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Macroeconomic projections

In order to contribute to the national and European economic debate, the Banque de France periodically publishes macroeconomic forecasts for France, constructed as part of the Eurosystem projection exercise and covering the current and two forthcoming years. Each publication comprises a summary of the projections. Some also include an in-depth analysis of the results, along with focus articles on topics of interest.


Publication Economic projections
Macroeconomic projections - December 2018

▪ In a highly uncertain environment, French GDP should grow by around 1.5% per year in the period 2018-21, continuing to exceed potential and leading to a gradual fall in the unemployment rate. ...

  • Published on 12/14/2018
  • 11 pages
  • EN
  • PDF (383.59 KB)


Publication Economic projections

▪ In a less dynamic, more uncertain international environment, French GDP is expected to expand by 1.6% in 2018, 2019 and 2020. GDP growth should remain above potential, helping to drive further reductions in France’s unemployment rate. ...

  • Published on 09/14/2018
  • 8 pages
  • EN
  • PDF (350.25 KB)


Publication Economic projections
Macroeconomic projections – June 2018

According to the Banque de France’s projections, finalised at the end of May, French GDP growth should remain robust in 2018, coming out at 1.8%. It is then expected to ease slightly to 1.7% in 2019 and to 1.6% in 2020, but will still remain above...

  • Published on 06/14/2018
  • 6 pages
  • EN
  • PDF (310.69 KB)


Publication Economic projections
March 2018

French GDP growth should be stronger than predicted in the December publication, at 1.9% in 2018. It should then remain above its current potential rate, at 1.7% in 2019 and 1.6% in 2020. Growth in domestic demand should only slow slightly between 2018...

  • Published on 03/16/2018
  • EN
  • PDF (220.66 KB)