Is France’s current growth obtained at the expense of the future?

France will probably enjoy decent growth in 2019 , but is this not thanks to developments that will hamper the French economy in the future? Wages are rising quite fast, which is boost ing household purchasing power; but since real wages are growing faster than productivity, companies’ profitability is declin ing and their cost competitiveness is deteriorat ing ; The fiscal deficit has been increased markedly, but it mainly finances additional consumption and not additional capital that would provide income in the future and that would make it possible to stabilise the public debt; Job creation is strong thanks to the low productivity gains, which shows that the jobs created have low productivity and that potential growth therefore will slow down due to the French economy’s move down the value chain .