French growth: after rebound of 2021, questions about 2022

The French GDP increased by 7%, erasing the fall of 8% of 2020. The performance is explained by a very strong recovery in consumption and business investment.


After the 2020 crisis that made the French economy plunge from 8%, the rebound in 2021 was clear and higher than expected. Growth is set for the past year at 7%, a figure that exceeds expectations and confirms that the economy has now exceeded its level of the crisis, specifies INSEE. In addition, he intervenes in the timer of the announcement of a 12.6% drop in unemployment in one year. This “spectacular rebound” in 2021 “clears the economic crisis”, immediately reacted Bruno the mayor, the Minister of the Economy, on France 2.

“France has taken better than others during the pandemic [of Covid-19]”, did not hesitate to say Paul Krugman, Nobel Economy Prize, in a tribune published the January 14, 2022 by the New York Times. At a price of some 60 billion euros in expenditure in 2021, which have brought the public deficit to nearly 7% of the gross domestic product (GDP), France has indeed been able to preserve both household income and the situation. financial from its businesses, which made it possible to supply two of the three engines of growth that consumption and investment are.

“This year was a year back to normal for a large part of the economy, with a strong investment dynamic,” confirms Stéphane Colliac, France economist at BNP Paribas. Companies, which have a flourishing financial situation, have taken the benefit period to equip and accelerate their digital transition. Finally, the contribution of their investments to growth amounts to 12.2%.

Good health of the labor market

Constraint by sanitary restrictions, household consumption, on the other hand, remained more timid: on the year 2021, it increased by 4.8% after a decline of 7.2% in 2020, And she just returned at the end of the year with her pre-crisis level. In addition, in December, marked by strong tensions on the price of energy, it has only progressed 0.2%, might be inflation-related inflation.

In parallel, the French have massively spared and are at the head of a treasure of war over 175 billion euros. They also invested: 10% of their disposable income was devoted to real estate purchases, compared to 9.6% before the coronavirus crisis, according to the figures mentioned by Stéphane Colliac, and the contribution to growth. student at 15.8%. A craze probably encouraged by the good health of the labor market – the employment rate reached 67.5%, never-seen since 1975. “Labor income has increased. In the current context, it is precious . The income dynamics makes it possible to compensate for inflation a little “, comments Mr. Colliac.

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/Media reports.