Corporate insolvencies in France: fewer in number, larger in size
Corporate insolvencies fell by 3.3% in France during the first ten months of the year. After a difficult first quarter, due in particular to the repercussions of the “yellow vest” movement, they have been steadily declining since May 2019. As a result, the number of corporate insolvencies is expected to decline over the full year, for the fourth consecutive time. However, Coface expects a slight rebound of insolvencies in 2020 (+0.9%), for around 52,000 proceedings, mainly due to the expected slowdown in the construction sector that was largely driven by public works in 2019. The peak in activity, related to the run-up to the municipal elections, had thus led to a sharp drop in insolvencies in the sector, which accounts for more than a quarter of all insolvencies. Personal services and retail, which are dependent on consumption, have fully benefited from household purchasing power gains, thanks to the dynamism of the labor market and the tax measures taken by the government following the “yellow vest” movement.
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