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Financial News: France's Q2 GDP Growth Revised Up

France's Q2 GDP Growth Revised Up

08/29/2019 - 03:09:00 (RTTNews)

(RTTNews) - France's economy grew more than initially estimated in the second quarter, detailed report from Insee showed Thursday.

Gross domestic product grew 0.3 percent sequentially, instead of 0.2 percent estimated earlier.

The expenditure-side of GDP showed that household consumption growth decelerated slightly to 0.2 percent from 0.3 percent. Meanwhile, gross fixed capital formation grew at a faster pace of 0.9 percent, following a 0.5 percent rise a quarter ago.

Overall, final domestic demand excluding inventory changes contributed 0.4 points to GDP growth.

Imports decreased 0.2 percent, reversing a 1.1 percent rise following the decline of oil purchases. At the same time, exports remained flat after rising 0.1 percent. As a result, the foreign trade balance contributed positively to GDP growth by +0.1 points.

Conversely, changes in inventories contributed negatively to GDP growth by 0.2 points.

Another report from Insee showed that consumer spending gained 0.4 percent on month in July, reversing a revised 0.2 percent drop in June. The rate came in line with expectations.

The rebound was driven by higher consumption of manufactured goods and spending on food.

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