France GDP


France: GDP expands modestly in Q3

November 13, 2015

According to preliminary data released by the statistical office (INSEE), the French economy grew a modest 0.3% over the previous quarter in seasonally-adjusted terms in the third quarter of 2015, which came in above the flat growth seen in Q2. The reading matched market expectations. Year-on-year, GDP accelerated slightly from a 1.1% rise in Q2 to a 1.2% expansion in Q3.

The third quarter’s acceleration was mainly the result of stronger domestic demand, which more than offset a negative contribution of the external sector. Private consumption in Q3 grew 0.3% over the previous quarter, which was above the flat growth recorded in Q2. Government spending increased 0.4% in Q3, which was a tad above the 0.3% expansion recorded in Q2. Meanwhile, gross fixed investment grew 0.1% in Q3 (Q2: -0.1% quarter-on-quarter).

On a negative note, the external sector swung to a negative contribution as exports of goods and services fell 0.6% over the previous quarter in Q3 (Q2: +1.9% qoq), while imports increased 1.7% (Q2: +0.5% qoq). As a result, the external sector’s net contribution to overall economic growth swung from plus 0.4 percentage points in Q2 to minus 0.7 percentage points in Q3.

FocusEconomics Consensus Forecast panelists expect the economy to grow 1.0% in 2015, which is up 0.1 percentage points from last month's forecast. For 2016, panelists forecast economic growth at 1.4%.

Author:, Economist

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