An economy at a standstill: why France is falling behind
French GDP fell in the third quarter of 2026, household confidence as measured by Insee dropped in October to its lowest in more than a decade, and the 2027 budget is being debated in that climate. Growth, investment, saving, unemployment, bankruptcies: France compared with the euro area.
Citoyen
Scope: France compared with the euro area (current composition), quarterly national accounts in volume, monthly confidence surveys, ILO unemployment rate and business bankruptcies, to the latest data published by Eurostat.
Key points
GDP growth in the latest quarter−0.1%Q3 2026, against 0.4% in the euro area
Growth over a year−0.1%against 1.3% in the euro area
Household saving rate16.9%Q2 2026, against 14.2% in the euro area
Unemployment rate8.5%Sep. 2026, against 7.1% in Sep. 2022
- Growth has stalled. French GDP changed by −0.1% in Q3 2026, with 2 falls in four quarters; over a year it changed by −0.1%, while the euro area grew 1.3%.
- The euro area is pulling away. Since the end of 2019, GDP has grown 6.1% in France against 8.3% in the euro area; the gap widened mostly in 2026.
- Households save instead of spending. Their saving rate reaches 16.9% of disposable income in Q2 2026, against 14.2% in 2019 and 14.2% in the euro area. The European Commission’s confidence indicator stands at −21.9 pt in Oct. 2026, its lowest since Sep. 2022.
- Businesses invest less and fail more. Investment in volume is 2.2% below its Q2 2023 – Q3 2026 peak; business bankruptcies are 41% above their 2019 average.
- Unemployment is rising again: 8.5% in Sep. 2026, against 7.1% at the Sep. 2022 low, while it stays close to 6.5% in the euro area.
How to read these figures
Growth is the quarter-on-quarter change in GDP in volume, seasonally adjusted; a fall of a few tenths of a point can be revised in later releases. The euro area is taken in its current composition over the whole period. The GDP and investment indices equal 100 on average in 2020; the bankruptcy index equals 100 in 2021, a year when public support had sharply reduced them.
The consumer confidence indicator used here is the European Commission’s, harmonised across countries (balance of positive and negative answers). It differs from Insee’s composite indicator, used for historical comparisons in France: both move in the same direction, but their lows do not necessarily fall in the same month. The saving rate divides households’ gross saving by their gross disposable income.
1. Growth has stalled
Since the start of 2026, France has alternated between falls and stagnation, while the rest of the euro area keeps growing. The gap also shows in the level of GDP since 2019.
GDP growth, quarter on quarter
GDP in volume, seasonally and calendar adjusted. France and the euro area.
- Euro area
- France
Source:Eurostat (Insee)
Show the chart data
| Period | France | Euro area |
|---|---|---|
| Q1 2022 | 0.0% | 0.7% |
| Q2 2022 | 0.4% | 0.9% |
| Q3 2022 | 0.5% | 0.5% |
| Q4 2022 | 0.4% | −0.1% |
| Q1 2023 | 0.1% | −0.2% |
| Q2 2023 | 0.9% | 0.2% |
| Q3 2023 | 0.4% | 0.2% |
| Q4 2023 | 0.5% | 0.1% |
| Q1 2024 | 0.2% | 0.5% |
| Q2 2024 | 0.2% | 0.3% |
| Q3 2024 | 0.5% | 0.6% |
| Q4 2024 | −0.1% | 0.3% |
| Q1 2025 | 0.2% | 0.5% |
| Q2 2025 | 0.2% | 0.0% |
| Q3 2025 | 0.5% | 0.3% |
| Q4 2025 | 0.2% | 0.2% |
| Q1 2026 | −0.2% | 0.0% |
| Q2 2026 | 0.0% | 0.6% |
| Q3 2026 | −0.1% | 0.4% |
GDP level, index 2020 = 100
Chain-linked GDP. On this base, France was above the euro area from 2023 to 2025, before being overtaken in 2026.
