Monday, June 17, 2024
Monday, June 17, 2024
Home » France’s GDP up by 0.5 Pct in Q2: INSEE

France’s gross domestic product (GDP) increased by 0.5 percent in volume terms in the second quarter (Q2) of 2023, after the 0.1 percent growth in the previous quarter, the French National Institute of Statistics and Economic Studies (INSEE) said on Friday.

Foreign trade was a key driver of the GDP growth, thanks to exports bouncing back this quarter, as well as imports to a lesser extent, the INSEE said in its preliminary report.

France’s exports of transport equipment increased sharply by 11.2 percent, compared with the 1.8 percent growth in Q1, and the coking and refining sectors also rebounded from the negative growth in the previous quarter, it said.

However, as household consumption decreased in Q2, final domestic demand (excluding inventories) in France contributed again negatively to the GDP growth, the INSEE said.

Speaking to French radio RTL on Friday, French Economy Minister Bruno Le Maire applauded the performance of the country’s economy and said that France would maintain the 1 percent annual growth target for 2023.

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