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Financial News: Bank Of France Sees Sustained Growth Momentum In

Bank Of France Sees Sustained Growth Momentum In Q3

08/08/2019 - 07:24:00 (RTTNews)

(RTTNews) - The French economy is set to retain its growth momentum in the third quarter, the latest projection from the Bank of France showed on Thursday.

Gross domestic product is expected to grow 0.3 percent in the three months to September, the bank said in its monthly Business Trends report.

Preliminary estimates from the statistical office INSEE had shown that the economy expanded 0.2 percent sequentially in the second quarter, which was slower than the 0.3 percent growth logged in the first three months of the year.

Weaker consumer spending hurt growth in the second quarter.

The Bank of France report also showed that the manufacturing confidence indicator was unchanged at 95 in July. Activity is expected to grow at the same rate in August, the survey said.

Morale was also unchanged in the services and construction sectors. Business leaders expect the momentum to be sustained in the services sector, while it is expected to return to its long-term average in the construction industry.

The latest Purchasing Managers' survey from IHS Markit showed that the French private sector expansion in July was underpinned by a solid increase in services activity, while manufacturing returned to contraction.

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