- Euro area
- France
Source:Eurostat (Insee)
Show the chart data
| Period | France | Euro area |
|---|---|---|
| Q1 2015 | 101.0 | 97.6 |
| Q2 2015 | 101.1 | 98.0 |
| Q3 2015 | 101.4 | 98.4 |
| Q4 2015 | 101.7 | 98.9 |
| Q1 2016 | 102.0 | 99.4 |
| Q2 2016 | 101.7 | 99.6 |
| Q3 2016 | 101.9 | 100.1 |
| Q4 2016 | 102.6 | 100.9 |
| Q1 2017 | 103.2 | 101.7 |
| Q2 2017 | 104.0 | 102.4 |
| Q3 2017 | 104.8 | 103.2 |
| Q4 2017 | 105.4 | 104.1 |
| Q1 2018 | 105.3 | 104.1 |
| Q2 2018 | 105.6 | 104.6 |
| Q3 2018 | 106.2 | 104.8 |
| Q4 2018 | 106.9 | 105.4 |
| Q1 2019 | 107.9 | 106.1 |
| Q2 2019 | 108.5 | 106.5 |
| Q3 2019 | 108.5 | 106.8 |
| Q4 2019 | 108.0 | 106.6 |
| Q1 2020 | 102.6 | 103.3 |
| Q2 2020 | 90.0 | 91.7 |
| Q3 2020 | 103.7 | 102.3 |
| Q4 2020 | 103.7 | 102.7 |
| Q1 2021 | 104.1 | 103.6 |
| Q2 2021 | 105.4 | 105.8 |
| Q3 2021 | 108.5 | 107.8 |
| Q4 2021 | 109.1 | 108.5 |
| Q1 2022 | 109.1 | 109.3 |
| Q2 2022 | 109.5 | 110.4 |
| Q3 2022 | 110.1 | 111.0 |
| Q4 2022 | 110.5 | 110.9 |
| Q1 2023 | 110.6 | 110.7 |
| Q2 2023 | 111.7 | 110.9 |
| Q3 2023 | 112.1 | 111.1 |
| Q4 2023 | 112.7 | 111.2 |
| Q1 2024 | 112.9 | 111.7 |
| Q2 2024 | 113.2 | 112.0 |
| Q3 2024 | 113.7 | 112.6 |
| Q4 2024 | 113.7 | 113.0 |
| Q1 2025 | 113.8 | 113.5 |
| Q2 2025 | 114.1 | 113.6 |
| Q3 2025 | 114.6 | 113.9 |
| Q4 2025 | 114.9 | 114.2 |
| Q1 2026 | 114.7 | 114.2 |
| Q2 2026 | 114.7 | 114.9 |
| Q3 2026 | 114.6 | 115.4 |
2. Worried households who save
Household confidence fell back in autumn 2026, and saving remains well above its pre-pandemic level, higher than in the rest of the euro area.
Consumer confidence
European Commission indicator, balance in points, seasonally adjusted. French average 2000-2019: −10.4 pt.
- Euro area
- France
Source:European Commission (DG ECFIN), via Eurostat
Show the chart data
| Period | France | Euro area |
|---|---|---|
| Jan. 2007 | −6.8 pt | −6.4 pt |
| Feb. 2007 | −6.2 pt | −5.6 pt |
| Mar. 2007 | −6.3 pt | −5.1 pt |
| Apr. 2007 | −5.7 pt | −5.1 pt |
| May 2007 | −1.7 pt | −3.9 pt |
| Jun. 2007 | −1.4 pt | −4.5 pt |
| Jul. 2007 | −2.4 pt | −4.4 pt |
| Aug. 2007 | −4.3 pt | −6.2 pt |
| Sep. 2007 | −6.4 pt | −7.7 pt |
| Oct. 2007 | −7.1 pt | −7.8 pt |
| Nov. 2007 | −11.2 pt | −10.3 pt |
| Dec. 2007 | −9.9 pt | −10.4 pt |
| Jan. 2008 | −14.6 pt | −12.3 pt |
| Feb. 2008 | −13.7 pt | −12.4 pt |
| Mar. 2008 | −14.5 pt | −12.6 pt |
| Apr. 2008 | −15.5 pt | −13.2 pt |
| May 2008 | −17.6 pt | −14.7 pt |
| Jun. 2008 | −20.5 pt | −18.2 pt |
| Jul. 2008 | −20.0 pt | −20.3 pt |
| Aug. 2008 | −18.3 pt | −18.3 pt |
| Sep. 2008 | −17.3 pt | −16.9 pt |
| Oct. 2008 | −19.8 pt | −19.4 pt |
| Nov. 2008 | −16.9 pt | −19.1 pt |
| Dec. 2008 | −18.3 pt | −20.4 pt |
| Jan. 2009 | −18.1 pt | −19.9 pt |
| Feb. 2009 | −19.1 pt | −20.9 pt |
| Mar. 2009 | −20.0 pt | −20.9 pt |
| Apr. 2009 | −15.5 pt | −18.5 pt |
| May 2009 | −15.4 pt | −17.3 pt |
| Jun. 2009 | −14.0 pt | −16.2 pt |
| Jul. 2009 | −13.4 pt | −14.5 pt |
| Aug. 2009 | −15.9 pt | −13.2 pt |
