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Updated · Bloomberg · May 12Bank of France Flags May Contraction After 8,500-Firm Survey Shows April Slowdown
1 articles · Updated · Bloomberg · May 12
- 8,500 business leaders surveyed by the Bank of France reported slower growth in industry and construction in April, while services activity stagnated.
- May looks weaker: the central bank said industry and construction could decline this month, and services firms already expect contraction.
- The survey tied the loss of momentum to fallout from the Middle East conflict, which is also adding to inflation pressure in France.
- The findings suggest the Iran war shock is spreading across major parts of the French economy, darkening the near-term growth outlook.
As France's economy falters, can it avoid a deep recession amid the global energy crisis? Is this global energy crisis the final push for Europe's long-sought energy independence? With diplomacy on 'life support,' what will finally reopen the world's most critical oil chokepoint?