BPCE L’Observatoire sees France business failures rising to 71,000 in 2026
SPY•BPCE L’Observatoire expects 71,000 French business failures in 2026, after failures rose 2% to nearly 70,000 in the 12 months through August. It also sees French GDP growth at 0.4% for the year.
1. Failures and growth
Company failures in France rose 2% to nearly 70,000 from September 2025 through August 2026, and BPCE L’Observatoire now expects 71,000 failures in 2026. It flagged weaker growth, with GDP up 0.5% year on year in the second quarter and full-year growth seen at 0.4%.
2. Financing conditions
Corporate margins fell by nearly 1 percentage point, while the savings rate dropped back to 2020 lows. Net bank lending reached EUR 35 billion in January-July 2026, driven by cash-management loans, while net placements fell to EUR -25 billion. Investment-loan rates could reach 4% by year-end, up 50 basis points from June; 22% of loans are floating-rate.
