Macroeconomic environment for businesses
The French economy is confronted with a weakening in demand…
Domestic and foreign demand for French goods and services is losing steam. While demand contributed 2 percentage points (pp) to GDP growth between 2022 and 2024, it slowed significantly in 2025 (−0.6 pp at the end of the second quarter). This weakening in demand stems, in particular, from the almost uninterrupted rise in the household savings rate, which has continued to reach record levels quarter after quarter (except during the COVID period).
… which is reflected, in particular, in the growing financing needs of non-financial companiesIn this unfavorable business environment, non-financial corporations (NFCs) are…