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French economy up 0.1 pct in Q4

Xinhua, February 13, 2015 Adjust font size:

French economy inched up by 0.1 percent in the fourth quarter of 2014 after accelerating by 0.3 percent a quarter earlier, figures released Friday by the national statistics institute Insee showed.

From October to December 2014, consumer spending -- one of the main growth engines in the eurozone's second largest economy -- grew slightly by 0.2 percent due to a 2.3 percent fall in energy expenditure as a result of higher-than-seasonal average temperatures, according to the institute.

In the last three months of 2014, investments continued to record negative trends with a 0.5 percent decline compared to the third quarter of 2014. Investment in construction and manufacturing went down by 1.1 percent and 0.3 percent, respectively.

As for exports, France sold 2.3 percent more products in overseas markets. As a result, the foreign trade balance contributed positively to the country's total economic activity by one percentage point against minus 0.2 percent during the third quarter of last year.

On a yearly basis, French GDP grew by 0.4 percent, matching the government forecast.

"It's (growth) is obviously still too weak, but the conditions are met to permit a cleaner start of activity in 2015," said French Finance Minister Michel Sapin.

"The last economic signals are encouraging and support our growth target of 1 percent in 2015," he stated, adding business leaders in the manufacturing sector were already beginning to increase investment. Enditem