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France – The recovery of the foreign trade compensate the slow-down of local consumption

After the turning point in 2015, the economy recorded a new light GDP growth of +1.2% in 2016. 

The unemployment rate has decreased for the first time since 2007 (Nov. ’16: 9.5%) but still represents the double of the German rate. The support for measures in favour of labour cost reductions for companies is weakening. 

The private consumption (+1.5%) represented the main growth factor in 2016 but it should slow down in 2017. 

A low inflation rate (‘16: 0.3%) and low labour costs allowed companies to recover their margins since 2013. These dynamic and relatively low refinancing rates could foster the recovery of the companies’ investments in the productive capital in place since 2009.

Private real estate investments are increasing and foster growth. 

France is the world first tourist destination and the fears generated by the terroristic attacks of the end of 2015 and of July 2016 contributed to a 2.5% y/y decrease in the overnight stays between May and September 2016. 

The contribution to the growth of the foreign trade was negative in 2016. Exports (‘16: +1.2%) should grow by 4.3% in 2017 thanks to the weakness of the euro, the recovery of demand in the Eurozone and the positive evolution of the aeronautical industry. 

March 2017

ECSA Chemicals AG
Burgauerstrasse 17
CH-9230 Flawil (Switzerland)
T: +41 71 394 02 30
F: +41 71 394 02 31

Via Luigi Favre 16
CH-6828 Balerna (Switzerland) 
T: +41 91 695 88 00
F: +41 91 695 88 01

ECSA Maintenance AG
Burgauerstrasse 17 
CH-9230 Flawil (Switzerland)
T: +41 71 394 02 30 
F: +41 71 394 02 31

Via Luigi Favre 16 
CH-6828 Balerna (Switzerland) 
T: +41 91 695 88 00
F: +41 91 695 88 02

ECSA Energy SA
Via Luigi Favre 16 
CH-6828 Balerna (Switzerland)
T: +41 91 695 88 00
F: +41 91 695 88 05

ECSA ITALIA Srl Società
con Unico Socio
Via Lavoratori Autobianchi 1 
I-20832 Desio (MB)
T: +39 0362 625 421
F: +39 0362 304 361
P.IVA IT00222470130

Porta Ticino Easy Stop SA
Via San Giorgio 37
CH-6877 Coldrerio
T: +41 91 640 35 50 
F: +41 91 640 35 51

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