Business · Economy · 2 hrs ago
French economy shows resilience despite energy shock, central bank chief says
Emmanuel Moulin, head of the Bank of France and a European Central Bank official, said France’s economy was holding up despite an energy shock linked to conflict in the Middle East.
The Bank of France’s monthly business survey showed activity in industry and services rose in September.
Conditions differed by sector, with aviation remaining especially active.
Higher oil and industrial raw material prices are affecting the economy, but Moulin said there were no signs of a broad impact on prices.
Uncertainty has risen sharply, which he linked to businesses and others taking a wait-and-see approach.
Based on these and other data, the Bank of France estimates that the economy grew 0.1% in the third quarter of 2026.
Bank of France head and European Central Bank official Emmanuel Moulin said France’s economy was holding up despite an energy shock linked to conflict in the Middle East.
The Bank of France’s September business survey found activity rose in industry and services.
Moulin said conditions varied by sector, with aerospace remaining very dynamic.
Higher oil and industrial commodity prices were affecting the economy, but he said there was no sign of a widespread impact on prices.
The French central bank estimated that the economy would grow 0.1% in the third quarter of 2026.
- Who
- Emmanuel Moulin, head of the Bank of France and an official at the European Central Bank.
- What
- He said France’s economy was holding up despite an energy shock, and cited rising activity in industry and services in September.
- When
- Monday, October 12, 2026.
- Where
- France.
- Why
- The energy shock was linked to conflict in the Middle East; Moulin said higher oil and industrial commodity prices were affecting the economy.
This story does not have two clearly opposing sides.
The Bank of France’s monthly business survey found that activity in French industry and services increased.
Moulin said the French economy was resisting the energy shock linked to conflict in the Middle East.
The French central bank estimated that the economy would grow 0.1%.
- Survey period
- September 2026
- Sectors with rising activity
- Industry and services
- Dynamic sector
- Aerospace
- Growth estimate
- 0.1% in the third quarter of 2026
- Energy shock linked to
- Conflict in the Middle East
What people are saying
Our new monthly business survey for the Bank of France shows that activity in industry and services in France increased in September
The situations are contrasted depending on the sector, with aerospace remaining very dynamic
a certain wait-and-see attitude
Sources
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