French growth is stronger than expected
In the first quarter, the French economy demonstrated a strong-than-expected 0.6% surge, according to the official data unveiled on Monday. The given growth was reportedly powered by a leap in consumer spending as well as a pick-up in business investment.
The upbeat growth figures, that augured perfectly for the government’s 1.5% target for the whole year, appeared to be the latest positive developments for the Eurozone’s second-largest economy, where unemployment has started going down, while customers are more upbeat notwithstanding protests and strikes.
A poll of up to 15 experts surveyed by Reuters forecast French GDP to remain intact at 0.5% that INSEE had firstly reported in its preliminary evaluation. Considering the revised figure, it appeared to be just the second time for three years that growth leapt above 0.5% in France.
In the quarter to end-March growth was powered by a 1 percent soar in consumer spending, with INSEE revising abruptly upward its March value in a separate release as well as a 1.6% surge in investment.