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France records better-than-expected Q1 growth: Insee

Xinhua, May 13, 2015 Adjust font size:

The French economy rebounded by 0.6 percent over the first trimester of the year, up by 0.2 percentage points from a previous estimate thanks to strong households consumption, national statistics institute Insee said on Wednesday.

For the January-March period, French consumers expenditure, one of the main growth engines in the eurozone's second largest economy, grew by 0.8 percent on weak energy prices, against 0.1 percent rise at the end of 2014, helping French dim growth to reach two-year high, Insee figures showed.

Industrial output also bounced by 1.3 percent over the period after reporting almost unchanged trend over the last quarter of the previous year, while investment lost 0.2 percent, according to the report.

Speaking to the news channel BFMTV, Finance Minister Michel Sapin noted "recovery signs", but the better-than-expected economic performance "doesn't allow to lower the unemployment."

Sapin also expected the French economy to expand more quickly than hoped this year, with the GDP now forecasted at more than 1 percent compared to 0.4 percent in 2014. Endit