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Financial News: France GDP Expands At Steady Pace As Estimated

France GDP Expands At Steady Pace As Estimated

09/21/2018 - 03:33:00 (RTTNews)

(RTTNews) - France's economy grew at a steady pace, as previously estimated, in the second quarter, detailed figures from Insee showed Friday.

Gross domestic product advanced 0.2 percent sequentially, the same rate as seen in the first quarter, and in line with the second estimate published on August 29.

The expenditure-side breakdown of GDP showed that household consumption dropped 0.1 percent after rising 0.2 percent, whereas total gross fixed capital recovered sharply, up 0.8 percent, following a 0.1 percent rise.

Overall, final domestic demand excluding inventory contributed 0.2 points to GDP growth, the same as in the first quarter.

Imports gained by revised 0.7 percent after a 0.6 percent drop. Exports edged up by revised 0.1 percent, in contrast to a drop of 0.4 percent. As a result, the foreign trade balance contributed negatively to GDP growth by 0.2 points.

Conversely, changes in inventory drove GDP by +0.2 points after a 0.1 point drop.

Last week, the Bank of France trimmed its economic growth forecast for this year through 2020 amid the less dynamic and more uncertain external situation. GDP growth would be 1.6 percent this year, next year and in 2020, the bank said.

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