The GDP growth posted by the government conceals the seriousness of the external shock suffered by France

In the 2023 economic, social and financial report, drawn up by the Minister for the Economy and Finance, the only indication of an external shock appears in an appended table concerning the external accounts. JULIEN DE ROSA / AFP

DECRYPTION – The French economy has to bear a surcharge of around 100 billion euros on its energy and raw materials bill, which paradoxically does not appear in the growth figures for 2022 and 2023.

Is France really facing an economic crisis when its GDP should have increased by 2.7% in 2022 – at this stage of the year, it is practically certain – and again by 1% in 2023? Of course, consumer price inflation – 5.6% over the last twelve months – is a problem that threatens the purchasing power of all those whose incomes do not increase at this rate, i.e. almost all people, but economic activity continues to grow. Isn’t that the main thing, as long as it lasts?

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