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French Q3 GDP growth revised up to 0.6%


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French Q3 GDP growth revised up to 0.6%

French economic growth in the third quarter was 0.6%, higher than the previous 0.5% estimate, but unchanged from the revised reading for GDP growth in the previous quarter, a new estimate from the National Institute of Statistics and Economic Studies showed.

Household consumption expenditure growth accelerated to 0.6% from 0.3% in the previous quarter, and the final domestic demand, excluding changes in inventories, contributed 0.6 points to GDP growth. Changes in inventories also contributed 0.5 point to the quarter's GDP growth.

Those gains were partially offset by a 0.6-point negative contribution from the foreign trade balance in the third quarter, as imports accelerated by 2.6%, while exports growth came in at 0.8%.

The general government deficit increased to 2.8% of GDP from 2.5% in the second quarter.

Meanwhile, November's household expenditure on goods bounced back to 2.2% growth, after a 2.1% decline in October. The gain reflected higher energy consumption, textile-clothing and food purchases, partially weighed down by a decline in transport equipment purchases, the institute said in a separate release.

The country's producer price growth for all markets also gathered pace to 1.3% in November, after a 0.3% rise in October.

Producer price inflation in France's domestic market was 1.4% in November, after posting 0.2% the month before, while in foreign markets it also ticked up to 0.8% after 0.7% the previous month.

The domestic market boost was due to a jump in prices for refined petroleum products, mining and quarrying products, energy and water, while food and other industrial products were virtually unchanged.