| Sep. 2009 | −11.6 pt | −11.3 pt |
| Oct. 2009 | −10.3 pt | −10.3 pt |
| Nov. 2009 | −8.5 pt | −10.3 pt |
| Dec. 2009 | −9.0 pt | −9.9 pt |
| Jan. 2010 | −8.2 pt | −10.6 pt |
| Feb. 2010 | −10.7 pt | −12.4 pt |
| Mar. 2010 | −12.6 pt | −12.8 pt |
| Apr. 2010 | −12.2 pt | −11.4 pt |
| May 2010 | −14.7 pt | −14.8 pt |
| Jun. 2010 | −15.6 pt | −15.5 pt |
| Jul. 2010 | −14.9 pt | −13.5 pt |
| Aug. 2010 | −13.0 pt | −11.1 pt |
| Sep. 2010 | −13.7 pt | −10.8 pt |
| Oct. 2010 | −12.5 pt | −11.2 pt |
| Nov. 2010 | −9.4 pt | −9.9 pt |
| Dec. 2010 | −12.4 pt | −11.1 pt |
| Jan. 2011 | −14.5 pt | −12.0 pt |
| Feb. 2011 | −14.9 pt | −11.4 pt |
| Mar. 2011 | −16.0 pt | −12.3 pt |
| Apr. 2011 | −16.4 pt | −13.2 pt |
| May 2011 | −15.3 pt | −13.3 pt |
| Jun. 2011 | −16.1 pt | −12.9 pt |
| Jul. 2011 | −15.1 pt | −12.9 pt |
| Aug. 2011 | −19.1 pt | −15.4 pt |
| Sep. 2011 | −18.7 pt | −16.0 pt |
| Oct. 2011 | −16.2 pt | −17.1 pt |
| Nov. 2011 | −18.9 pt | −16.2 pt |
| Dec. 2011 | −19.8 pt | −17.1 pt |
| Jan. 2012 | −18.8 pt | −17.4 pt |
| Feb. 2012 | −16.9 pt | −16.6 pt |
| Mar. 2012 | −13.3 pt | −15.6 pt |
| Apr. 2012 | −13.4 pt | −16.6 pt |
| May 2012 | −11.2 pt | −17.1 pt |
| Jun. 2012 | −12.2 pt | −17.1 pt |
| Jul. 2012 | −15.8 pt | −17.5 pt |
| Aug. 2012 | −16.1 pt | −18.2 pt |
| Sep. 2012 | −18.9 pt | −19.6 pt |
| Oct. 2012 | −19.3 pt | −19.1 pt |
| Nov. 2012 | −18.3 pt | −19.4 pt |
| Dec. 2012 | −18.0 pt | −20.1 pt |
| Jan. 2013 | −19.2 pt | −18.3 pt |
| Feb. 2013 | −18.9 pt | −18.0 pt |
| Mar. 2013 | −19.9 pt | −18.1 pt |
| Apr. 2013 | −19.2 pt | −17.2 pt |
| May 2013 | −22.1 pt | −18.0 pt |
| Jun. 2013 | −22.0 pt | −17.2 pt |
| Jul. 2013 | −19.3 pt | −16.4 pt |
| Aug. 2013 | −16.4 pt | −15.0 pt |
| Sep. 2013 | −15.2 pt | −13.1 pt |
| Oct. 2013 | −14.8 pt | −13.6 pt |
| Nov. 2013 | −18.1 pt | −12.9 pt |
| Dec. 2013 | −16.6 pt | −12.5 pt |
| Jan. 2014 | −16.1 pt | −11.5 pt |
| Feb. 2014 | −16.2 pt | −11.2 pt |
| Mar. 2014 | −15.2 pt | −10.1 pt |
| Apr. 2014 | −16.0 pt | −9.9 pt |
| May 2014 | −16.7 pt | −9.6 pt |
| Jun. 2014 | −18.0 pt | −9.8 pt |
| Jul. 2014 | −16.5 pt | −9.8 pt |
| Aug. 2014 | −16.5 pt | −11.1 pt |
| Sep. 2014 | −17.7 pt | −11.6 pt |
| Oct. 2014 | −17.0 pt | −10.9 pt |
| Nov. 2014 | −16.2 pt | −11.1 pt |
| Dec. 2014 | −14.2 pt | −10.5 pt |
| Jan. 2015 | −13.6 pt | −8.8 pt |
| Feb. 2015 | −11.3 pt | −6.6 pt |
| Mar. 2015 | −10.8 pt | −5.1 pt |
| Apr. 2015 | −9.8 pt | −5.2 pt |
| May 2015 | −11.9 pt | −6.3 pt |
| Jun. 2015 | −11.8 pt | −6.8 pt |
| Jul. 2015 | −13.0 pt | −7.9 pt |
| Aug. 2015 | −11.1 pt | −7.0 pt |
| Sep. 2015 | −10.2 pt | −6.7 pt |
| Oct. 2015 | −9.8 pt | −6.4 pt |
| Nov. 2015 | −9.1 pt | −5.7 pt |
| Dec. 2015 | −9.5 pt | −5.1 pt |
| Jan. 2016 | −8.4 pt | −5.2 pt |
| Feb. 2016 | −10.7 pt | −6.3 pt |
| Mar. 2016 | −12.1 pt | −7.3 pt |
| Apr. 2016 | −11.7 pt | −6.7 pt |
| May 2016 | −9.4 pt | −7.2 pt |
| Jun. 2016 | −12.1 pt | −6.9 pt |
| Jul. 2016 | −11.8 pt | −7.4 pt |
| Aug. 2016 | −11.1 pt | −7.3 pt |
