2023-09-25 06:30:23
Published on September 25, 2023 at 6:30 a.m.
After the cold sweats caused by the war in Ukraine, inflation and the energy crisis in 2022, “the year 2023 ultimately turns out to be better than expected for French SMEs and VSEs”, according to Philippe Mutricy, director of studies at Bpifrance . But concern is growing around weak demand.
It is even the first risk pointed out this fall by 40% of the managers of these small and medium-sized companies, far ahead of the lack of skills (18%), according to the survey carried out at the beginning of September by Bpifrance Le Lab and Rexecode. “The state of mind of SMEs is in line with the evolution of the French economy,” believes Philippe Mutricy. After the unexpected jump in the second quarter (+0.5%), economic activity is slowing down in France as in the euro zone.
Access to financing
Nevertheless, SMEs remain in a positive dynamic. The majority of them (57%) indicate that they have already invested or are announcing projects for this year, a figure that is increasing slightly. Companies are seeking to renew their equipment, modernize and achieve their environmental objectives.
“Cash flow situations remain at decent levels, even if a slight deterioration is expected. And access to financing remains open. All this contributes to the good resistance of investment,” analyzes Baptiste Thornary, chief economist of the public bank. However, only a little over a quarter of French SMEs (28%) will increase their spending, the likely effect of high interest rates. For 43%, it will be stable. And a sign of caution, the proportion of bosses considering opening a new site is in sharp decline (18%).
Salary increases
Margins remain, it is true, under pressure, and 41% of small businesses expect them to decrease in 2023. As inflation falls, 41% of bosses indicate that they will not touch their prices (+6 points compared to April) and 9% will even lower them (+4 points). Half will increase them, but price increases will be limited to 2.5% on average, compared to 4.3% still envisaged a few months ago.
Wages are expected to rise faster than prices this year. Nearly three-quarters of SMEs and VSEs (72%) plan a revaluation. The increases (excluding bonuses and profit-sharing) would reach 3.4% on average (for inflation expected at 4.9%), after a 3.9% increase in 2022.
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