INSEE has just published its first estimation of the French growth during the 3rd quarter (0.4%), which would allow to hope, for the full year, a figure slightly above 1%. But the satisfaction expressed by the commentators is not justified. Once removed the positive but temporary impact of the Olympic Games, household consumption has stagnated. The enterprises investment and the new homes construction are significantly reducing. The slightly positive contribution of the foreign trade comes only from a reduction of the energy balance. France has even a trade deficit for agricultural goods and the situation is not improving ...