The French economy grew by 1.1% in the second quarter of 2021

AA / Istanbul

French GDP grew by 1.1% in the second quarter of 2021, on a quarterly basis, after growing 0% in the first quarter of the same year.

The French Institute for Statistics and Economic Studies (Insee) said in a press release, published on Tuesday, that final domestic demand (excluding equities) made a positive contribution to the growth of gross domestic product.

Despite this growth, GDP in the second quarter remained 3.2% lower than the figure it recorded in the fourth quarter of 2019, before the coronavirus pandemic.

France’s GDP had contracted by 8.2% in 2020.

In previous statements by the French Minister of the Economy, Bruno Le Maire, France had revised its growth forecasts downward for the year 2021 to 5%, instead of the 6% initially expected, due to containment measures imposed by the coronavirus pandemic.

According to INSEE, foreign trade contributed negatively to GDP growth, with imports increasing by 1.7%, at a time when exports only increased by only 1%, compared to the first quarter of 2021 .

Household consumption expenditure rebounded by 1% in the second quarter, on a quarterly basis, compared to the stagnation of 0% recorded in the first quarter of 2021.

* Translated from Arabic by Mounir Bennour.

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