| Sep. 2016 | −9.7 pt | −7.2 pt |
| Oct. 2016 | −9.3 pt | −6.2 pt |
| Nov. 2016 | −7.9 pt | −5.4 pt |
| Dec. 2016 | −6.9 pt | −5.0 pt |
| Jan. 2017 | −7.4 pt | −4.7 pt |
| Feb. 2017 | −8.3 pt | −6.1 pt |
| Mar. 2017 | −8.3 pt | −5.1 pt |
| Apr. 2017 | −7.2 pt | −4.4 pt |
| May 2017 | −6.6 pt | −4.6 pt |
| Jun. 2017 | −1.9 pt | −3.6 pt |
| Jul. 2017 | −4.3 pt | −3.4 pt |
| Aug. 2017 | −5.9 pt | −3.2 pt |
| Sep. 2017 | −7.3 pt | −3.1 pt |
| Oct. 2017 | −7.3 pt | −2.1 pt |
| Nov. 2017 | −4.2 pt | −1.9 pt |
| Dec. 2017 | −3.1 pt | −1.2 pt |
| Jan. 2018 | −4.2 pt | −1.4 pt |
| Feb. 2018 | −7.1 pt | −2.3 pt |
| Mar. 2018 | −6.9 pt | −2.8 pt |
| Apr. 2018 | −7.8 pt | −2.6 pt |
| May 2018 | −8.6 pt | −3.9 pt |
| Jun. 2018 | −10.5 pt | −3.8 pt |
| Jul. 2018 | −9.9 pt | −3.9 pt |
| Aug. 2018 | −10.5 pt | −4.1 pt |
| Sep. 2018 | −13.9 pt | −4.9 pt |
| Oct. 2018 | −11.3 pt | −4.0 pt |
| Nov. 2018 | −13.6 pt | −4.6 pt |
| Dec. 2018 | −16.9 pt | −6.1 pt |
| Jan. 2019 | −12.1 pt | −5.3 pt |
| Feb. 2019 | −10.6 pt | −5.4 pt |
| Mar. 2019 | −9.9 pt | −4.8 pt |
| Apr. 2019 | −10.1 pt | −5.3 pt |
| May 2019 | −8.1 pt | −4.9 pt |
| Jun. 2019 | −8.2 pt | −5.6 pt |
| Jul. 2019 | −6.7 pt | −5.2 pt |
| Aug. 2019 | −7.6 pt | −6.0 pt |
| Sep. 2019 | −6.2 pt | −5.5 pt |
| Oct. 2019 | −6.5 pt | −5.9 pt |
| Nov. 2019 | −5.8 pt | −5.3 pt |
| Dec. 2019 | −9.5 pt | −6.4 pt |
| Jan. 2020 | −8.9 pt | −5.9 pt |
| Feb. 2020 | −7.7 pt | −4.9 pt |
| Mar. 2020 | −12.6 pt | −10.9 pt |
| Apr. 2020 | −21.6 pt | −23.2 pt |
| May 2020 | −17.6 pt | −19.0 pt |
| Jun. 2020 | −12.4 pt | −13.2 pt |
| Jul. 2020 | −11.9 pt | −13.4 pt |
| Aug. 2020 | −12.2 pt | −13.0 pt |
| Sep. 2020 | −10.9 pt | −11.6 pt |
| Oct. 2020 | −13.3 pt | −13.2 pt |
| Nov. 2020 | −18.0 pt | −15.3 pt |
| Dec. 2020 | −10.8 pt | −10.9 pt |
| Jan. 2021 | −13.6 pt | −12.6 pt |
| Feb. 2021 | −14.4 pt | −11.9 pt |
| Mar. 2021 | −9.8 pt | −8.5 pt |
| Apr. 2021 | −9.5 pt | −8.4 pt |
| May 2021 | −5.2 pt | −4.2 pt |
| Jun. 2021 | −0.1 pt | −0.9 pt |
| Jul. 2021 | −3.2 pt | −2.7 pt |
| Aug. 2021 | −6.5 pt | −4.1 pt |
| Sep. 2021 | −2.9 pt | −2.5 pt |
| Oct. 2021 | −6.2 pt | −3.9 pt |
| Nov. 2021 | −6.9 pt | −6.9 pt |
| Dec. 2021 | −8.5 pt | −8.0 pt |
| Jan. 2022 | −9.4 pt | −8.2 pt |
| Feb. 2022 | −8.6 pt | −8.3 pt |
| Mar. 2022 | −21.2 pt | −20.6 pt |
| Apr. 2022 | −19.0 pt | −20.7 pt |
| May 2022 | −18.8 pt | −20.0 pt |
| Jun. 2022 | −21.2 pt | −22.7 pt |
| Jul. 2022 | −21.9 pt | −26.1 pt |
| Aug. 2022 | −18.9 pt | −23.8 pt |
| Sep. 2022 | −22.4 pt | −27.5 pt |
| Oct. 2022 | −20.8 pt | −26.2 pt |
| Nov. 2022 | −18.7 pt | −22.5 pt |
| Dec. 2022 | −20.6 pt | −20.8 pt |
| Jan. 2023 | −20.6 pt | −19.4 pt |
| Feb. 2023 | −21.5 pt | −17.8 pt |
| Mar. 2023 | −20.6 pt | −17.7 pt |
| Apr. 2023 | −18.7 pt | −15.7 pt |
| May 2023 | −17.0 pt | −15.8 pt |
| Jun. 2023 | −14.7 pt | −14.7 pt |
| Jul. 2023 | −14.2 pt | −13.9 pt |
| Aug. 2023 | −14.9 pt | −14.8 pt |
| Sep. 2023 | −15.9 pt | −16.6 pt |
