Economic Confidence
How do French consumers and businesses actually feel about the economy? Sentiment surveys that often predict what GDP numbers will show months later.
Consumer confidence — 2026-02
-14.1pts
Pessimistic — below long-term average
Economic sentiment (ESI) — 2026-02
97.8
Below average — fragile confidence
Consumer Confidence Over Time
Monthly consumer sentiment indicator. Zero represents the long-term average; negative means pessimistic. France is typically in negative territory — the French are famously more pessimistic about their economy than the actual data warrants.
Economic Sentiment Indicator (ESI)
A composite of industrial, services, consumer, construction, and retail confidence. 100 = long-term average. Below 100 signals broad economic unease; above 100 signals optimism.
The French Paradox of Pessimism
France consistently ranks among the most economically pessimistic countries in Europe — even when objective indicators (GDP growth, unemployment) are improving. Economists call this the 'French unhappiness puzzle.' Part of it is cultural: the French tradition of critical thinking extends to economic self-assessment. Part is structural: high taxes, complex bureaucracy, and a perception that reforms never go far enough create a persistent sense of dissatisfaction. For investors and policymakers, consumer confidence matters because it's self-fulfilling — pessimistic consumers spend less, which drags down the economy they're pessimistic about.