The French economy is exposed to both negative and positive factors. The recession risk is significant, as inflation acceleration has weighed and should continue to weigh on consumer appetite. However, some factors may drive growth, as e.g. the gradual recovery of their output to pre-Covid levels. Many sectors have already reached this target, but the manufacturing sector (particularly automotive and aeronautics) still experiences various factors limiting their production. If these bottlenecks ease, growth may well surprise on the upside.
