In 2015, global activity slowed slightly, due to a weakening of growth in the emerging countries. This was the result mainly of a slowdown in activity in China, which seems to be in the middle of a structural transition having decelerated steadily since 2010. In addition, activity contracted for the main exporters of commodities, namely Brazil and Russia, as a result of the dramatic fall in their exchange rates. In the advanced economies, growth remained robust (+1.9% after +1.8% in 2014). In the United States activity grew steadily, at the same pace as in 2014. In Britain growth remained energetic, although a little less so than the previous year. In Japan on the other hand, there was only modest recovery, after a standstill the year before. In the Eurozone, the recovery was confirmed: +1.6% after +0.9%. Sustained by the increase in purchasing power, the French economy accelerated in 2015: +1.3% in volume, after +0.6% in 2014 (figure 1). This was the strongest growth since 2011. Household consumption was the main factor in the acceleration in 2015 (+1.5% after +0.7%), in the wake of increased household purchasing power. This was sustained by buoyant earned income levels and very low inflation. On the government demand side, general government consumption picked up slightly (+1.4% after +1.2%) while the decline in government investment was less marked than in 2014 (-3.8% after -5.7%). The recovery in corporate investment was confirmed (+2.8% after +1.6%), whilst the fall in household investment eased (-0.8% after -3.5%).