France Economic MarketView Q4 2021

The easing of public health restrictions and the continued vaccination campaign have encouraged households and businesses to consume and invest. GDP growth for 2021 is estimated at 6.7%, mainly driven by rising household spending. In Q3 2021, it will contribute 2.5 percentage points to GDP growth, approaching pre-Covid levels (-1% compared to Q4 2019). Household spending growth will fall during the course of 2022 to return to its pre-crisis trajectory. In 2021, total annual spending will have risen by 4.5%, then will rise by 4.1% in 2022.