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French Q2 GDP growth revised upwards; household consumption rebounds in July

The French economy grew more than expected in the second quarter, revised estimates from the National Institute of Statistics and Economic Studies showed.

Quarterly GDP growth for the country was revised upward to 0.3% in the second quarter from 0.2% estimated previously. The consensus estimate of economists polled by Econoday was for 0.2% quarterly GDP growth.

The French economy grew by 0.3% in the first quarter.

French imports dropped 0.2% in the second quarter after growing 1.1% in the previous quarter due to a decline in oil purchases. Exports were stable after adding 0.1% in the first quarter, resulting in a positive contribution to GDP growth from the foreign trade balance.

Total gross fixed capital formation accelerated to a 0.9% growth rate in the second quarter from 0.5% in the previous quarter. Household consumption growth weakened to 0.2% from 0.3% over the period.

A separate release from the National Institute of Statistics and Economic Studies showed a rebound in household consumption on goods in July on the back of manufactured goods' consumption.

Household expenditure on goods increased 0.4% in July after falling 0.2% in the previous month. Manufactured goods consumption growth came in at 0.6% in July.

Consumption of food products rebounded in July by rising 0.3%, having fallen 1.3% in June.