| Oct. 2023 | −16.6 pt | −16.6 pt |
| Nov. 2023 | −13.5 pt | −15.6 pt |
| Dec. 2023 | −13.4 pt | −13.8 pt |
| Jan. 2024 | −11.6 pt | −14.6 pt |
| Feb. 2024 | −14.7 pt | −14.2 pt |
| Mar. 2024 | −13.4 pt | −13.4 pt |
| Apr. 2024 | −15.3 pt | −12.8 pt |
| May 2024 | −13.5 pt | −12.7 pt |
| Jun. 2024 | −14.4 pt | −12.5 pt |
| Jul. 2024 | −15.4 pt | −11.6 pt |
| Aug. 2024 | −13.0 pt | −12.0 pt |
| Sep. 2024 | −11.6 pt | −11.6 pt |
| Oct. 2024 | −12.7 pt | −11.1 pt |
| Nov. 2024 | −15.2 pt | −12.2 pt |
| Dec. 2024 | −17.7 pt | −12.6 pt |
| Jan. 2025 | −14.1 pt | −12.5 pt |
| Feb. 2025 | −13.2 pt | −12.4 pt |
| Mar. 2025 | −14.8 pt | −13.2 pt |
| Apr. 2025 | −16.3 pt | −15.0 pt |
| May 2025 | −17.5 pt | −13.5 pt |
| Jun. 2025 | −17.4 pt | −13.9 pt |
| Jul. 2025 | −17.0 pt | −13.5 pt |
| Aug. 2025 | −18.6 pt | −14.1 pt |
| Sep. 2025 | −19.3 pt | −13.4 pt |
| Oct. 2025 | −15.4 pt | −12.6 pt |
| Nov. 2025 | −15.8 pt | −12.9 pt |
| Dec. 2025 | −16.2 pt | −13.2 pt |
| Jan. 2026 | −15.7 pt | −12.5 pt |
| Feb. 2026 | −14.2 pt | −12.3 pt |
| Mar. 2026 | −17.1 pt | −16.3 pt |
| Apr. 2026 | −21.8 pt | −20.5 pt |
| May 2026 | −21.1 pt | −18.9 pt |
| Jun. 2026 | −19.3 pt | −17.7 pt |
| Jul. 2026 | −17.0 pt | −15.9 pt |
| Aug. 2026 | −17.8 pt | −15.6 pt |
| Sep. 2026 | −18.5 pt | −16.8 pt |
| Oct. 2026 | −21.9 pt | −17.9 pt |
Household saving rate
Gross saving as % of gross disposable income, quarterly, seasonally adjusted.
- Euro area
- France
Source:Eurostat (Insee)
Show the chart data
| Period | France | Euro area |
|---|---|---|
| Q1 2015 | 13.8% | 12.6% |
| Q2 2015 | 13.7% | 12.3% |
| Q3 2015 | 13.3% | 12.4% |
| Q4 2015 | 13.6% | 12.5% |
| Q1 2016 | 13.4% | 12.7% |
| Q2 2016 | 13.1% | 12.5% |
| Q3 2016 | 13.9% | 12.6% |
| Q4 2016 | 13.4% | 12.2% |
| Q1 2017 | 13.5% | 12.1% |
| Q2 2017 | 13.8% | 12.4% |
| Q3 2017 | 13.6% | 12.5% |
| Q4 2017 | 13.7% | 12.6% |
| Q1 2018 | 12.9% | 12.2% |
| Q2 2018 | 13.4% | 12.4% |
| Q3 2018 | 13.5% | 12.5% |
| Q4 2018 | 14.3% | 12.8% |
| Q1 2019 | 14.4% | 13.3% |
| Q2 2019 | 14.1% | 13.1% |
| Q3 2019 | 13.8% | 12.9% |
| Q4 2019 | 14.7% | 12.6% |
| Q1 2020 | 17.8% | 17.1% |
| Q2 2020 | 25.4% | 24.8% |
| Q3 2020 | 15.5% | 16.4% |
| Q4 2020 | 21.5% | 19.1% |
| Q1 2021 | 20.5% | 20.4% |
| Q2 2021 | 19.7% | 18.6% |
| Q3 2021 | 16.7% | 15.0% |
| Q4 2021 | 17.9% | 14.9% |
| Q1 2022 | 17.1% | 14.3% |
| Q2 2022 | 15.3% | 12.8% |
| Q3 2022 | 16.0% | 13.4% |
| Q4 2022 | 17.6% | 13.5% |
| Q1 2023 | 16.6% | 13.7% |
| Q2 2023 | 16.5% | 13.9% |
| Q3 2023 | 16.4% | 14.2% |
| Q4 2023 | 17.4% | 15.0% |
| Q1 2024 | 17.5% | 15.1% |
| Q2 2024 | 18.3% | 15.3% |
| Q3 2024 | 18.1% | 15.1% |
| Q4 2024 | 18.3% | 15.0% |
| Q1 2025 | 17.6% | 14.8% |
| Q2 2025 | 17.7% | 15.2% |
| Q3 2025 | 17.2% | 14.7% |
| Q4 2025 | 17.2% | 14.3% |
| Q1 2026 | 17.4% | 14.4% |
| Q2 2026 | 16.9% | 14.2% |
3. Businesses: less investment, more failures
Investment has been falling since the start of 2026 and business bankruptcies remain high, well above their pre-2020 level.
