INSEE said in a statement.

That reading is the strongest positive business outlook since September 2000, it said.

For the retail trade sector, the balance of opinion on the general business outlook is at its highest level since the data series began in 1991.

The employment climate also improved, to 104 points. That is just one point below the pre-pandemic level, with the increase mostly due to expectations on how the job market will evolve over the coming three months.

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