Inflationary pressures nonetheless persisted, particularly for certain manufactured goods and for energy, due to higher electricity prices, which were offset by lower fuel and heating oil prices. For the second consecutive year, inflation in the archipelago remained above the national level (+2.0%).
Against this backdrop, household consumption held up, supported by a low unemployment environment (3.0%).
Activity remained strong in the main sectors of the economy, particularly in the fisheries sector, with catches reaching their highest level since 2019, while tourist arrivals recorded unprecedented levels thanks to the development of cruise tourism. The construction sector was mainly driven by the widening works at the Avel Mad Quay, as well as by the construction of a waste treatment facility in Miquelon.
Business investment was therefore largely linked to the port rehabilitation project. In volume terms, imports of intermediate goods increased due to imports of rock materials intended for the quay, while imports of capital goods declined. The contraction in outstanding loans granted to businesses continued for the fourth consecutive year, reflecting a climate of uncertainty, notably linked to demographic concerns, which discouraged local investment.
Total outstanding loans nevertheless increased, driven by household lending, and more specifically by the momentum of consumer credit. Deposit collection remained strong, supported by the reallocation of sight deposits towards liquid or short-term investments, as well as long-term placements, and by the capitalisation of interest, despite the interest rate cuts implemented in 2024.