Investment (gross fixed capital formation), index 2020 = 100
Chain-linked volume, all sectors (businesses, households, government). Latest change over a year: −1.8%.
- Euro area
- France
Source:Eurostat (Insee)
Show the chart data
| Period | France | Euro area |
|---|---|---|
| Q1 2015 | 92.0 | 85.6 |
| Q2 2015 | 91.8 | 92.3 |
| Q3 2015 | 92.6 | 87.7 |
| Q4 2015 | 94.3 | 90.6 |
| Q1 2016 | 95.0 | 91.0 |
| Q2 2016 | 94.5 | 91.4 |
| Q3 2016 | 95.1 | 92.6 |
| Q4 2016 | 95.7 | 93.8 |
| Q1 2017 | 97.3 | 92.8 |
| Q2 2017 | 98.2 | 100.2 |
| Q3 2017 | 99.6 | 95.5 |
| Q4 2017 | 100.5 | 95.9 |
| Q1 2018 | 100.6 | 96.6 |
| Q2 2018 | 101.4 | 98.3 |
| Q3 2018 | 102.8 | 98.8 |
| Q4 2018 | 104.2 | 103.0 |
| Q1 2019 | 105.0 | 101.3 |
| Q2 2019 | 106.3 | 108.8 |
| Q3 2019 | 107.6 | 102.6 |
| Q4 2019 | 107.5 | 112.5 |
| Q1 2020 | 101.2 | 108.3 |
| Q2 2020 | 88.1 | 88.2 |
| Q3 2020 | 102.6 | 99.4 |
| Q4 2020 | 108.1 | 104.0 |
| Q1 2021 | 109.0 | 102.1 |
| Q2 2021 | 110.3 | 103.7 |
| Q3 2021 | 110.2 | 102.7 |
| Q4 2021 | 109.1 | 105.8 |
| Q1 2022 | 109.0 | 105.6 |
| Q2 2022 | 108.6 | 105.7 |
| Q3 2022 | 109.6 | 106.9 |
| Q4 2022 | 110.4 | 106.8 |
| Q1 2023 | 110.4 | 109.0 |
| Q2 2023 | 111.7 | 109.0 |
| Q3 2023 | 111.7 | 109.1 |
| Q4 2023 | 110.8 | 109.9 |
| Q1 2024 | 110.1 | 108.2 |
| Q2 2024 | 110.4 | 105.5 |
| Q3 2024 | 109.6 | 107.4 |
| Q4 2024 | 109.6 | 108.1 |
| Q1 2025 | 109.9 | 110.8 |
| Q2 2025 | 110.3 | 109.4 |
| Q3 2025 | 111.2 | 110.5 |
| Q4 2025 | 111.3 | 111.2 |
| Q1 2026 | 110.4 | 111.1 |
| Q2 2026 | 109.9 | 111.0 |
| Q3 2026 | 109.2 | – |
Business bankruptcies, index 2021 = 100
Declarations of bankruptcy, all market sectors except holding companies, seasonally adjusted. France and the European Union.
- European Union
- France
Source:Eurostat (Insee)
Show the chart data
| Period | France | European Union |
|---|---|---|
| Q1 2015 | 245.7 | 187.4 |
| Q2 2015 | 224.0 | 174.5 |
| Q3 2015 | 233.9 | 175.0 |
| Q4 2015 | 223.7 | 169.7 |
| Q1 2016 | 218.4 | 160.2 |
| Q2 2016 | 222.5 | 160.6 |
| Q3 2016 | 205.2 | 152.1 |
| Q4 2016 | 202.5 | 145.0 |
| Q1 2017 | 205.4 | 142.7 |
| Q2 2017 | 199.3 | 140.5 |
| Q3 2017 | 190.4 | 139.0 |
| Q4 2017 | 196.2 | 142.1 |
| Q1 2018 | 187.3 | 138.3 |
| Q2 2018 | 194.9 | 141.5 |
| Q3 2018 | 203.7 | 138.2 |
| Q4 2018 | 204.7 | 140.7 |
| Q1 2019 | 189.3 | 138.4 |
| Q2 2019 | 187.9 | 135.5 |
| Q3 2019 | 185.5 | 139.9 |
| Q4 2019 | 185.2 | 138.3 |
| Q1 2020 | 137.8 | 119.7 |
| Q2 2020 | 84.9 | 93.8 |
| Q3 2020 | 121.1 | 104.4 |
| Q4 2020 | 110.4 | 100.6 |
| Q1 2021 | 94.9 | 107.9 |
| Q2 2021 | 95.7 | 96.4 |
| Q3 2021 | 96.0 | 96.7 |
| Q4 2021 | 112.4 | 99.0 |
| Q1 2022 | 130.3 | 102.5 |
| Q2 2022 | 145.7 | 108.7 |
| Q3 2022 | 165.8 | 122.9 |
| Q4 2022 | 167.2 | 132.1 |
| Q1 2023 | 191.6 | 136.8 |
| Q2 2023 | 198.4 | 153.2 |
| Q3 2023 | 209.2 | 153.3 |
| Q4 2023 | 231.6 | 157.5 |
| Q1 2024 | 232.7 | 165.6 |
| Q2 2024 | 241.3 | 166.4 |
| Q3 2024 | 246.7 | 172.1 |
| Q4 2024 | 256.9 | 173.1 |
| Q1 2025 | 237.8 | 176.0 |
| Q2 2025 | 253.0 | 187.4 |
| Q3 2025 | 259.6 | 191.5 |
| Q4 2025 | 260.5 | 189.8 |
| Q1 2026 | 256.3 | 185.3 |
| Q2 2026 | 265.4 | 195.9 |
| Q3 2026 | 263.9 | – |
4. Unemployment is rising again
After a low in 2022, the French unemployment rate is slowly rising, while it remains stable in the euro area.
