Business Leaders Outlook France

Business leaders across France are slightly less optimistic about the economy than they were a year ago, according to our 2023 Business Leaders Outlook survey. Nearly three in five (58%) have a positive outlook about the global economy; last year, 62% were optimistic.

Optimism around the national economy has fallen as well—to 56% from 60% last year. Notably, 53% of business leaders in France said they expect a recession in 2023. Compared with other countries surveyed at the same time, French leaders are less worried about a recession than their counterparts in the United Kingdom (69%), the United States (65%), India (61%) and Germany (59%), but more concerned than leaders in Australia (46%).

Inflation and increased energy costs continue to weigh on French businesses. And supply chain pressures haven’t eased either: 63% said it has gotten worse over the past 12 months to source materials and ship goods.

Despite these challenges, many leaders are still confident in their own companies. Nearly nine in 10 (89%) expect their revenues to increase or remain the same in 2023. 


Economic outlook and expectations

Slightly more than half of French business leaders are optimistic about the global, national and regional economies. But their optimism is much stronger for their own industries and companies.

Economic outlook for 2023

Optimism dips slightly

The drop in optimism has been subtle. A year ago, three-fifths (60%) of business leaders were optimistic about the national economy. Today, 56% have a positive outlook.

National economic optimism

Bullish on their own businesses

The vast majority of businesses (89%) expect their revenues to grow or hold steady in 2023. A similar amount (88%) expect their capital expenditures to increase or remain the same.

Business expectations

Election effects

Business leaders generally don’t expect many changes due to recent elections. 

Sentiment following the 2022 elections

Business challenges

French business leaders face a range of challenges today. Among them: persistent inflation, high energy prices, snarled supply chains and a shortage of available workers.

Top ways companies are adapting to inflation
What’s driving up the cost of doing business
Top responses to the labor shortage
Top external business threats
69% are considering investing in renewable sources of energy as a result of rising energy prices
Cyberattacks experienced in last 6 months

Social responsibility

Top areas of focus within corporate responsibility
Top objectives motivating corporate responsibility

Business transitions and growth plans

Plans for business transfer
Timeline to transfer business
Growth strategies for the next 12 months

About the survey

Started in 2022, the J.P. Morgan Business Leaders Outlook: France survey is a snapshot capturing the concerns and expectations of senior business leaders whose companies have annual revenues between €20 million and €2 billion.

This year, 254 respondents completed the online survey between 21 November and 8 December, 2022. Results are within statistical parameters for validity; the error rate is plus or minus 6.2% at the 95% confidence interval.

Who took the survey
Company size by number of employees
Company size by annual revenue

Company by industry

Government: 4%; healthcare: 6%; home services: 4%; industrials: 7%; manufacturing: 24%; media/entertainment/advertising: 2%; nonprofit: 1%; oil and gas: 2%; other professional/non-finance: 3%; real estate: 2%; restaurants/food services: 3%; technology: 17%; transportation/logistics: 9%; wholesale/retail: 12%; other: 4%

Note: Some numbers may not equal 100% due to rounding.

Contributors

Kyril Courboin, Head of France, Senior Country Officer J.P. Morgan

Kyril Courboin

Head of France, Senior Country Officer J.P. Morgan

Olivier Simon, Head of Commercial Banking, France J.P. Morgan

Olivier Simon

Head of Commercial Banking, France and Benelux J.P. Morgan

Arthur Brunschwig , Head of Commercial Banking, Treasury Management, France J.P. Morgan

Arthur Brunschwig

Head of Commercial Banking, Treasury Management, France J.P. Morgan

Pierre Maman, Vice Chairman, Head of Debt Financing, EMEA, Commercial Banking J.P. Morgan

Pierre Maman

Vice Chairman, Head of Debt Financing, EMEA, Commercial Banking J.P. Morgan

Maja Torun, Head of Investment Banking, France J.P. Morgan

Maja Torun

Head of Investment Banking, France J.P. Morgan

Annabelle Azoulay, Head of Private Banking, France J.P. Morgan

Annabelle Azoulay

Head of Private Banking, France J.P. Morgan

Vincent Juvyns, Global Market Strategist, Benelux, France and Geneva, Asset Management

Vincent Juvyns

Global Market Strategist, Benelux, France and Geneva, Asset Management J.P. Morgan

JPMorgan Chase Bank, N.A. Member FDIC. Visit jpmorgan.com/cb-disclaimer for disclosures and disclaimers related to this content.