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France: Revised GDP data confirm strong rebound in Q3

December 23, 2014

In the Q3 2014, GDP increased a seasonally-adjusted 0.3% over the previous quarter, according to revised published by National Statistics Institute (INSEE) on 23 December. The reading confirmed the preliminary estimate and represented a strong rebound over the 0.1% contraction registered in Q2. Compared to the same quarter of the previous year, GDP grew 0.4% in Q3, which was up from the flat reading registered in the previous quarter.

Revised data showed that domestic demand was the main driver behind Q3’s rebound. Although growth in private consumption moderated the pace in the third quarter (Q3: +0.3% quarter-on-quarter; Q2: +0.5 qoq), public spending accelerated over the previous quarter (Q3: +0.6% qoq; Q2: +0.4 qoq). Gross fixed capital formation contracted 0.6% in Q3, although at a lesser magnitude than the 0.8% fall tallied in Q2.

On the external front, exports of goods and services expanded 0.5% over the previous quarter (Q2: 0.0% qoq), while imports accelerated from a 0.6% increase in Q2 to a 1.3% expansion in Q3. As imports grew faster than exports, net exports detracted 0.2 percentage points to overall economic growth. The reading followed a similar detraction in Q2.

FocusEconomics Consensus Forecast panelists expect the economy to grow 0.4% in 2015, which is unchanged from last month's forecast. For 2016, panelists forecast economic growth at 0.9%.


Author:, Senior Economist

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France GDP Q3 2014 0

Note: Quarter-on-quarter changes of seasonally-adjusted GDP and year-on-year variation in %.
Source: National Institute of Statistics and Economic Studies (INSEE) and FocusEconomics Consensus Forecast.


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