At the same time, inflation should moderate, thanks to first a stabilisation and then a fall in the oil price in the spring, linked to the levelling off in world activity. In France, the conditions are particularly favourable for a revival of consumption. Tax cuts will occur quite early. The continuing strong growth in employment is boosting earned income and underpinning household confidence. The acceleration in consumption would bolster business leaders' expectations.
Investment is set to remain strong, given that supply-side pressures are still easing only slightly.