French GDP is expected to grow around +0.1% QoQ in Q2 2025, matching Q1’s pace, as rebounds in services and select industrial sectors offset weakness in construction and energy.

• Industrial activity rebounded in June after a holiday-affected May, led by aeronautics, electronics, and agri-food; capacity utilization edged up to 74.9% (still below the 77.2% long-run average).
• Market services picked up on catch-up effects in transport, warehousing, and temp work; declines were seen in restaurants and leisure services.
• Construction activity rose in June due to a rebound in finishing work, but structural work was flat; order books remain weak and cancellations in public housing orders were noted.
• Selling prices rose slightly in industry (notably agri-food and aeronautics), were stable in services, and declined in construction; recruitment difficulties held steady at 19%.
• Business uncertainty declined in industry and construction but rose slightly in services; US tariffs were cited as a concern, particularly in agri-food, chemicals, and capital goods.