The French should feel the effects of government measures on their portfolio. According to a recent study by the French economic Observatory (OFCE), their purchasing power will climb by 2.5 per cent this year, or on average eur 850 per household. On this amount, a total of 440 euro will be the only result of the measures taken by Emmanuel Macron. It is an average, which means that all the French will not be in the same boat. Nevertheless, the expected increase in the purchasing power will be the strongest since 2007, "the period of strong growth and implementation of the TEPA law [which provided, inter alia, the relief of social security contributions on overtime hours, editor's note] under Nicolas Sarkozy", the promise of the OFCE.

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In total, the government puts on the table, nearly 12 billion euros to boost the purchasing power. Some measures of socio-fiscal were expected, as the second tranche of reduction of the property tax or the reduction of employee contributions in a full year. But last winter, emergency measures were announced to try to calm down the grumbling of the "yellow vests". Édouard Philippe had first promised a super premium conversion or a boost to the replacement of the boiler, and then, at the beginning of December, the suspension of the increase of the carbon tax. Emmanuel Macron had engaged with a new battery of measures, such as the revaluation accelerated of the premium of activity, the tax exemption and the exclusion of overtime or the reduction of the CSG for some retirees. In total, these emergency measures alone represent $ 10.3 billion euros.

An increase in real wages

Emmanuel Macron had also urged the companies to make a gesture with the payment of a premium défiscalisée. At this stage, more than 200,000 companies have responded to this call and more than a billion euros has been distributed. According to the OFCE, this premium, coupled with a slowdown in inflation, will lead to a rise in "significant" level of real wages (+1.5 per cent) this year. The study stated that they did not take account of the new measures that could be announced by Emmanuel Macron in the next few days, the outcome of the Grand national debate.

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But that will make the households from this money? According to the OFCE, they should consume (+1,6%), even if this consumption is "dynamic" will increase less than income. Careful, the French will also from the side. The savings rate is projected to be 15.1% in average, 0.8 percentage point more than over the period 2013-2018. "In the end, supported by domestic demand accelerating, the GDP would increase by an average of 1.5% in 2019, despite a negative contribution of foreign trade", think they know the researchers at the OFCE, which are more optimistic than the government which aims to grow by 1.4% this year. According to them, the budgetary measures implemented in favour of the purchasing power will support the growth height of 0.5 percentage point of GDP in 2019.

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