French GDP edges up in first quarter as consumption recovers | Inquirer Business

French GDP edges up in first quarter as consumption recovers

/ 03:42 PM April 28, 2023

PARIS  – French GDP edged up 0.2 percent in the first quarter of 2023 after a flat fourth quarter, thanks to a recovery in household consumption, which was flat after falling one percent in the previous quarter, INSEE data showed on Friday.

Food consumption in the euro zone’s second-largest economy fell for the fifth consecutive quarter, but energy demand rebounded and stronger trade figures also helped. Imports were down 0.6 percent after rising 0.1 percent in the previous quarter, while exports remained robust, up 1.1 percent after growing 0.9 percent .

ADVERTISEMENT

Overall output of goods and services was up 0.4 percent in the first quarter, having risen just 0.1 percent in the final quarter of 2022, thanks to a dynamic manufacturing sector. A strong rebound in the refining industry also helped, with output jumping 13.1 percent after falling 11.4 percent in the previous quarter as strikes in march had been less widespread than in October.

Services again improved slightly, up 0.2 percent from plus 0.1 percent in the fourth quarter, driven by a strong restaurant and hotel industry, whose output grew 1.5 percent after expanding just 0.2 percent in Q4.

FEATURED STORIES

French central bank chief Francois Villeroy de Galhau last month confirmed that he expected the nation’s full-year 2023 GDP would grow by “a little more” than the 0.3 percent forecast the bank had made in December.

Earlier this week, the German government raised its economic growth forecast for this year to 0.4 percent from a previously predicted 0.2 percent .

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

Read Next
Don't miss out on the latest news and information. facebook follow

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Energy, food, France, GDP
For feedback, complaints, or inquiries, contact us.
Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our business news

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.



© Copyright 1997-2023 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.