Spain – France
Nominal GDP growth is expected to increase by 2,3% in 2017, up from +1,9% in 2016.
Furthermore, corporate turnover growth is expected to accelerate from +0,3% in 2016 to +1,4% in 2017, contributing to a healthy reduction in corporate insolvencies for the second consecutive year, down to a healthy -7%. The return of nominal growth is an opportunity for companies, thanks to the moderate recovery in sales prices in the second half of 2016, generating greater business confidence. However, the March figure offers a realistic view. Manufacturing confidence fell to 104 from 107 in February. This level is more in line with objective data, particularly industrial production, which has remained stable over the past three months (year-on-year average). Therefore, the recovery in growth should not be overestimated. Of course, the improvement is already palpable, although a certain wait-and-see attitude is also evident, driven by the uncertainty surrounding the elections.
Source: Solunion
Weekly Export Risk Outlook – Euler hermes
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