Inflation fell below the 2% threshold, but only at the very end of the year. The labour market continued to weaken, creating only half as many net jobs (2,400) as in 2023, with job growth now relying significantly on employment creation in the public sector. Labour income grew more slowly than prices, limiting gains in purchasing power. The slowdown in activity and the accompanying uncertainties discouraged investment. In this context, all sectors recorded weaker performances than in 2023, including the financial sector, where outstanding loans slowed.
2024 was a transitional year, characterised by weak growth. A new cycle is expected to begin in 2025, during which the cushioning role of public spending is likely to diminish significantly in a context of national fiscal consolidation, but where a recovery in private consumption and a rebound in investment could ultimately materialise.