BNP Paribas has released a comprehensive financial report focusing on French economic growth and its own global distribution strategy. The report, specifically prepared for professional investors, highlights a modest growth of 1.1% in France for the years 2023 and 2024. However, political uncertainties are poised to slightly dampen this growth to 0.7% in 2025. Additionally, the report details BNP Paribas's regulatory compliance and distribution practices across various international regions.
The report has been crafted with the intended recipients in mind, emphasizing that it is not to be reproduced without the prior written consent of BNP Paribas. As a regulated entity by the Financial Services Authority (FSA) for its designated investment business in the United Kingdom, BNP Paribas underscores its commitment to maintaining compliance and transparency. Furthermore, the report is not designed for private customers in the UK, reinforcing its focus on professional investors.
French growth has been positively influenced by unique factors such as the Olympic Games, contributing nearly 0.3 percentage points to growth. However, this was partially offset by crowding-out effects, which subtracted about 0.1 points due to reduced public works and underwhelming commercial and tourism activities outside of the Olympic context. Looking forward, the implementation of the 2025 budget aims to restore confidence and boost public consumption compared to the first quarter.
Globally, BNP Paribas's strategic distribution of this report is noteworthy. In Hong Kong, the report is disseminated by BNP Paribas Hong Kong Branch, while US persons receive it through BNP Paribas Securities Corp. or affiliated entities not registered as US broker-dealers. In Japan, BNP Paribas Securities (Japan) Limited, Tokyo Branch handles distribution, adhering to national financial regulations. The Singapore Branch of BNP Paribas distributes the report within Singapore.
BNP Paribas's potential financial interest in issuers mentioned in the report is explicitly acknowledged, with a possibility of seeking compensation for investment banking services from these issuers in the upcoming three months. Moreover, BNP Paribas's membership in the London Stock Exchange further solidifies its position within the global financial landscape.