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French GDP grows slower than expected in Q2

The French economy expanded by 0.2% in the second quarter in volume terms, at the same pace as in the previous quarter, according to the first estimate from the National Institute of Statistics and Economic Studies.

Econoday estimated French GDP growth of 0.4% in the second quarter.

Household consumption expenditure fell 0.1% during the second quarter after rising 0.2% in the prior quarter. Growth in consumption of services decelerated to 0.1% in the second quarter from 0.4% in the previous quarter, mainly driven by a 3.2% drop in transport expenses largely due to railway strikes. Consumption of food products fell 1.3% in the second quarter and expenditures on energy dropped by 1.7% due to higher temperatures in April than seasonal norms.

The foreign trade balance contributed negative 0.3 point to GDP growth. French imports rebounded during the second quarter, growing 1.7% after falling 0.3% in the first quarter, while exports increased by 0.6% during the quarter as compared to a decline of 0.4% in the previous quarter.

Production in goods fell 0.3% during the quarter, while production in services grew 0.4%.

Output in manufactured goods dipped 0.2% during the second quarter, after falling 1.0% in the previous quarter. Production in refinery declined 9.9% in the second quarter on the back of technical maintenance.