The manufacturing sector in France continues to shrink in grim news for the French president (Image: Getty)
French president Emmanuel Macron has endured a dismal start to the New Year with his country’s manufacturing sector trapped in a "downward spiral".
That was the prognosis from a leading economist after new figures showed that industry had contracted again.
And the future of the sector doesn’t appear set to improve any time soon - with economists saying the gloomy outlook will remain for months ahead.
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Norman Liebke, economist at Hamburg Commercial Bank, said: “The French manufacturing sector is stuck in a downward spiral.”
At the close of the year the HCOB France Manufacturing purchasing managers’ index (PMI) fell to 42.1. A figure below 50 points marks a contraction in activity, while a figure above 50 shows an expansion. It was its lowest level since May 2020.
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The news is the latest in a string of crisis for French President Emmanuel Macron (Image: Getty)
It wasn’t good news for Germany or the UK in the manufacturing sector either - but both countries fared better than France.
S&P Global/CIPS UK manufacturing purchasing managers’ index (PMI) survey fell from 47.2 in November to 46.2 in December which marked a 17th consecutive month of the sector shrinking in Britain.
Germany’s manufacturers managed a reading of 43.3 - but the figure has improved for the last five months.
Rob Dobson, director at S&P Global Market Intelligence, said: “With concerns about high interest rates and the cost-of-living crisis hurting demand, the outlook for manufacturers in the months ahead remains decidedly gloomy.”
However one glimmer of optimism came from Martin Beck, the chief economic adviser to the EY Item Club.
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He said 2023 ended on a “disappointing note” but manufacturers should begin to see conditions improve this year.
It’s the latest in a catalogue of crisis the French president is facing.
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In December Macron managed to push through a flagship immigration bill - but this victory came at a huge price as it left the French President's coalition government deeply scarred.
Health Minister Aurélien Rousseau submitted his resignation in response to the adoption of the legislation.
Macron was forced to defend the bill in late December, acknowledging its imperfections but insisting that it aligns with the desires of the French people rather than being a triumph for the far-right.
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