French economic growth is holding up as best it can

A strong recovery in French growth will still be a long time coming. After a 1.1% increase in gross domestic product in 2024, INSEE forecasts annual growth of just 0.8% in 2025, in its latest economic report published this Thursday, September 11. This estimate has, however, been revised upwards compared to its last forecast of 0.6% in June thanks to the 0.3% increase in growth in the second quarter (compared to 0.1% in the first quarter of 2025). The latter is driven by "exceptional dynamism in industrial production, particularly in aeronautics, and by strong tourist demand," emphasizes Clément Bortoli, head of the INSEE's economic synthesis division, but it remains hampered by "the deterioration in foreign trade and stable household consumption, [which] has once again disappointed."

Again and again, the National Institute of Statistics points to "a singular lack of confidence" on the part of the French, with "a deteriorating household morale." This wait-and-see attitude is clearly visible in consumption, whose "sluggishness is breaking the momentum of French growth," analyzes Dorian Roucher, head of the economic department.

However, there are signs that a recovery is likely. The power of