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Financial News: France GDP Expands As Estimated In Q1

France GDP Expands As Estimated In Q1

05/31/2024 - 09:35:00 (RTTNews)

(RTTNews) - France's economy expanded as estimated in the first quarter but the pace of growth decelerated following the revision to the fourth quarter figure, detailed results from the statistical office INSEE showed on Friday.

Gross domestic product grew 0.2 percent from the fourth quarter, which matched the estimate released on April 30. The fourth quarter growth was revised up to 0.3 percent from 0.1 percent. On the expenditure-side, household consumption growth halved to 0.1 percent in the first quarter, tempered by the fall in spending on transport equipment.

The gross fixed capital formation dropped 0.4 percent as a result of 1.3 percent decline in construction investment and 1.7 percent fall in capital goods investment. Government spending growth accelerated to 0.6 percent. Overall, final domestic demand excluding inventories contributed positively to GDP growth this quarter by 0.1 points.

Exports growth rose to 1.2 percent from 1.0 percent. They were boosted by a rebound in shipments of agricultural products, transport equipment and "other manufactured goods".

Imports rebounded 0.4 percent following a 1.7 percent drop, supported by imports of refined petroleum and transport equipment. Overall, foreign trade contributed 0.2 points to GDP growth in the first quarter.

Finally, the contribution of inventory changes to GDP growth was again negative 0.2 points after -0.7 points in the fourth quarter.

The statistical office revised the growth rate for 2023 to 1.1 percent from 0.9 percent.

Another report from the statistical office showed that the household spending declined in April largely due to the fall in food consumption.

Household spending decreased 0.8 percent, in contrast to the 0.5 percent increase in March. Food consumption fell 2.7 percent, while energy consumption grew 1.3 percent.

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