Oil Shock Drives Sharpest French Private-Sector Contraction Since 2020

Protesters take part in a rally on the eve of the formal submission of takeover offers for glassmaking giant Arc in Arques, northern France, on Feb. 16, 2026. Sameer Al-Doumy/AFP via Getty ImagesFrance’s private sector shrank in May at the sharpest pace since 2020, as services activity declined faster and manufacturing output fell again, according to preliminary S&P Global survey data released on Thursday.The fall was due to the war in the Middle East, according to French firms, who frequently cited fuel and energy cost pressures, as well as broader economic angst, as reasons for lower output.