the inevitable grains of sand of the recovery

ANALYSIS – For companies, the rebound looks slower than last year.

The business climate is looking good, consumer confidence is on the rise. Insee’s May indicators invite optimism. After a disappointing first quarter, the French economy should regain color in the coming months, at the pace of the easing of health constraints. For the year as a whole, the government is still targeting gross domestic product (GDP) growth of 5%. French companies have demonstrated their ability to rebound; last year, after the confinement period, activity soared by 19%, between July and September.

A year later, however, the story takes shape differently. The rebound promises to be slower, first of all simply because companies, which have adapted to successive confinements, have restricted their activity less. The recovery is also dampened, mainly in industry, by the existence of bottlenecks, delivery delays and rising input costs. While

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