French FM: France Economy Doing Well

French Finance Minister Bruno Le Maire said on Aug. 23 that France’s economy is “doing well” as consumer spending continue to rise despite ongoing COVID-19 restrictions.

Le Maire reassured that France aims to return to pre-pandemic growth levels by the end of the year, targeting a 6 percent growth rate for 2021.

The Bank of France’s recent survey showed that France’s industry and services sector have stabilized in July to August but food services and construction activities are expected to decline due to new health measures.

France’s unemployment levels have decreased slightly in the second quarter to 8 percent as young people return to the labor force.

Data group IHS Markit reported that its Purchasing Managers’ Index (PMI) for France registered 55.9 in August, lower than July’s 56.6 but “indicative of strong growth in business activity over the month.”

“Another strong month of growth across France was signaled by the flash PMI figure for August,” Joe Hayes, Senior Economist at IHS Markit, said.

Hayes concluded that while supply chain issues and health protocol restraints remain, France’s overall conditions “remain fruitful for further growth heading into the end of the third quarter.”

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