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French GDP grows 0.2 pct in Q3

Xinhua, October 28, 2016 Adjust font size:

The French economy reported 0.2-percent growth in the third quarter after having contracted by 0.1 percent in the second quarter, according to figures released by the country's statistics bureau on Friday.

In its first estimate, the National Institute of Statistics and Economic Studies (Insee) attributed the increase between quarters to a 0.3-percent rise in investment and improved industrial output.

With the coke and refined petroleum industry rebounding over the period, manufacturing production was a positive contributor to the third quarter's GDP while households' consumption expenditure stagnated for the second consecutive month.

Over the third quarter, imports rose by 2.2 percent from a 1.7-percent decrease in the second quarter. Exports also gained momentum, but at slower pace (0.6 percent) which therefore resulted in negative contribution to GDP growth, the Insee report showed.

"It's a figure which is in line with expectations. It certainly makes it more difficult to achieve 1.5 percent growth this year, but without challenging the recovery momentum," Finance Minister Michel Sapin said in a statement.

For the whole year, Insee expected the French economy to expand by 1.1 percent, lower that a government forecast of 1.5 percent. Endit