The beginning of 2022 was aff ected by restrictions linked to the Omicron wave, then by the fi rst repercussions of the war in Ukraine. As a result, French GDP shrank by 0.2%, according to the detailed results of the quarterly accounts published in May. The health situation is no longer as restrictive at this stage in France, but Q2 remains aff ected by the economic consequences of the confl ict. In particular, supply chain problems persist and are accompanied by the fastest rise in prices in several decades. In this context, French GDP is expected to increase slightly in Q2 2022, by about +0.2%, thus returning to the same level as in Q4 2021, i.e. a little above the level before the health crisis (+0.5%). Subsequently, GDP is expected to maintain a moderate rate of growth until the end of the year, of around +0.3% per quarter. Across the whole of 2022, GDP growth looks set to be +2.3%, although year-on-year, activity at the end of the year will probably be just above its level at the end of 2021 (+0.6%)...