Monthly business survey

Update on business conditions in France at the start of April 2022

Published on 12 April 2022

The month of March was marked by the war in Ukraine, the first consequences of which are being felt on the French economy. In addition, in response to the resurgence of the Covid-19 epidemic, China reintroduced lockdown measures in certain regions, which may have increased supply difficulties.

According to the business leaders surveyed (approximately 8,500 companies and establishments surveyed between 29 March and 5 April), activity in industry showed a very slight decline and that in construction hardly changed. In the market services covered by the survey activity continued to improve, in particular in personal services (accommodation, food services, rentals) as the health crisis started to recede.

  • For the month of April, expectations, which are almost unchanged in industry and construction, should be interpreted with caution because of the strong uncertainties mentioned by business leaders, who have real difficulties in projecting themselves and measuring all the consequences of the war in Ukraine on their activity.
  • Business leaders expected that activity would continue to grow in services.
  • The war in Ukraine and the new lockdown measures in China have exacerbated supply difficulties in industry (60% of businesses, after 54% in February) and construction (56% of businesses, after 46% in February).
  • This increase is particularly marked in the agri-food sector. Recruitment difficulties were stable and concerned about half of the companies.

After returning to its pre-crisis level in the third quarter of 2021, earlier than the European average, GDP is expected to continue to grow in February and March, albeit more moderately, due to the international environment. GDP growth for the first quarter of 2022 is expected to stand at around +¼ percentage point compared to the previous quarter.

Updated on 23 June 2023