French GDP growth slows to 0.2% in Q3

France’s gross domestic product (GDP) growth in the third quarter (Q3) slowed down to 0.2 per cent in volume terms following a 0.5 per cent rebound in Q2, the country’s National Institute of Statistics and Economic Studies (INSEE) said.

Gross fixed capital formation was up by 1.7 per cent in Q3, contributing dynamically to GDP growth, especially through business investment in automobiles and computer services, reports Xinhua news agency.

“Overall, final domestic demand excluding inventories contributed to GDP growth by +0.4 points (after +0.3 points in Q2),” the institute added.

Although foreign trade accelerated in Q3, with imports up by 3.5 per cent and exports up by 2 per cent, the contribution of foreign trade to GDP growth was consequently negative for the second consecutive quarter, at -0.5 points after -0.2 points in Q2, INSEE said.

In Q3, France’s household gross disposable income in current euros rose by 2.6 per cent due to the effect of the anticipated revaluation of basic retirement pensions and family benefits in July, and the payment of exceptional back-to-school aid to modest households.

20221201-110403

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