The French economy is still resisting the global slowdown. In the third quarter, according to the latest INSEE estimates released on Wednesday, French gross domestic product was up 0.3% in volume, a pace identical to that of the first two quarters of the year. This figure is in line with the forecast published on October 3 by the public body, and identical to the growth observed in the first and second quarters. It is also in line with the latest estimate of the Banque de France.
This quarter, growth was driven in particular by a slight increase in household consumption (+ 0.3% after + 0.2%), which could have been favored by the measures for purchasing power decided at the highest level. of the crisis ofyellow vests". For several months, the government is counting on increased spending by the French to boost activity. More specifically, INSEE estimates that household consumption of goods rebounded (+ 0.4% after a 0.1% drop in the previous quarter), offsetting a slowdown in the rise in consumer spending on services (+0 , 3% after + 0.4%).
Expenditure inhotel services"Have decelerated, says the institute. Conversely, car registrations increased sharply, leading to a jump in expenditure on manufactured goods (+ 1.6% after -0.4%).
In parallel, "business investment remains dynamicThis quarter, despite a slight slowdown (+ 1.2% after 1.1% in the second quarter), mainly due to increased spending incomputer services and transport equipment". Household investment, meanwhile, slows sharply from + 1.6% to + 0.1%. In the second quarter, it was accentuated by a notable increase in real estate transactions.
The French economy has also been penalized by its foreign trade, the rise in imports (+ 1.4% after -0.3%) having been stronger than the rebound in exports (+ 0.3% after – 0.1%).
The French economy more resilient than its neighbors
For now, the activity of the Hexagon seems to resist the gloom. "The French economy is more attractive. We have become the most attractive country in the euro zone", Congratulated the Minister of the Economy, Bruno Le Maire, last September. France should indeed have a higher growth rate than its neighbors this year: in its summer forecast, the European Commission forecast 1.3% in 2019, against 0.5% in Germany, 0.1% in Italy, 1.3% in the United Kingdom and 1.2% in Belgium.
This summer, the Banque de France also stressed that French growth was a sign ofcertain resilience compared to other economies in the euro area, which experienced a".
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