Confidence in France’s manufacturing sector stabilized at its highest level in almost a decade in October, statistics agency Insee said Tuesday.
Business confidence in manufacturing was unchanged in October from September at 111 points, well above the long-term average of 100 for the indicator. That level of confidence was last seen in December 2007.
Strong confidence levels in France underpin an uptick in the eurozone’s second-largest economy since the end of last year. Earlier this month, Insee revised its 2017 economic growth forecast to 1.8% from 1.6% previously,
Tuesday’s survey of confidence levels in industry showed business leaders are “very optimistic” about the outlook for output in the sector. Their assessment of recent output also improved.
Still, a wider measure of confidence–also covering services, construction, retail and wholesale–declined slightly to 109 points in October from 110 in September. Confidence in the services sector fell one point to 107.
Source: Dow Jones