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Financial News: France's Q3 GDP Growth Matches Estimate

France's Q3 GDP Growth Matches Estimate

11/29/2017 - 03:22:00 (RTTNews)

(RTTNews) - France's economic growth matched the initial estimate in the third quarter, the second estimate from the statistical office Insee showed Wednesday.

Gross domestic product grew 0.5 percent sequentially, in line with the estimate released on October 31, but slightly slower than the 0.6 percent expansion posted in the second quarter.

The expenditure-side breakdown of GDP showed that growth in household consumption expenditure doubled to 0.6 percent from 0.3 percent. Gross fixed capital formation climbed 0.9 percent, following a 1.1 percent rise.

All in all, final domestic demand excluding changes in inventories contributed +0.6 points to GDP growth in the third quarter.

The foreign trade balance contributed negatively to GDP growth by ?0.6 points. Imports grew sharply by 2.8 percent after a 0.3 percent rise. Meanwhile, exports growth decelerated to 1.1 percent from 2.2 percent.

Conversely, changes in inventories contributed positively to GDP growth by +0.5 points.

In comparison with third quarter of 2016, GDP rose by 2.2 percent, such a growth rate had not been observed since 2011, the Insee said.

The detailed report will be published on December 22.

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