This is the first part of the economic exercise that the CNR now undertakes every autumn, at a time when transport operators are preparing their budgets, investments and fares for the coming year.

After French GDP rose by +2.3% in 2017, the current annual trend is closer to +1.8%. The acceleration in growth recorded at the end of 2017 was indeed a peak, and the cycle is now entering its landing phase. This slowdown can also be seen in the European economy.

While growth forecasts for 2019 remain very similar to those for 2018, there are a number of increasing uncertainties, notably: the Brexit deadline, persistently high oil prices, sudden reversals in US trade policy and planned increases in central bank base rates.

Over the past year, TRM operating costs have risen by between +1.5% and +1.6% excluding diesel, and between +4.2% and +5.3% including diesel, depending on the speciality.