Financial News: France GDP Growth Improves In Q1

France GDP Growth Improves In Q1

04/30/2024 - 02:07:00 (RTTNews)

(RTTNews) - France's economic growth doubled in the first quarter on final domestic demand, first estimate from the statistical office INSEE showed on Tuesday.

Gross domestic product posted a quarterly growth of 0.2 percent after rising 0.1 percent in the fourth quarter. The economy was forecast to expand again by 0.1 percent.

The expenditure-side breakdown showed that final domestic demand contributed positively to GDP growth. Driven by the recovery in food and energy consumption, the increase in household spending rose to 0.4 percent from 0.2 percent.

Moreover, gross fixed capital formation advanced 0.3 percent in contrast to the 0.9 percent fall a quarter ago.

Conversely, the contribution of foreign trade to GDP growth fell to zero in the first quarter from 1.0 point. Imports rebounded 0.2 percent after a 2.3 percent fall, while exports increased 0.5 percent, slightly faster than the 0.4 percent gain a quarter ago.

Finally, the contribution of inventory changes to GDP growth was negative again. It came in at 0.2 points after 0.9 points in the prior period.

In a separate communiqué, the statistical office said household consumption logged a monthly increase of 0.4 percent in March after rising 0.1 percent in February.

The increase was driven by the 0.8 percent gain in engineering goods consumption and 0.5 percent rise in food products spending.

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