France: double-digit growth in business creations, a slowdown in the rise in bankruptcies and stable non-performing loans ratio

中文标题

法国：企业新增数量实现两位数增长，破产数量上升放缓，不良贷款率保持稳定

BNP Paribas10/08/2026updated 10/17/2026

Multiple economies

Citable research brief

Core conclusion · Tlines extraction

French business creations rose 12% y/y over the first eight months of 2026, up from 5.3% in 2025, led by information and communication technologies. Bankruptcies increased 5.3% y/y from January to July, slower than 2025's 3.6% rise, after an 8% q1 surge. Payment delays fell to 12.3 days in q2 2026. The non-performing corporate loan ratio held at 4.0%, with stage 2 loans stable at 15.4%.

Institution: BNP Paribas
Published: 10/08/2026
Research topic: Not explicitly stated
Time horizon: 2026 · Q2 2026 · October 2026

Key arguments

Business creations grew 12% y/y in the first eight months of 2026, more than double 2025's 5.3%, driven by ICT-linked sectors.
Bankruptcy growth slowed after an 8% y/y q1 rise, and shorter payment delays (12.3 days vs 14.1 a year earlier) suggest the slowdown may persist.
Retail shows correlated stress: creations up 13% since start-2026 while bankruptcies rose 3%; construction and manufacturing bankruptcies have fallen since q2 2026.
The stable 4.0% NPL ratio and stable 15.4% Stage 2 share are relatively encouraging, though construction NPLs hit 9.5%, the highest since 2019.

Key numbers

Business creations, first 8 months 2026: +12% y/y
Business creations, 2025: +5.3% y/y
Bankruptcies, January-July 2026: +5.3% y/y
Non-performing corporate loan ratio, Q2 2026: 4.0% of loans
Construction non-performing loan ratio: 9.5%, highest since 2019

Main risks

Bankruptcies are concentrated in services and retail, where creations and failures are rising together.
Construction NPLs at 9.5%, the highest since 2019, reflect the sector's cyclical sensitivity.
The economic weight of bankrupted small businesses is at a historically high 2.11.

Corresponding source evidence

ECO FLASH ALL ECO FLASH Home > Eco Flash > France: double-digit growth in business creations, a slowdown in the rise in bankruptcies and stabl… FRANCE: DOUBLE-DIGIT GROWTH IN BUSINESS CREATIONS, A SLOWDOWN IN THE RISE IN BANKRUPTCIES AND STABLE NON- PERFORMING LOANS RATIO 10/08/2026 PDF Business creations rose by 12% y/y over the first eight months of 2026[1]. · 2026
This slowdown could persist, as, according to Altares, payment delays have fallen to an average of 12.3 days in the second quarter of 2026, compared with 14.1 days a year earlier (and 13.1 days for the European average). · 2026
The average ratio of non-performing corporate loans has remained stable at a moderately high level for the past year (4.0% of total loans and advances in Q2 2026). · Q2 2026

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