Credit Agricole expects GDP growth to slow down to 3.4% this year and to 1.9% in 2023

Credit Agricole forecasts GDP growth at 3.4% this year and expects it to slow down to 1.9% in 2023. This is by 0.7 percentage points less for this year and by 1.4 percentage less for 2023 compared to earlier estimates. The forecast is cut mainly due to the decline in manufacturing activity in June, which was much stronger than previously expected.