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Financial News: France GDP Growth Stable At 0.2% As Estimated

France GDP Growth Stable At 0.2% As Estimated

08/29/2018 - 03:17:00 (RTTNews)

(RTTNews) - France's economy expanded at a steady pace in the second quarter as previously estimated, second estimate from the statistical office Insee showed Wednesday.

Gross domestic product advanced 0.2 percent sequentially, the same rate as seen in the first quarter and in line with the first estimate released on July 27.

Household consumption expenditures dropped slightly by 0.1 percent, reversing a 0.2 percent rise, whereas total gross fixed capital formation recovered sharply, expanding 0.8 percent after 0.2 percent rise.

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

Imports rebounded 1.0 percent, following a 0.4 percent drop. Exports grew only 0.2 percent, reversing a 0.4 percent fall. All in all, foreign trade balance contributed negatively to GDP growth, ?0.3 points.

Data showed that changes in inventories contributed +0.2 points to GDP growth.

Another report from Insee showed that consumer spending growth continued to ease in July. Household consumption rose only 0.1 percent on month in July, following a 0.3 percent rise in June. Economists had forecast the monthly growth to remain stable at 0.3 percent.

Consumption of food products gained 0.2 percent and that on engineered goods rose 0.1 percent. Meanwhile, energy consumption fell 0.2 percent.

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