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French Economy Recovers In Q1
(RTTNews) - The French economy avoided a technical recession in the first quarter with a marginal expansion, official data revealed on Wednesday. Gross domestic product grew 0.1 percent from the fourth quarter, when the economy shrank 0.1 percent, flash data from the statistical office INSEE showed. The rate came in line with expectations.
Data showed that final domestic demand, excluding inventories stalled in the first quarter, contributing 0.0 point.
Household consumption remained flat after a 0.2 percent rise. At the same time, government spending edged up 0.1 percent but slower than the 0.4 percent gain a quarter ago.
At the same time, the decline in gross fixed capital formation worsened to 0.2 percent from -0.1 percent.
Foreign trade kept contributing negatively to GDP growth in the first quarter. Shipments fell sharply by 0.7 percent, reversing a 0.2 percent rise in the prior quarter. Meanwhile, imports advanced 0.4 percent compared to a 0.5 increase in the fourth quarter.
Finally, changes in inventories made a positive contribution to GDP. It contributed 0.5 points after -0.2 points in the preceding period.
Another data from the statistical office showed that consumer spending declined the most since December 2022 mainly due to the downturn in engineering goods and energy consumption.
Household spending slid 1.0 percent in March, following a 0.2 percent fall in February and also reached its lowest level since November 2014, excluding the Covid period.
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