BPCE L’Observatoire sees France business failures rising to 71,000 in 2026

• BPCE flagged weaker French growth, with GDP up 0.5% year-on-year in Q2 2026; full-year growth seen at 0.4%.
• Corporate margins fell by nearly 1 percentage point; savings rate dropped back to 2020 lows, tightening financing conditions.
• Net bank lending rose to EUR 35 billion in January-July 2026, driven by cash-management loans; 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.
• Company failures rose 2% to nearly 70,000 in September 2025-August 2026; BPCE now expects 71,000 failures in 2026.

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