{"id":23090,"date":"2025-10-24T10:04:54","date_gmt":"2025-10-24T09:04:54","guid":{"rendered":"https:\/\/latribune.lazardfreresgestion.fr\/?p=23090"},"modified":"2025-10-24T10:04:54","modified_gmt":"2025-10-24T09:04:54","slug":"business-confidence-in-france-political-uncertainty-has-limited-impact","status":"publish","type":"post","link":"https:\/\/latribune.lazardfreresgestion.fr\/en\/business-confidence-in-france-political-uncertainty-has-limited-impact\/","title":{"rendered":"Business Confidence in France: Political Uncertainty Has Limited Impact"},"content":{"rendered":"<h2>Chart of the Week<\/h2>\n<p>The French national statistics office (INSEE) released its October business confidence indicators this week. The data are based on responses collected between September 26 and October 20, mostly before October 10 \u2014 in other words, during the brief period when S\u00e9bastien Lecornu\u2019s first government was being formed, and then quickly collapsed.<\/p>\n<p>Despite the highly unsettled political climate, the index edged up from 96 to 97, nearly matching its highest level since October 2024.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-23091 size-full\" src=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2025\/10\/GDS-EN-2410.png\" alt=\"\" width=\"939\" height=\"406\" srcset=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2025\/10\/GDS-EN-2410.png 939w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2025\/10\/GDS-EN-2410-300x130.png 300w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2025\/10\/GDS-EN-2410-768x332.png 768w\" sizes=\"auto, (max-width: 939px) 100vw, 939px\" \/><\/p>\n<h3><b>OUR <\/b><b>ANALYSIS<\/b><\/h3>\n<p>The impact of France\u2019s political crisis was largely absorbed back in June 2024, when the National Assembly was dissolved. The business confidence index, which had been close to 100, dropped to 94 at that time, then recovered slightly during the Olympic Games before stabilizing around 96 ever since.<\/p>\n<p>In manufacturing, this month\u2019s uptick was driven by a rebound in the \u201ctransport equipment excluding automobiles\u201d segment. Retail trade is benefiting from stronger order expectations at car dealerships. Elsewhere, trends were more mixed, with several sectors showing declines. Overall, France\u2019s employment outlook is improving slightly, but from a very low base.<\/p>\n<p>These figures reinforce our view: most of the impact of the political crisis on economic activity was felt last year. So far, recent developments have not triggered any further deterioration in business confidence or activity.<\/p>\n<p>***<\/p>\n<p>Written on October 24 2025. Opinions subject to change.<\/p>\n<p>See also: <a href=\"https:\/\/latribune.lazardfreresgestion.fr\/en\/exploring-the-diverse-landscape-of-high-yield-issuers\/\">Exploring the Diverse Landscape of High Yield Issuers<\/a><\/p>\n<p>This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Fr\u00e8res Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Fr\u00e8res Gestion SAS. LAZARD FRERES GESTION \u2013 a simplified joint stock company with share capital of \u20ac14,487,500 \u2013 Paris Trade and Companies Registry No. 352 213 599. 25, RUE DE COURCELLES \u2013 75008 PARIS, FRANCE<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The French national statistics office (INSEE) released its October business confidence indicators this week. <\/p>\n","protected":false},"author":101016,"featured_media":23088,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[148],"tags":[2677,2361,2714],"class_list":["post-23090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chart-of-the-week","tag-european","tag-federal-reserve","tag-france-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Business Confidence in France: Political Uncertainty Has 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