France’s dip rate has dropped to 3.9%, as oil prices plunge to record lows, according to a report by French business daily Le Figaro.
The dip in the dip rate from last year has been driven by a steep drop in oil prices, which hit about 20% in 2016, Le Figarro said.
The report, titled “The Dampening of the Drip Rate”, is based on a survey of more than 1,500 French companies.
The drop in the drop rate from 2016 to 2017, Le Figurearo said, was a direct result of a drop in French spending and a drop of about 1.7% in the number of people employed.
The dip in 2016 was the second-highest dip in Europe behind Sweden.
Le Figaro said that, despite the drop in spending, the dip in unemployment was not as severe as in some other European countries.
“We don’t see any sharp drop in unemployment,” it said.
“In Sweden, it is a bit lower than in Germany but still above average.
We are not talking about a drop below 2% but a sharp reduction.”
In Sweden it is 2.9% but the dip is not as steep as in Germany, Le Fantasie said.
The report comes as a series of oil and energy companies are being shut down across Europe as they compete to get contracts to supply the world’s biggest oil fields.
Some of the biggest firms in the industry are struggling to find new funding for their operations and are losing money, forcing them to sell assets.
Oil prices have been rising sharply over the past few years, and the drop of around a third in the price of oil last year means the dip has also fallen dramatically.
“The dip is now a bit smaller than it was last year, which is encouraging for the sector,” said Paul Vlcek, chief energy analyst at energy consultants IHS.
“It is also encouraging for investors, as there are some signs that the dip may be coming to an end.”
France has a big stake in the country’s energy sector, which contributes about a fifth of its GDP.
The country is Europe’s biggest exporter of liquefied natural gas (LNG) and has a huge offshore wind farm, which accounts for about half of its export revenue.
The industry is still the biggest employer in France, with about 3.5 million people employed in the oil and natural gas sector.
Vlcech said the dip was a good indicator that oil prices are on the rise, and it is “not a surprise” that they are rising, given the drop from last summer.
“There is still a lot of supply and demand in the market, and this is the reason why prices are still relatively low,” he said.