NEW LABOR REFORM

Forecasted Values

6.2

2007

20152014 20132012

2011 20102008 2017

2016

2018

2009

-5,000000

-2,333333

3,0000000.1

-2.9

9.49.49.40.60.2 0.71.2 1.1

1.3

2.4

2.11.9

GDP Annual Variation in %

9.49.49.41.4

Rising wages and higher energy prices will drive inflationarypressures this year

-2.9

Inflation Unemployment57.69.7%1.4%

PMI

FRENCH ELECTIONS & THE ECONOMY The elections could spark uncertainty in the short-term and a weak global economic recovery could drag export growth

Source: FocusEconomics Consensus Forecast for France, April 2017

Despite faster GDP growth projections and the latest positive indicators, citizens’ frustration with the economy persists