那提西银行-法国-制造业-为什么法国制造业疲软？

《那提西银行-法国-制造业-为什么法国制造业疲软？》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、FlashEconomicsWhyisFrenchmanufacturingindustryweak?28November2017-1400TherearemanysignsofweaknessinFrenchmanufacturingindustry:decliningmanufacturingproductioncapacityandexportmarketshares,externaldeficit,lowweightofindustryintheeconomy,etc.Whatfactorscanexplainthisweak

2、ness?Difficultyinrecruitingappropriatelyskilledstaff?Thisisnotcompletelyclear,sinceincomedistributionisnotbeingdistortedinfavourofwagesinindustry;Thedelayincurredinmodernisingcapital?Thefactthattechnologicalprogressconcernsonlyasmallproportionofcompanies?Yes;Excessiv

3、elyhighproductioncosts?Yes;ThesmallnumberofindustrialsectorsforwhichFrenchsupplyisabletomeetdemand?Yes.PatrickArtusTel.(331)58551500patrick.artus@natixis.com@PatrickArtuswww.research.natixis.comCORPORATE&INVESTMENTBANKINGINVESTMENTSOLUTIONS&INSURANCESPECIALIZEDFINANCIA

4、LSERVICESDistributionofthisreportintheUnitedStates.Seeimportantdisclosuresattheendofthisreport..FlashEconomicsWeaknessofmanufacturingindustryinFranceThereareanumberofsignsofweaknessinFrenchmanufacturingindustry:-Decliningmanufacturingproductioncapacity(Chart1);Chart1Fra

5、nce:Manufacturingproductioncapacity*(1998:1=100)1041041021021001009898969694(*)Manufacturing94production/manufacturingcapacityutilisationrate929290Sources:Datastream,90BankofFrance,Natixis88889800020406081012141618-Exportmarketsharelosses(Chart2);Chart2France:Globaltrad

6、eandexports(involumeterms,1998:1=100)(2)Globaltrade(1)France:exports225Ratio:100x(1)/(2)225200200175175150150125125Sources:Datastream,INSEE,Natixis10010075759800020406081012141618-Growingexternaldeficit(Chart3);Chart3France:TradebalanceinmanufacturedgoodsInEURbn(annuali

7、sed,LHS)402As%ofnominalGDP(RHS)20100-20-1-40-2-60-3-80-4Sources:Datastream,Eurostat,Natixis-100-59899000102030405060708091011121314151617182FlashEconomics-Lowweightofindustryintheeconomy(Chart4).Chart4France:Valueaddedandemploymentinthemanufacturingsector15Valueadded(as

8、%ofrealGDP)15Employment(as%oftotalemployment)14141313121211111010Sources:Datastream,Eurostat,Natixis9998000204