As the “yellow vests” movement seems to be slowing down at the end of the year, the various sectors of the French economy are taking the opportunity to assess the impact of this particularly heavy social episode.
After six weeks of demonstrations, different economic sectors are starting to draft an initial assessment of the impact of the “yellow vests” on their activity… and the costs are expected to be high, on a social level as well.
According to the Ministry of Economy, more than 43,000 applications for partial unemployment have been submitted by companies because of the crisis.
The retail sector is said to have particularly suffered from the blockades, with a 25% drop in revenue. Since the beginning of the movement, several federations have raised their voices to denounce its impact. However, the data varies significantly.
According to a study published at Christmas by Nielsen, the five weeks of the “yellow vests” demonstrations have caused a “1%” loss in turnover for the large retail sector.
Overall, the Federation of Commerce and Distribution and the National Council of Shopping Centers estimate the losses to merchants at two billion euros, compared to the 450 billion euros in annual turnover of the French retail sector.
These initial assessments could become even harsher in the coming weeks: in its latest macroeconomic forecasts, the Bank of France mentioned that the uncertainties related to the “yellow vests” movement, which could impact its forecasts, “are rather negative,” particularly due to a “potentially even heavier impact of the crisis” on different sectors of the economy.
In the long term, tourism professionals fear a major effect on France’s attractiveness.
