France Economic Growth Stable In Q4 On Foreign Trade Support
29 Enero 2019 - 10:08PM
RTTF2
France's economic growth remained steady in the fourth quarter
of 2018, supported by foreign trade, while domestic demand slowed,
amid disruptions to activity caused by the "yellow vests"
protests.
Gross domestic product grew 0.3 percent quarter-on-quarter, same
as in the third quarter, preliminary data from the statistical
office INSEE showed on Wednesday. Economists had forecast 0.2
percent expansion.
The Bank of France had forecast 0.2 percent growth for the
fourth quarter.
Household consumption stagnated after 0.4 percent growth in the
previous quarter, while the rate of increase in fixed investment
slowed to 0.2 percent from 1 percent.
Domestic demand contributed just 0.1 points to GDP growth in the
fourth quarter versus 0.5 points in the previous three months.
Imports grew 1.6 percent, rebounding from a 0.7 percent slump in
the previous quarter. Export growth accelerated to 2.4 percent from
0.2 percent.
Consequently, foreign trade contributed 0.2 points to GDP growth
after 0.3 points in the previous quarter.
Meanwhile, changes in inventories deducted 0.1 points from the
fourth quarter GDP growth after a 0.5 points reduction in the
previous three months.
The average growth rate for 2018 was 1.5 percent, which was much
slower than the 2.3 percent logged in 2017.
Recent economic data has also signaled a weaker economic outlook
for France in the near term.
The latest purchasing managers' survey showed that the private
sector contracted at the fastest pace in fifty months. The services
activity declined further, while the manufacturing sector expanded
at the fastest pace in three months. Separately, the INSEE reported
on Wednesday that household spending on goods decreased 1.5 percent
monthly in December after a 0.1 percent drop in November.
The agency also reported that total producer prices decreased 1
percent monthly in December after a 0.2 percent increase in
November. Prices fell for the first time since May 2018. Producer
price inflation halved to 1.2 percent from 2.4 percent.
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