Unemployment rate
ILO definition, % of the labour force, monthly, seasonally adjusted.
- Euro area
- France
Source:Eurostat (Insee)
Show the chart data
| Period | France | Euro area |
|---|---|---|
| Jan. 2015 | 10.4% | 11.4% |
| Feb. 2015 | 10.4% | 11.3% |
| Mar. 2015 | 10.4% | 11.3% |
| Apr. 2015 | 10.4% | 11.2% |
| May 2015 | 10.5% | 11.1% |
| Jun. 2015 | 10.4% | 11.1% |
| Jul. 2015 | 10.3% | 10.8% |
| Aug. 2015 | 10.3% | 10.8% |
| Sep. 2015 | 10.3% | 10.7% |
| Oct. 2015 | 10.3% | 10.7% |
| Nov. 2015 | 10.3% | 10.6% |
| Dec. 2015 | 10.3% | 10.5% |
| Jan. 2016 | 10.3% | 10.5% |
| Feb. 2016 | 10.4% | 10.4% |
| Mar. 2016 | 10.2% | 10.3% |
| Apr. 2016 | 10.1% | 10.3% |
| May 2016 | 10.0% | 10.2% |
| Jun. 2016 | 10.0% | 10.2% |
| Jul. 2016 | 9.8% | 10.0% |
| Aug. 2016 | 9.9% | 10.0% |
| Sep. 2016 | 9.9% | 9.9% |
| Oct. 2016 | 10.1% | 9.8% |
| Nov. 2016 | 10.1% | 9.8% |
| Dec. 2016 | 10.0% | 9.7% |
| Jan. 2017 | 9.8% | 9.6% |
| Feb. 2017 | 9.6% | 9.5% |
| Mar. 2017 | 9.6% | 9.4% |
| Apr. 2017 | 9.6% | 9.3% |
| May 2017 | 9.6% | 9.2% |
| Jun. 2017 | 9.5% | 9.1% |
| Jul. 2017 | 9.6% | 9.1% |
| Aug. 2017 | 9.6% | 9.0% |
| Sep. 2017 | 9.3% | 8.9% |
| Oct. 2017 | 9.1% | 8.8% |
| Nov. 2017 | 9.0% | 8.7% |
| Dec. 2017 | 9.1% | 8.7% |
| Jan. 2018 | 9.3% | 8.6% |
| Feb. 2018 | 9.3% | 8.6% |
| Mar. 2018 | 9.3% | 8.5% |
| Apr. 2018 | 9.2% | 8.4% |
| May 2018 | 9.1% | 8.3% |
| Jun. 2018 | 9.1% | 8.2% |
| Jul. 2018 | 9.0% | 8.1% |
| Aug. 2018 | 8.9% | 8.0% |
| Sep. 2018 | 8.9% | 8.0% |
| Oct. 2018 | 8.8% | 8.0% |
| Nov. 2018 | 8.8% | 7.9% |
| Dec. 2018 | 8.8% | 7.8% |
| Jan. 2019 | 8.8% | 7.8% |
| Feb. 2019 | 8.8% | 7.8% |
| Mar. 2019 | 8.7% | 7.7% |
| Apr. 2019 | 8.6% | 7.7% |
| May 2019 | 8.5% | 7.6% |
| Jun. 2019 | 8.5% | 7.5% |
| Jul. 2019 | 8.4% | 7.5% |
| Aug. 2019 | 8.3% | 7.4% |
| Sep. 2019 | 8.2% | 7.4% |
| Oct. 2019 | 8.2% | 7.4% |
| Nov. 2019 | 8.2% | 7.4% |
| Dec. 2019 | 8.3% | 7.5% |
| Jan. 2020 | 8.2% | 7.4% |
| Feb. 2020 | 7.9% | 7.3% |
| Mar. 2020 | 7.6% | 7.1% |
| Apr. 2020 | 7.6% | 7.4% |
| May 2020 | 7.0% | 7.7% |
| Jun. 2020 | 7.4% | 8.1% |
| Jul. 2020 | 8.7% | 8.5% |
| Aug. 2020 | 9.1% | 8.6% |
| Sep. 2020 | 9.0% | 8.5% |
| Oct. 2020 | 8.3% | 8.4% |
| Nov. 2020 | 8.1% | 8.2% |
| Dec. 2020 | 8.0% | 8.2% |
| Jan. 2021 | 8.1% | 8.2% |
| Feb. 2021 | 8.2% | 8.2% |
| Mar. 2021 | 8.2% | 8.2% |
| Apr. 2021 | 8.2% | 8.3% |
| May 2021 | 8.0% | 8.1% |
| Jun. 2021 | 7.9% | 7.9% |
| Jul. 2021 | 8.0% | 7.7% |
| Aug. 2021 | 7.9% | 7.5% |
| Sep. 2021 | 7.7% | 7.4% |
| Oct. 2021 | 7.6% | 7.2% |
| Nov. 2021 | 7.5% | 7.1% |
| Dec. 2021 | 7.4% | 7.1% |
| Jan. 2022 | 7.3% | 6.9% |
| Feb. 2022 | 7.4% | 6.8% |
| Mar. 2022 | 7.5% | 6.8% |
