A note published by an American financial agency warned of a contraction in the French economy, which is the second largest in Europe, this August, noting that the whole of Europe is on the brink of recession and will enter this stage if the conflict in Ukraine continues, according to the French newspaper "Le Journal du Dimanche" on Wednesday. And Standard & Poor's credit rating agency noted that "the decline in general activity is mainly due to general weakness in demand" as a result, employment growth slowed, which also reflects a further decline in confidence. Standard & Poor's added that the Flash Composite Index of Total Activity, which measures private sector activity, fell in August to 49.8 from 51.7 in July. On the services front, activity continued to grow, as the index reached 51 in August compared to 2 53 in July, the lowest level in 16 months. Industrial production declined for the third month in a row, as it fell to 44.4 for the current month, compared to 44.6 in July, recording Its lowest level since the end of the first lockdown that paralyzed activity in France during the outbreak of the Corona pandemic in 27 months. Standard & Poor's noted that a contraction in growth is looming for the whole of Europe in the third quarter with the possibility of a recession rising. And Joe Hayes, an economist at Standard & Poor's Global, points out: "The end of 2022 promises to be difficult for European economies, and France is no exception," noting that it is the continuation of the war in Ukraine that will determine the possibility of the euro area entering a period of economic recession.

agecies