Baptiste Morin Photo credit: ESTELLE RUIZ / HANS LUCAS / HANS LUCAS VIA AFP 14:38 pm, April 12, 2023

The Bank of France has revised upwards its growth estimate for the first quarter of 2023, from 0.1% to 0.2%. Nevertheless, the institution also reveals the impact of the mobilizations against the pension reform on the economy. Transport, energy, catering... Many sectors are affected.

The France continues to grow. This is in any case what the Bank of France forecasts, which anticipates growth of 2023.0% in the first quarter of 2. A slightly raised forecast compared to the beginning of the year, but which does not forget the cost of the strike against the pension reform, on the French economy.

To assess it, each month, the Bank of France publishes its economic note. To do so, it interviews thousands of companies and this gives a set of figures that testify to the health of our economy.

>> Find Europe Midi in replay and podcast here

More sustained growth in 2023?

In March, the Bank of France noted a 0.3% decline in GDP and the weight of strikes appeared quite clearly at two levels. First, in the energy, water, waste and refining branches, it recorded a sharp decline minus 6.9%. The cause: production cuts in hydroelectric or nuclear power plants, the shutdown of LNG terminals by the unions or blockages in refineries.

And then there is also the weight of the strike in shops, transport and accommodation / catering, which fell by nearly 1.4% in March. Transport has been largely impacted by social movements in recent months, the various days of mobilization against the government's project have also weighed on the activity of shops, hotels and restaurants.

Despite the social situation, the Bank of France had already reported in March a renewed optimism for the French economy in 2023, doubling its annual GDP growth forecast to 0.6%. She highlighted inflation (especially energy) that would be lower than expected over the year, as well as "higher growth in global demand".