| Apr. 2022 | 7.6% | 6.8% |
| May 2022 | 7.5% | 6.8% |
| Jun. 2022 | 7.5% | 6.7% |
| Jul. 2022 | 7.4% | 6.7% |
| Aug. 2022 | 7.3% | 6.7% |
| Sep. 2022 | 7.1% | 6.7% |
| Oct. 2022 | 7.2% | 6.6% |
| Nov. 2022 | 7.2% | 6.7% |
| Dec. 2022 | 7.2% | 6.7% |
| Jan. 2023 | 7.1% | 6.7% |
| Feb. 2023 | 7.1% | 6.6% |
| Mar. 2023 | 7.1% | 6.5% |
| Apr. 2023 | 7.3% | 6.5% |
| May 2023 | 7.3% | 6.5% |
| Jun. 2023 | 7.4% | 6.5% |
| Jul. 2023 | 7.5% | 6.6% |
| Aug. 2023 | 7.5% | 6.5% |
| Sep. 2023 | 7.4% | 6.6% |
| Oct. 2023 | 7.5% | 6.6% |
| Nov. 2023 | 7.6% | 6.5% |
| Dec. 2023 | 7.7% | 6.5% |
| Jan. 2024 | 7.6% | 6.5% |
| Feb. 2024 | 7.5% | 6.5% |
| Mar. 2024 | 7.4% | 6.4% |
| Apr. 2024 | 7.3% | 6.4% |
| May 2024 | 7.4% | 6.4% |
| Jun. 2024 | 7.5% | 6.4% |
| Jul. 2024 | 7.5% | 6.4% |
| Aug. 2024 | 7.5% | 6.3% |
| Sep. 2024 | 7.5% | 6.3% |
| Oct. 2024 | 7.4% | 6.2% |
| Nov. 2024 | 7.3% | 6.2% |
| Dec. 2024 | 7.3% | 6.2% |
| Jan. 2025 | 7.3% | 6.3% |
| Feb. 2025 | 7.5% | 6.3% |
| Mar. 2025 | 7.6% | 6.3% |
| Apr. 2025 | 7.5% | 6.3% |
| May 2025 | 7.6% | 6.3% |
| Jun. 2025 | 7.7% | 6.3% |
| Jul. 2025 | 7.8% | 6.3% |
| Aug. 2025 | 7.8% | 6.3% |
| Sep. 2025 | 7.9% | 6.3% |
| Oct. 2025 | 8.0% | 6.3% |
| Nov. 2025 | 7.9% | 6.3% |
| Dec. 2025 | 8.0% | 6.3% |
| Jan. 2026 | 8.0% | 6.3% |
| Feb. 2026 | 8.2% | 6.4% |
| Mar. 2026 | 8.2% | 6.4% |
| Apr. 2026 | 8.3% | 6.4% |
| May 2026 | 8.4% | 6.4% |
| Jun. 2026 | 8.3% | 6.4% |
| Jul. 2026 | 8.3% | 6.5% |
| Aug. 2026 | 8.3% | 6.5% |
| Sep. 2026 | 8.5% | 6.5% |
What we know, what we don’t
What the figures establish
- French GDP fell in two of the last four quarters, while the euro area kept growing.
- Households save more than before the pandemic and more than their neighbours, and their confidence fell again in autumn 2026.
- Investment is falling, bankruptcies remain high and unemployment is rising.
What they don’t tell
- Revisions: the first quarterly GDP estimates are often corrected by a few tenths.
- The share of political and budget uncertainty in this slowdown: these series do not measure the effect of a public decision.
- The fourth quarter of 2026, not yet published.
Sources
Series downloaded from their producers on Nov 12, 2026, the snapshot date. Only published periods are used: no projection.
- European Commission (DG ECFIN), via Eurostat Consumer confidence indicator, balance, seasonally adjusted (ei_bsco_m)
- Eurostat (Insee) Quarterly national accounts: GDP, household consumption, investment (namq_10_gdp); household saving rate (nasq_10_ki)
- Eurostat (Insee) Unemployment rate, monthly, seasonally adjusted (une_rt_m)
- Eurostat (Insee) Business registrations and bankruptcies, quarterly index (sts_rb_q)