French growth has recorded a stop-and-go cycle during the last 4 years. While the Covid period initiated this phenomenon in response to successive lockdowns and reopenings of the economy, subsequent shocks generated precautionary behaviour: lowering inventories and sudden stop of growth at the time of the shock (energy crisis, impact of rising interest rates), and then inventories rebuilding and growth recovery thereafter. This phenomenon could contribute to growth during the course of 2024, after the stagnation recorded in the second half of 2023.
