Key View

• Re-shoring of pharmaceutical manufacturing to France will improve supply chain resilience in the long term.
• However, drug shortages in France will persist in the short-to-medium term due to the considerable time required for infrastructure development and the reorientation of supply chains
• We expect companies in Western Europe to

Key View: We expect that the passenger electric vehicle (EV) segment will drive most of the rebound in France’s autos market in 2023, aided by the gradual easing of the chip shortage. We are forecasting passenger EV sales to grow 24.0% y-o-y to 408,000 units, which would imply a passenger EV penetration rate of 24.8%. Supporting our outlook is

Key View

• Vehicle sales in France are set to strongly rebound in 2023, as significant pent-up demand will absorb the improved vehicle supplies as a result of the gradual easing of the chip shortage.
• We expect the passenger EV segment to drive most of the rebound in France’s autos market, with the arrival of new Mainland Chinese branded EVs

Key View

• France's medical device market will remain attractive, despite macroeconomic challenges and rising concerns of device shortages.
• A draft bill aims to reduce the risk of essential medical device shortages by introducing safeguarding mechanisms into statutory law.
• Longer term growth will be supported by the government's France 2030

Key View

• Early access schemes will increasingly incentivise drugmakers to launch products in Europe.
• The growing demand for chronic disease treatments will continue to act as a key driver of market growth despite government cost-containment strategies.
• High energy costs, elevated inflation and government cost-controls will still present

Key View: Our 2023 outlook for France’s arrivals from Spain is for arrivals to grow by 11.9% y-o-y in 2023, with arrivals reaching 6.7mn, increasing from 6.0mn estimated for 2022. Arrivals in 2023 will surpass the pre-Covid (2019) arrivals of 6.5mn. We project France’s arrivals from Spain to increase over the remainder of our 2023-2027 forecast

Key View

• We at Fitch Solutions forecast that the French economy will experience a mild recession over the winter of 2022-2023 and that GDP in 2023 will contract by 0.5%.
• The second-round effects of high energy prices will act to curb household consumption and corporate investment spending although inflation is likely to slow sharply in the

Key View: We highlight the greater expansion of energy majors into owning and operating EV charging infrastructure as a long-term industry trend, in their efforts to diversify their operations away from their current reliance on widespread internal combustion engine vehicle ownership. BP, Total and Shell all provide EV charging points in France -

Key View

• France’s Social Security Finance Bill (PLFSS) 2023 poses downside risks to drugmakers
• Lower government spending for drug expenditure will limit pharmaceutical market growth.
• Economic headwinds will remain at the fore as high energy costs and inflation will squeeze drugmaker profits.

France’s Social Security Finance Bill (PLFSS)