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France records unexpected zero growth in Q2: Insee

Xinhua, July 29, 2016 Adjust font size:

France, the second main power house in eurozone, reported an unexpected zero growth in the second quarter due to wane households consumption and falling investment, shrouding in doubts the government's claim that "things are going better," official data showed on Friday.

For the April-June period of the year, French economic activities stagnated, erasing a surprise growth of 0.7 percent in the first quarter, the national statistics institute Insee said.

Insee attributed the pale economic data to negative contribution of households expenditure and investment, the economy's growth engines.

A wave of strikes, street protests against labor reform and floods had negatively impacted consumer spending which reported zero growth.

"After three consecutive quarters of sharp rise," investment lost 0.4 percent over the period, Insee added.

In a statement, French Finance Minister Michel Sapin said the "disappointing" figures" were the result of exceptional factors mainly strikes at refineries which halted production.

The government sticks to a 1.5 percent growth for the whole year of 2016, he added. Endit