economy and politics

Central Bank of France: "Our economy is holding up better than expected"

Central Bank of France: "Our economy is holding up better than expected"

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After a difficult outlook for the French economy in the last quarter of 2022, the country managed to pick up business activity slightly. The Central Bank of that country estimated worse results. The director of the entity, Francois Villeroy de Galhau, hopes that a “hard landing” for the country’s economy will be avoided

“Activity in France is showing better resistance than expected,” Francois Villeroy de Galhau, director of the Central Bank of France, told ‘Radio Classique’ this Wednesday, January 11.

Villeroy’s words are consistent with the results of the last quarter of 2022, in which the country suffered various economic problems.

The second economy of the Eurozone achieved a slight growth of 0.1% in the period of October, November and December 2022, compared to the immediately previous quarter, based on the findings of its monthly survey of 8,500 business leaders.

The French economy had to weather refinery strikes that left the country largely without fuel supplies in October, directly affecting industrial activity and retail and restaurant businesses.

That same month, finances took a hit due to the record number of nuclear plants being shut down for maintenance, although it restarted more progressively at the end of the quarter.

The central bank said companies also reported supply chain problems had further eased with only 41% of industrial companies saying it was a problem in December, down from a peak of 64% in April.

Another problem that was added to the list was the shortage of suitable personnel for companies.

With Reuters and local media

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