During the first quarter of 2022, the year-on-year rate of change in French GDP declined from the previous quarter to 4.72%. In addition, inflation registered a year-on-year change of 3.67% in the first quarter of 2022. On the labour market, the unemployment rate decreased to 7.10 per cent, while the year-on-year rate of change in job creation increased in the first quarter to a rate of 4.46 per cent. During the first quarter of 2022, the euro depreciated against the US dollar to an average exchange rate of 1,12 $/€.


Macroeconomic outlook report: France 1Q22

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Macroeconomic Overview

  • During the first quarter of 2022, the French economy slowed down compared to the previous quarter. The year-on-year change in GDP declined by 0.70 p.p. from 4Q21 to 4.72%.
  • Due to the uncertainty regarding the Ukrainian crisis and its consequences, the outlook for economic growth, while remaining positive, weakens, mainly in 2022 and 2023.
  • On the labour market, the unemployment rate declined compared to 4Q21 to 7.10%. On the other hand, during the first quarter, the employment growth rate increased by 1.87 p.p. compared to the previous quarter, to a rate of 4.46%.
  • During the first quarter of 2022, the euro depreciated against the US dollar compared with the previous quarter. The average nominal exchange rate for the period was 1,12 $/€.
  • During 1Q22, the year-on-year growth of the Consumer Price Index increased by 0.93 p.p. compared to 4Q21, presenting a rate of 3.67%.

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