This report assesses the impact of the France Relance plan on GDP, investment, consumption and employment, as well as their sectoral and distributive breakdowns, using a HANK‑type macroeconomic model. The results show an average increase of 0.48% in GDP compared with a baseline scenario (equivalent to 206,000 quarterly jobs), driven mainly by investment. The effects on the price level are small in 2023 (a 0.8% increase attributable to France Relance). The richest households, benefiting more from higher capital income, gained disproportionately in terms of welfare.”